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Labor pension payment age raised to 65
 
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The Department of Labor Insurance is coming under fire for its decision to extend the retirement age to 65. The move has generated widespread complaints from workers. Protesters packed the Department of Labor Insurance to get updates regarding the labor pension plan. Starting from next year, workers born in 1958 will not be allowed to pick up their pension in advance. The decision has resulted in numerous complaints.The sudden delay forces us to change our plans. We have no confidence in the government's ever-changing policies.The scheme originally stipulated that employees would become eligible to receive full pension at 60. But the payment age was extended to 61 starting from 2018. A further increase of one year shall be enforced every two years thereafter, until the age of eligibility b
Views: 92 民視綜合頻道
How To Plan For Retirement
 
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"How to Plan for Retirement". A simple guide to help you retire with peace of mind. PST: Hello, its me, Professor KnowItAll... and yes, I'll be giving you the very best tips so you can retire with peace of mind... EXP: Hello Professor, are you now an expert on that topic? PST: Of course... EXP: Oh, OK, so you're all ready for retirement? PST: Of course! I'm ready! EXP: So then, you have money saved? PST: Well, not exactly but I have a plan... I will live with my kids... EXP: Living with your family during retirement can be very gratifying, but surely you don't want to be a burden on them...Did you know that people in the United States, on average, live 20 years after they retire? In general, people need almost 80% of what they earn in order to live comfortably after retiring That's a lot of money, so you'll definitely need a good plan in order to get there. OK, don't panic yet. It's never too late to start or even too early. Let me tell you what you should do so that the next time, you can give people good advice. PST: Sounds good. EXP: Professor, according to the Consumer Action Handbook, the first thing is recognizing the importance of saving for retirement. The three most common options are: One: Pension benefits, offered by some places of employment. Two: Savings and investments, started by you. Three: Social Security, which is the Federal Governments retirement plan. Now, if you're still working, find out if your place of employment offers a pension plan and how it works. Some companies also offer a 401k plan. PST: Four 01 what? I've never heard of that truck, but mine is newer... EXP: I'm not talking about vehicles here, I'm talking about retirement plans in which, if you save, your company will match a percentage of the contributions you make. PST: Oh, that's like free money. EXP: Exactly. Sometimes you impress me, Professor! In order to plan well for retirement, you must consider what types of expenses you'll have, whether you'll work or not, if you'll have additional medical insurance, or if you'll have costly hobbies, like traveling. There are many things to consider, so you may want to consult a financial expert for help. PST: Yikes, I'm feeling dizzy... EXP: Professor, you can also ask for help and get tips from the following organizations: AARP, American Savings Education Council, Department of Labor Securities and Exchange Commission, Social Security Administration PST: Ufff...I'm feeling a little better now. EXP: Professor, this is all about saving not spending... Better yet, let me remind you to visit USA.gov or in Spanish at GobiernoUSA.gov where you can learn more about all of this and other interesting topics for consumers. And remember, you can also order your free "Consumer Action Handbook "...
Views: 45751 USAgov/archive
Limbaugh: dictator Obama uses Dept of Labor, pension funds to legalize gay marriage nationwide
 
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From the 9/19/13 edition of "The Rush Limbaugh Show."
Views: 77 ataxin
Age Pension online claiming
 
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To explain the Age Pension online claim process for recipients. https://www.humanservices.gov.au/individuals/services/centrelink/age-pension
Small Business Retirement Plans: 5 INVESTING BASICS (Part 1 of 3)
 
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https://feedbackwrench.com Small Buisness Retirement Plans can be really confusing - this is the first of three videos that we'll be putting together in order to help people understand what is going on for their retirement plans as an entreprneur and small business owner. Investing basics are sometimes too simple, and not intuitive enough to help people make sure they don't get ripped off. In this video, we've put together the top 5 things you can do to make sure that you're maximizing your investments. This is video 1 of 3, and this is meant to ensure that you're able to perform the basics of investing. Sometimes, investing in mutual funds and etf's happen only after you've tangled up with an investment advisor that may, or may not have your best interests at heart. While the department of labor and the government are trying to make laws to help investors, they're actually making it worse. KNOWLEDGE is the answer here, and we want you to be equipped with the very basics so that you won't get ripped off.
Views: 448 FeedbackWrench
Department of Labor Fiduciary Rule - Best Interest for Investors
 
