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Current Edition
Features
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Getting Minorities to Buy In on Retirement
Experts agree that automatically enrolling all participants and annually increasing the pretax employee salary contribution is crucial for getting minorities to participate in retirement plans.
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A ‘Father's' Wisdom: An Interview With Ted Benna
In the early 1980s, benefits consultant Ted Benna saw an opportunity in the tax code that ultimately made 401(k) plans flourish. It earned him the title “father” of the 401(k). Benna says at the time there wasn't a strong incentive for employees to contribute.
Out Front
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Data Bank Focus: Retirement Benefit Participation Rates Drop
As more employees are offered retirement benefits, fewer are taking advantage of them. Data from the U.S. Bureau of Labor Statistics show that 68 percent of all workers had access to retirement benefits in March 2011, which was up from 66 percent in March 2008.
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State Law Favored Over Feds in Overtime Case
When involved in overtime claims based in state law, employers must initially review applicable state statutes and regulations before relying on federal tests, especially when in California.
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Arbitration Pact Barring Class Lawsuits Violates NLRA
In a Jan. 3, 2011, decision, the NLRB ruled that "employers may not compel employees to waive their National Labor Relations Act right to collectively pursue litigation of employment claims in all forums, arbitral and judicial."
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Wisconsin's Tough Choice
Facing a $3.6 billion deficit for the state's 2011-13 budget, Wisconsin Gov. Scott Walker says he knew he had to do something and didn't really like the choices. The budget shortfall was the largest the state had ever seen, and Walker says he didn't want to raise taxes, fire anybody or cut services.
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State Public Sector Retirement Plan Roundup
Here are some of the more noteworthy 2011 reforms from across the country, which were compiled from various sources.
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States Taking a Hard Look at Pensions
Considering that state and local pension systems are staring at $4 trillion in unfunded liabilities, it's no wonder that pension reform is on the minds of legislators across the country. Workforce Management takes a state-by-state look at the mounting problems and potential solutions being considered.
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Data Bank Focus: Retirement Benefit Costs
According to data from the U.S. Bureau of Labor Statistics, an employer's total cost for employee compensation increased by 2.5 percent from 2009 to 2011. Higher costs for retirement benefits, primarily employerprovided benefits programs, contributed to an overall cost increase of 74 cents per hour worked over that time frame.
