Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it.
The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois’ “outdated” tax system.
The Department of Labor on Monday proposed a rule that will require employers to provide more information to their employees about the role of “target date” mutual funds in retirement plans.
Target date funds are often included in employer-sponsored retirement plans, such as 401(k)s, as a default option if employees fail to actively pick their own investments. Get the full story »
The Department of Labor says it wants to expand the number of consultants and advisers it can hold legally responsible for the advice they give retirement plan providers. Get the full story »
Wal-Mart employees Robert Dion, left, and Jean-Philippe Barrere collect shopping carts in front of a store in Brossard, Quebec. (AP Photo/Ryan Remiorz)
Wal-Mart Stores Inc. plans to end automatic profit-sharing contributions it has given employees for 39 years as part of a benefits overhaul that the world’s largest retailer says will let employees get more cash up front.
Starting in February, the company will end the profit-sharing contributions, which had equaled up to 4 percent of pay. It will instead offer more funds for bonuses, a 401(k) retirement plan contribution match and cash for medical expenses, according to a memo to Wal-Mart employees that was obtained by Reuters.
The profit-sharing, which has been in place since 1971, went into a program that let employees access the funds only at retirement, Wal-Mart spokesman David Tovar said. Get the full story »
The Department of Labor on Friday will issue a long-awaited rule that would require retirement-plan providers to disclose the compensation they receive for their services.
Some companies supply this information, but the “interim final rule” will require all service providers that receive more than $1,000 to disclose it. The intent of the rule, which takes effect next summer, would be to help fiduciaries better assess “the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider’s performance.” Get the full story »