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*As the DOL fiduciary rule begins to take effect next April, all financial advisers will be required to recommend what is in the best interests of clients when they offer guidance on 401(k) plan assets, individual retirement accounts or other qualified monies saved for retirement. ***The rule does not apply to after-tax investment accounts that may be earmarked as retirement savings. Independent broker-dealers, who currently operate under a less stringent standard that only requires that investment advice be “suitable,” face the greatest disruption. They'll need to craft new administrative steps and invest millions in technology and training to meet the rule's requirements. Many advisers will face changes in how they are paid. The DOL rule doesn't ban commissions or revenue sharing, but it requires advisers who accept them to have clients sign a best interest contract exemption, or BICE. It pledges the adviser will act in the client's best interests and only earn “reasonable” compensation. The exemption also must disclose information to clients about fees and conflicts of interest. Americans won hard-fought protections regarding the purity of their retirement advice last May. Now it's up to the nation's financial advisers to decide whether they'll meet the letter — and spirit — of the historic investor protection regulation. The Labor Department's fiduciary rule is aimed at stopping the $17 billion a year the government claims investors waste in exorbitant fees. The idea is that the regulation will stop advisers from putting their own interests in earning high commissions and fees over clients' interests in obtaining the best investments at the lowest prices. The final rule contained several important concessions to the advice industry that will make implementation easier for financial advisers. But there still appears to be enough meat to the rule that advisers will have litigation to fear if they can't prove their retirement advice prioritized the client over themselves. “This is going to be a bigger change than the industry expects,” said John Anderson, managing director of practice management solutions for the SEI Advisor Network. The nation's thousands of brokerage, advisory and insurance firms that impart advice within the $25 trillion retirement services market will have to adjust their operations and procedures to comply with the rule. Some changes will be drastic, while others will be minor, but all promise to fundamentally shift the advice landscape. source: http://www.investmentnews.com/article/20160509/FEATURE/160509939/the-dol-fiduciary-rule-will-forever-change-financial-advice-and-the by: Liz Skinner
Views: 55 Cyndkt
U.S. Department of Labor issues new regulations
 
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This past week, the U.S. Department of Labor issued new regulations requiring financial advisers handling 401k and other retirement accounts to act in the best interest of their clients. CBS News business analyst Jill Schlesinger joins CBS Evening News with more.
Views: 575 CBS Evening News
The Department of Labor's Fiduciary Rule; 6/13/17 WSPD
 
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www.TreeceInvestments.com Tuesday morning Dock and Fred talk about underfunded public pensions, the Department of Labor Fiduciary Rule, the upcoming FOMC meeting and more. Dock@TreeceInvestments.com 419 843 7744 800 624 5597 @TreeceInvest http://www.facebook.com/pages/Treece-Investment-Advisory-Corp/153193594714351 The above information is the express opinion of Dock Treece and should not be construed as investment advice or used without outside verification.
Views: 19 TreeceInvestments
White House proposes merging education and labor departments
 
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(21 Jun 2018) The Trump administration proposed a major reorganization of the federal government Thursday, calling for merging the education and labor departments, moving the federal food stamp program to the Department of Health and Human Services and renaming that agency. The plan represented the latest aspiration of a presidential administration to revamp a sprawling federal government. Mick Mulvaney, director of the Office of Management and Budget, presented the plan at President Trump's Cabinet meeting Thursday, calling it "drain the swamp Cabinet meeting," and declaring he was "introducing the actual actions" that "show people what we meant when we said drain the swamp." The sweeping reorganization is the result of an order signed by Trump in March 2017 calling for a review of the federal government aimed at identifying redundancies and streamlining agencies. It's the latest in a long line of federal government overhaul proposals announced by administrations from both parties. Mulvaney pointed to the fact that there are currently more than 40 job training programs spread across 16 different Cabinet agencies — just one of a list of examples he cited. "If it's cheese pizza, it's FDA, but you put pepperoni on it and it becomes a USDA product. I mean, come on?" he said. "An open-faced roast beef sandwich is USDA, a closed-faced roast beef sandwich is FDA. Not making this up. You can't make this kind of stuff up. This would only happen in the government." Among the specific proposals outlined is a plan to merge the departments of education and labor into a single Department of Education and the Workforce, or DEW. The combined agency would oversee programs for students and workers, ranging from education and developing skills to workplace protections and retirement security. The plan would also move housing programs run by the USDA to the Department of Housing and Urban Development and certain functions of the Army Corps of Engineers would be moved to the departments of transportation and interior. But whether the proposal will prove effective is unclear. Many of the changes would require approval from Congress and congressional leaders have been hesitant to adopt a plan that would eliminate federal agencies they are charged with overseeing. Eliminating the Education Department has long been a goal of Republicans. President Ronald Reagan, for example, sought to eliminate the department during the 1980s but backed down amid a lack of support in Congress. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Google+: https://plus.google.com/b/102011028589719587178/+APArchive​ Tumblr: https://aparchives.tumblr.com/​​ Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/45d9cad99b7bf17f335a26d98589a503
Views: 92 AP Archive
NEW SCHEMES FOR LABOUR CLASS TO BE LAUNCHED ON 2ND OCT / DON BOSCO NEWS CAPSULE / 01-10-2018
 
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On the ocassion of Gandhi Jayanti, department of labour and employment is launching 17 schemes for the benefit of construction workers. The schemes include maternity benefit, pension benefit, mobile health dispensary scheme etc. Labour and Employment Minister Rohan Khaunte further informed Don Bosco Channel on the same.
How can employers prepare for possible IRS and Department of Labor audits?
 
