A New Idea to Fix the Retirement-Savings Crisis
The retirement-savings crisis in America is so acute that at least one prominent thinker on the subject is calling for a mandatory savings program above and beyond existing 401(k) and other pension plans. “The nation requires a new, mandatory tier of retirement accounts, initiated by the federal government but managed by the private sector, that will replace about 20% of preretirement earnings,” Alicia Munnell, director of the Center for Retirement Research at Boston College, told Bloomberg News. Munnell is a former Treasury official and former member of the President’s Council of Economic Advisers. Her voice carries a lot of weight on pension matters, and her comments seem to open the door to a back-to-the-future kind of pension system. Along with a new, additional type of savings program, Munnell wants to delay Social Security payments “a few years longer” and encourage people to stay at work to age 68 or 69 or later. She’d like to see 401(k) plans reworked so that autoenrollment ...
America's jobs are moving to the suburbs
Despite a short reprieve during the recession, the number of jobs moving to the nation's suburbs grew over the last decade, potentially clogging roadways and reducing job access for the poor.
Group says major companies involved in tax scheme
CHICAGO -- A Chicago-area transportation agency on Wednesday alleged that some of the nation's largest and best known companies including AT&T, Sears Holdings Corp., Verizon and Target are running "sham" offices as part of a scheme with two small northern Illinois communities to avoid paying millions of dollars in taxes in Chicago and Cook County....
American Airlines resumes most flights
But problems remained day after massive technology failure forced nation's third-largest carrier to ground U.S. fleet
Found 1 month ago on channel CBS
Financial Stocks: Bank of America earnings hurt by higher expenses
Bank of America shares tumbled more than 6% after the nation’s biggest bank posted first-quarter earnings that fell below Wall Street’s estimates and expenses that came in well above.