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Senior retirement consultant Bob Coury offers tips for addressing IRS and Department of Labor plan auditing efforts, including what employers can do and the best steps to prevent and simply benefit plan audits. https://www.towerswatson.com/en-US/Shared-Items/Media-Items/Videos/2016/06/how-can-employers-prepare-for-possible-irs-and-department-of-labor-audits
Department of Labor
 
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Are you curious about how the new changes in the Depart of Labor is going to impact the Financial Industry? Watch this episode of the Weiss-Merkle Financial Show to find out! James & Loren also talk about the importance of designations when it comes to choosing who is on your team for your retirement
U.S. Labor Department Wants To Mandate Guide To 401(k) Fee Disclosures
 
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The Department of Labor on Tuesday proposed a rule requiring pension plan service providers to offer a guide to help employers navigate disclosures about fees and potential conflicts of interest. The proposal amends a 2012 regulation that forced service providers to present detailed information about fees and services associated with 401(k)s and other retirement plans. However, the Labor Department said it feared that such disclosures were getting lost in lengthy and complicated documents. http://feeds.reuters.com/~r/Reuters/domesticNews/~3/8vkejmF3rsc/story01.htm http://www.wochit.com
Views: 29 Wochit News
Department of Labor: Fiduciary Rule Changes Impacting Retirement Accounts
 
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The DOL’s new fiduciary rule requires financial advisors to put their clients’ best interests ahead of their own when providing investment advice. Carmen Grinkis, Wealth Advisor, AAFCPAs Wealth Management provides perspective on the ruling and what it means to be a fiduciary. Carmen will also provide attendees with a questioning toolkit, so you can help ensure that your investment advisors are putting your best interest first. This is an educational podcast session recorded live from AAFCPAs Annual Nonprofit Educational Seminar on May 6th, 2016. Listen to the full audio at www.aafcpa.com/podcasts
Focus on Funds: Labor Department Proposal Raises Red Flags for Retirement Savers
 
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(Transcript is below) The July 31, 2015, edition of Focus on Funds features ICI General Counsel David Blass outlining the Institute’s key concerns with the new fiduciary rule proposal from the Department of Labor. For more information on this issue, visit ICI's DOL Fiduciary Duty Rule Resource Center: https://www.ici.org/fiduciary_rule. ___________________________ VIDEO TRANSCRIPT Stephanie Ortbals-Tibbs, Director, ICI Media Relations: Welcome to Focus on Funds, the Investment Company Institute’s weekly roundup of industry news, ICI activities, and research findings. Funds and their investors should be deeply concerned about a proposed new set of rules in the Department of Labor that would govern the interaction between funds and retirement savers. ICI has filed four comment letters with the Department, outlining a raft of concerns it has with the current proposal, and I spoke with ICI’s General Counsel David Blass about some of our key comments. David Blass, ICI General Counsel: So, first of all, we support the underlining principal of the proposal, which is retirement savers should get advice that’s in their best interest. We strongly support that as a proposition. The problem is that the DOL went in a very different direction with its proposal and introduced a ream of red tape that our letters suggest they cut through. So they should be more narrow and targeted in terms of who is a fiduciary and subject to all of this red tape and they should really think about all the requirements that come along with being a fiduciary and really dial this back so that advice to retirement savers is still available to retirement savers and is not more costly than it is today. Ortbals-Tibbs: There are some really interesting examples that you offer in the letter about how this could affect retirement savers. Can we run through some of the real life impact it could have? Blass: Absolutely. So, one impact is just calling up a call center or going to a website and getting information from a fund shop about the funds that are offered. That interaction shouldn’t be viewed as a fiduciary interaction but under the DOL’s proposal it is. So the net effect is that, that information won’t be there for retirement savers if the DOL adopts this rule and they really need to rethink that. Ortbals-Tibbs: So, in terms of rethinking, what are we suggesting? What are some of the constructive approaches that we suggest they take to revise what they’ve put out? Blass: Well, we have a number of suggestions. One is a more targeted definition of who is a fiduciary. For sure, that’s an important one, ultimately for investors. We think a more targeted disclosure set of obligations is appropriate. The DOL has a regime in place that is more targeted; they chose not to use that in the proposal, and that was a real mistake because the disclosure that they came up with is so granular and so overwhelming that effectively, it’s useless to investors. Ortbals-Tibbs: And the other thing we really think they need to go back and relook at is the regulatory impact analysis. Blass: So we’ve done a lot of work analyzing the regulatory impact analysis, which ultimately is an economic analysis of the proposal and to be honest, we think the DOL just got it wrong and they need to restart it and redo their impact analysis. We think if they do that and focus on the potential harm to investors that will occur due to these rules they really will make different policy choices to make the rules more reasonable at adoption. Ortbals-Tibbs: And we do hope at the end of the day that there will be something that will come out of this that will be much more workable for retirement savers and fund investors. Blass: Ultimately our goal is to promote the interest of investors, we think that should be the DOL’s goal as well, and we think a revisiting and an adjustment of the rules is needed to achieve that goal. Ortbals-Tibbs: That’s this week in funds. See you next week.
Views: 61 ICI Video
The Impact of Department of Labor Guidance on Target Date Funds
 
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Earlier in 2013, the Department of Labor's (DOL) Employee Benefits Security Administration published guidance titled, "Target Date Retirement Funds - Tips for ERISA Plan Fiduciaries." In this guidance, the DOL addresses the process by which target date retirement funds (TDFs) are compared, selected, reviewed, and communicated to plan participants. With TDFs quickly becoming a dominant investment option in many defined contribution retirement plans, it is critical for plan fiduciaries to recognize the complexities of these products relative to traditional "core" investment options. This program will provide plan fiduciaries with a clear understanding of the processes to utilize when choosing TDFs based on the guidance issued by the DOL.
Department of Labor's (DOL's) new fiduciary rule and its impact
 
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MyComplianceOffice presents our guest hosts from Sutherland Asbill and Brennan, LLC as they discuss the DOL's new fiduciary Rule and it's potential impact.
Views: 234 MyComplianceOffice
Department of Labor Considers New Fiduciary Rules!
 
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We have spoken before about the liability trap that sponsors of 401k’s fall into; namely that they are fiduciaries for the plan and that exposes them to the participant’s liability. Well now comes the Obama administration through the Dept. of labor proposing new regulations that would make the brokers as providers to 401k’s subject to increasing their standard to that being a fiduciary as well. This is huge news for plan participants but most certainly also for Wall Street itself. Here’s the bottom line on this and how it affects everyone; under current rules a broker, that is the person selling the plan, has to act under a “prudent man” rule making sure that the investments offered to participants were appropriate for them. Take for example Target Date Funds. These one-stop shop funds adjusted the asset allocation of the funds to meet the client’s age and expected retirement date. Pretty nifty. The problem here is what is now becoming a regulation. Let’s say I’m a broker for Merrill Lynch and I sold a plan to company “X” and furthermore, I offered Merrill Lynch Target Date funds to the participants. Under the old rules, I was fine. The investments were considered appropriate and everyone was happy. Well, not quite everyone. Over the past years subsequent to the debacle of 2008, many academics and some practitioners have complained that participants were paying too high a fee for the service they were receiving. They argued that sometimes fees are hidden and other times fees are just too high when compared with competitors. This led some, including the New School of Economics Theresa Ghilarducci to recommend to congress that the government take over the 401k and put into the retirement funds into government securities like Social Security. This more extreme approach didn’t get traction but the idea of investors paying too high a fee to brokers for selling in-house products did. Most of us would agree that a person selling financial instruments should have a pretty high level of responsibility when it comes to serving their clients. But, in my opinion, making brokers act as fiduciaries opens them up to a myriad of problems. The first is that the major brokers will simply not work with individuals because, why would they; one of their brokers builds a relationship, does the ground work to figure out what’s needed in that circumstance, and then due to fiduciary rules is forced to sell a competitive product. It doesn’t take rocket science to know no business could do that for long and stay in business. So this will have an unintended consequence and that is that smaller investors will get no help. Fee based advisors already act in many cases as fiduciaries and most often have the flexibility to use any investment that makes sense because they’re fee based, not commission based. However, due to regulatory costs, among other things, small investors typically can’t access fee based advisors. The cost to an advisor approaches around $5000 per year in time and resources and an average of 1% fee, that’s equal to a $500,000 account and that is a very standard minimum. Solutions, if you’re a professional in the financial services business, become a fee-based adviser; if you’re a participant in a 401k, educate yourself. More than ever you will have to rely on your own knowledge and abilities to successfully manage your retirement assets. That’s never really been in question anyway, you have always been the one who has borne the responsibility for yourself, even if someone else tried to help. For more videos and audios from Steve Beaman, visit: SafeFinancial.org ...and view more videos on our website at: http://Clean.TV
Views: 1899 CleanTVcom
Department of Labor Fiduciary Rule
 
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DOL 2016 Ruling is out regarding financial advisors and retirement accounts ... What does this mean for you? **Helping Ordinary Investors do Extraordinary Things** Visit our Blog: http://commonsenseinvesting.net/ Twitter: @DanWyson ( https://twitter.com/DanWyson ) SUBSCRIBE: https://www.youtube.com/channel/UC3CA... ​DISCLOSURE: Securities and advisory services offered through Commonwealth Financial Network®. Member www.finra.org / www.sipc.org , a Registered Investment Advisor. Wyson Financial, 1173 S. 250 W. Suite 505, St. George, UT 84770. Please Review Our terms of use here: http://www.commonwealth.com/termsofus... This communication is strictly intended for individuals residing in the states of AZ,CA,CO,DC,FL,HI,ID,IL,KS,KY,MA,MI,MN,MO,MT,NE,NM,NV,OH,OR,SD,TX,UT,VA,WA,WY. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. ​DISCLOSURE: Securities and advisory services offered through Commonwealth Financial Network®. Member www.finra.org / www.sipc.org , a Registered Investment Advisor. Wyson Financial, 1173 S. 250 W. Suite 505, St. George, UT 84770. Please Review Our terms of use here:http://www.commonwealth.com/termsofuse.html This communication is strictly intended for individuals residing in the states of AZ,CA,CO,DC,FL,HI,ID,IL,KS,KY,MA,MI,MN,MO,MT,NE,NM,NV,OH,OR,SD,TX,UT,VA,WA,WY. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.
Retirement Plans: Last Week Tonight with John Oliver (HBO)
 
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Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips. Connect with Last Week Tonight online... Subscribe to the Last Week Tonight YouTube channel for more almost news as it almost happens: www.youtube.com/user/LastWeekTonight Find Last Week Tonight on Facebook like your mom would: http://Facebook.com/LastWeekTonight Follow us on Twitter for news about jokes and jokes about news: http://Twitter.com/LastWeekTonight Visit our official site for all that other stuff at once: http://www.hbo.com/lastweektonight
Views: 10029669 LastWeekTonight
CX Data in Action Series: Case Study #1 – Department of Labor(EBSA)
 
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This case study is part of the Data in Action Series that highlights agency programs that successfully capture customer feedback and turn those insights into program enhancements. Case Study #1 – Terri Thomas with DOL EBSA Plan Participant and Compliance Assistance Programs Under EBSA’s plan participant and compliance assistance programs, benefits advisors answer questions from the public about private sector employee benefits plans. Questions cover such topics as benefits, claims, 401(k) plans and defined benefit pension plans. For the past 10 years, Terri Thomas has conducted customer satisfaction studies of these programs, and EBSA uses this detailed data to improve services and measure performance for GPRA purposes.
Views: 204 DigitalGov
How does the Department of Labor's rules regarding retirement accounts (IRA, SEP, 401k) affect me?
 
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http://glassmanwealth.com/answers People are often curious about their investments, but don't always know the right questions to ask. At Glassman Wealth we LOVE empowering our clients. Each quarter we provide the 5 questions we think everyone should be asking their financial advisor. Question 2: The Department of Labor has new rules over the advice of retirement accounts. How does this affect my retirement account (IRA, SEP, 401k), our relationship, and your overall business? This clip is from our June 2016 Quarterly Questions Segment. See more at http://www.glassmanwealth.com/answers
New Fiduciary Proposal by the US Department of Labor (Webinar)
 
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The U.S. Department of Labor has issued a new and controversial regulatory proposal that would expand the class of plan fiduciaries and impose new conflict-of-interest restrictions on how these fiduciaries transact business with employee benefit plans. Whether you are a plan sponsor or plan committee member, an IRA holder or provide services to employee benefit plans, these new rules would affect the way that you operate. Carol Buckmann, Counsel in Osler's Pensions and Benefits Group, joined by special guests Gary Yerke, Vice President and Associate General Counsel, Fidelity Investments, and Alan Spierer, Senior Retirement Plan Consultant with UBS Institutional Financial Services provide you with an overview of the impact of this important new proposal. The panel discussion includes the following topics: - What are the major changes to existing rules? - What new responsibilities would I have as a plan sponsor or investment committee member? - How would my record keeper/plan provider be affected, and what will it mean for me? - How would the changes affect brokers and investment advisors? - What changes might be made to the proposal? - Should I be preparing to comply now?
Advicent | The Department of Labor fiduciary rule
 
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Advicent and the Department of Labor fiduciary rule The DOL fiduciary rule gets to the core issue for investors: trust. Trust remains one of the biggest reasons investors pick their advisor. Thus, the DOL seeks to tighten the definition of an advisor’s fiduciary standard, which will increase the responsibility of the advisor to act in the best interest of the client. This law is designed to validate the advisor’s advice, which can increase the trust investors have in financial advisors. In this video, Shawn Preisler, regional sales manager at Advicent, discusses the impacts of the DOL fiduciary rule on the financial services industry, as well as how the Advicent product suite fits into the impending changes. Advicent website: http://www.advicentsolutions.com/ Advicent blog: http://www.advicentsolutions.com/Resources/Blog Contact us: http://www.advicentsolutions.com/About/Contact-usAdvicent on Twitter: https://twitter.com/AdvicentFP Advicent on LinkedIn: http://bit.ly/1TNbLqs
Views: 984 Advicent
4 401k Myths That Are Simply Not True
 
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For more information on our WealthVision Financial Plan check out our info page here; http://moneyevolution.com/wealthvision/ For access to the 7 Core Elements of Retirement Planning Video Series and Action Guide Click here. http://moneyevolution.com/7-core-elements-yt/ Check out our Free Guides… Money Evolution Guide To What Every Investor Should Know About Planning And Saving For Retirement http://moneyevolution.com/free-guide Money Evolution Guide To Understanding Your Social Security Benefits http://moneyevolution.com/social-security-guide Money Evolution Guide to Understanding and Managing Your Debt http://moneyevolution.com/understanding-your-debt Money Evolution Guide To Buying and Financing Your Home http://moneyevolution.com/financing-your-home Money Evolution Guide to Understanding Real Estate As An Investment http://moneyevolution.com/real-estate-investment Money Evolution Guide To Understanding Your Taxes http://moneyevolution.com/understanding-your-taxes Money Evolution Guide To Understanding the Total Cost of Car Ownership http://moneyevolution.com/understanding-cost-car-ownership Follow Us On Facebook - https://www.facebook.com/moneyevolutionhome/ Twitter - https://twitter.com/billlethemon Linked In - https://www.linkedin.com/in/bill-lethemon If you have any questions about this, or any of my other videos, feel free to contact me at any time. Email Me at bill@moneyevolution.com Or Call My Office at 248-731-7829 In today's vlog, I'm going to talk about Four 401K Myths That Are Simply Just Not True. Myth number one is that your 401K plan doesn't cost you anything. This one's always a little bit surprising to me whenever I see these surveys that come up from time to time, in a recent survey by AARP, seven out of ten workers actually thought that they weren't paying anything on their 401K plan. So, obviously this is just not true. All 401K plans have some fees attached to them, but one good thing is that in July of 2012, the Department of Labor passed a ruling that makes 401K plan sponsors disclose their fees at least once a quarter to all of their plan participants, so if you haven't seen one of these fee disclosure statements, be sure to check that out. It should be with your monthly statement or you should be able to find it on the web site that you go to to log into your account. One thing I wanted to note here about fees is that fees are significantly higher on medium and smaller sized plans. In fact, according to Brightscope.com, which is a leading independent retirement plan company, they said on a large plan, one that has over $100 million or more in assets, you routinely will see these fees less than 1%, and some of the biggest plans within that group will have fees that are less than a half a percent, but when we get down to these smaller plans, it's not uncommon at all to see plans having fees of one and a half to 2% and even some plans that have fees over 2% per year, so if you're working for one of these medium or smaller size companies, it may be more important for you to pay attention to that fee disclosure statement and really know how much it is you're paying in 401K costs. Myth number two is that the 401K plan is the best place for you to be investing your money. So, I'll be the first one to say the 401K plan definitely does have some advantages. I like the fact that money comes right out of your paycheck automatically, goes right into that investment account before you even have a chance to spend it or do anything with it. There's really nice high contribution limits on 401K plans. If you're under 50, for 2017 it's $18,000 a year that you can put in, and if you're 50 years old or older, it goes up to $24,000 a year, so really nice contribution limits. A lot of companies are matching the money that you put into that, at least up to a certain level, so that's another great advantage, but, you know, a couple of disadvantages and why your 401K plan may not always be the best place for you to invest. Number one is fees. We just talked about that, and especially if you're working for one of those companies that has higher 401K fees, it may not be the best option for you. Another thing that I think pretty much all 401K plans have, is limited investment choices, so even some of the best plans out there may only have a couple of dozen, maybe three dozen different investment options for you as to where you can put your money, and then the last thing is that your money may be locked up, so we all know that 401K plans have the 59 and a half rule where you can't take your money out before that age without a penalty, but beyond that, if you decide that one day you don't like your 401K plan anymore, you probably can't really move it. That money's going to be tied up there until you either separate service from the company or you turn 59 and a half, so your money may be locked up in the 401K plan as another disadvantage. Continued On Blog...
Views: 4734 Money Evolution
Case Study  Surviving the Department of Labor 401k Audit
 
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The stress and complications from a Department of Labor (DOL) 401k audit can be debilitating to a small company. Unraveling compliance problems from the past for financial and HR professionals who inherit their organization’s 401k plan or other defined contribution (DC) plan can be daunting. The CFO of a not-for-profit attending a TPSU program held at Virginia Tech describes how the issues he inherited led to a DOL 401k audit and how he handled them. For videos like this and much more visit www.401ktv.com
Department of Labor Prevailing Wage Conference (Davis-Bacon Act Part 1)
 
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Davis-Bacon Act Part 1 Webcast from the Department of Labor Prevailing Wage Conference. October 4, 2011 - Morning Session. For more information visit http://dol.gov
Views: 5214 DCNAFC
Thrift Savings Plan Briefing: For Early to Mid-Career
 
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Presented by TSP Agency Liaison Specialist Arvella Collins, Federal Retirement Thrift Investment Board. -- U.S. Department of Health and Human Services (HHS) http://www.hhs.gov We accept comments in the spirit of our comment policy: http://www.hhs.gov/web/socialmedia/policies HHS Privacy Policy http://www.hhs.gov/Privacy.html
The House Always Seems to Win - Steve Savant’s Money, the Name of the Game – Part 2 of 5
 
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Sub Headline: Is the Market Stacked Against You From the Get Go? Synopsis: There’s plenty of unseen head winds that can make your journey to retirement costly. If it isn’t the market itself, it’s the cost of funds. If it isn’t the cost of funds, it’s inflation. But for most who are saving for retirement, it’s all three. Watch part 2 entitled Wall Street: Where the House Always Seems to Win from the series on The Retirement Reality Check featuring Lindahl Lucas, author, speaker and Investment Adviser Representative. Content: In February 2012 The Department of Labor published guidelines for ERISA retirement plan to disclose expenses and fees under 408(b)(2). This was an eye opener for everyone involved in the sale of mutual funds and ETFs in qualified plans. But most advisers were not awake at the wheel when the regulation went operational. It was curious to me to discover qualified plan administration and custodial care charging on average were around 25 to 29 basis points depending upon the assets under management. That seemed reasonable to me. But the biggest revelation came from the disclosures of the cost of funds themselves. For most security licensed representatives and RIAs, the fund’s prospectus was the only discussion point for internal expense loads addressed with a potential buyer. The average fund expense load cited in the prospectus is generally around 90 basis points and most RIAs were charging an additional 100 basis point. Resulting in a traditional talking point that funds and management cost to consumer are little less than 2%. But then an economic epiphany occurred when some (not all) qualified plan administrators included the transaction costs listed in the fund’s statement of additional information. For whatever reason the document is not required as a delivery item to the fund owner by the adviser. In fact, most advisers are unaware of these extra charges. The average cost cited in the statement of additional information (SAI) is around 144 basis points. The SAI costs are comprised of brokerage commissions, market impact costs and the transaction spread cost. I was floored! But the bloodletting didn’t stop there. An additional expense called cash drag, money held in cash equivalents for liquidity costs around 83 basis points. So, on qualified fund costs with the adviser fee could be around 4.46% annually. Non-qualified funds around 4.17%. This doesn’t include non-qualified funds subject to taxation on gains, which averages around 100 basis points, increasing the non-qualified costs to 5.17%. I only mention this because of the tax deferral and the exclusions ratio of deferred and lifetime annuities. Lindahl has authored two books available on Amazon.com The Pros and Cons of Indexed Annuities and Retirement Reality Check. Portions of this press release contain content from Lightbulb Press with permission. Syndicated financial columnist, talk show host and popular platform speaker Steve Savant features The Retirement Reality Check with Lindahl Lucas. Steve Savant’s Money, the Name of the Game is an hour-long financial talk show for financial professionals distributed online in 5 ten-minute video press releases Monday through Friday through Trans World News 280 media outlets, social media networks and industry portals. (www.lifesizesolutions.com) https://youtu.be/4GaYv0jlMoY
Views: 1133 Steve Savant
Focus on Funds: Responding to the Department of Labor’s New Fiduciary Rule
 
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(Transcript is below) The Department of Labor’s new fiduciary rule will change how funds interact and communicate with their investors. In the April 15, 2016, edition of Focus on Funds, ICI General Counsel David Blass talks about ICI’s initial analysis and how a conference in early May will help members better understand and implement the rule. For more information on the fund industry's response to the DOL's fiduciary rule, please visit: https://www.ici.org/fiduciary_rule. ___________________________ Stephanie Ortbals-Tibbs, ICI Director, Media Relations: ICI is responding the Department of Labor’s fiduciary rule, newly released and running to more than a thousand pages. The general counsel for ICI, David Blass, shared with me some of the initial findings the legal team is seeing and also information about a new forum that ICI is organizing in Washington. David Blass, ICI General Counsel: It’s a very dense rule, there’s a lot there and we’re in the process of analyzing it, it came out last week. A few things that did jump out to us. One, the department gave more of a “grandfathering” provision than we had anticipated would be the case. They gave a little bit more time on implementation—not a sufficient amount of time but some additional months to get ready for implementation of the rule and we’re looking at how the department defined who is a fiduciary. They generally trigger fiduciary status off of making a recommendation about an investment option or a rollover to an IRA. A number of other issues we’re looking at include especially the so called best-interest contract exemption and whether the department made sufficient changes to that exemption really to make it workable. We’re not there yet; we’re still looking through it. We do know that the department retained some form of liability, though, so we could see more state claims against the ERISA fiduciaries under this rule. Ortbals-Tibbs: So as the industry assesses the impact that of the rule, ICI is convening a forum on this in Washington and inviting some pretty important people into that dialogue. Blass: Yeah, we’re very excited about the event. It’s an important opportunity for us to come together with stakeholders, distribution partners as well hopefully, to talk over the implications of this rule. We do hope to have a key member of the Department of Labor staff who was instrumental in writing this rule also come to address interpretive questions and other questions about how the rule is meant to work. Ortbals-Tibbs: So for our members, for other industry stakeholders, and for the press, this is time to make plans to attend. Ortbals-Tibbs: That’s right, it’s going to be on May 10, Tuesday, May 10, here in Washington, DC at the JW Marriott and registration will be open on our website.
Views: 132 ICI Video
Teresa Ghilarducci Ph.D 11-06-08 Air date
 
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Teresa Ghilarducci Ph.D Teresa Ghilarducci is the Irene and Bernard L. Schwartz Professor of Economic Policy Analysis at the New School for Social Research. Her 2008 book When I'm Sixty-four: The Plot Against Pensions and the Plan to Save Them (Princeton University Press) investigates how to restore the promise of retirement for all Americans. Her book Labor's Capital: The Economics and Politics of Employer Pensions, MIT Press, won an Association of American Publishers award in 1992. She co-authored Portable Pension Plans for Casual Labor Markets in 1995. Ghilarducci publishes in referred journals and testifies frequently before the US Congress. She is the WURF fellow at the Labor and Worklife Program at Harvard Law School and serves as a public trustee for the Health Care VEBAs for UAW Retirees of General Motors and for the USW retirees for Goodyear and served on the Pension Benefit Guaranty Corporation's Advisory Board from 1996-2001, and on the Board of Trustees of the State of Indiana Public Employees' Retirement Fund from 1996-2002. Her research has been funded by the Alfred P. Sloan Foundation, US Department of Labor, the Ford Foundation, and the Retirement Research Foundation.
Views: 2444 Harold Channer
Department of Work and Pensions: Building a SIAM Solution with ServiceNow
 
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Department of Work and Pensions deploys ServiceNow to implement Service Integration and Management and bring IT services in-house to improve service delivery performance and user experience. Learn more about improving service delivery performance with SIAM: http://www.servicenow.com/lpwbr/how-to-improve-service-delivery-performance-with-service-integration-and-management.html
Views: 573 ServiceNow
The Work Bonus
 
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Learn how the Department of Human Services' Work Bonus can assist retirees receiving an Age Pension to enjoy the best of both worlds - working and retirement, and the social and financial benefits that can bring. Visit our website: http://www.humanservices.gov.au/ Subscribe to our channel: http://www.youtube.com/user/HumanServicesGovAu?sub_confirmation=1 Find us on Facebook: https://www.facebook.com/HumanServicesAU https://www.facebook.com/familyupdateAU https://www.facebook.com/officialhankjongen https://www.facebook.com/StudentUpdate https://www.facebook.com/Grads4HumanServ Follow us on Twitter: https://twitter.com/HumanServicesAU https://twitter.com/Centrelink https://twitter.com/FamilyUpdateAU https://twitter.com/HankJongen https://twitter.com/StudentUpdateAU
Hearing on “Expanding Affordable Health Care Options...
 
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SUBCOMMITTEE ON HEALTH, EMPLOYMENT, LABOR, AND PENSIONS hearing at 10:00 a.m. in room 2175 Rayburn House Office Building. Hearing on “Expanding Affordable Health Care Options: Examining the Department of Labor’s Proposed Rule on Association Health Plans.”
Service Members’ Retirement Systems
 
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Under the legacy High-3 and the new Blended Retirement Systems, service members can still receive a pension check. Use your time now to review your options under both systems. -- The new Blended Retirement System (BRS) goes into effect on January 1, 2018. It combines the legacy 20-year military defined benefit retirement, with a defined contribution plan, similar to the civilian equivalent of a 401(k)-style retirement system, utilizing the Thrift Savings Plan. If you're a member of the Uniformed Services who will have served fewer than 12 years (or National Guard and Reserve with fewer than 4,320 retirement points) on December 31, 2017, you will have an important decision to make between January 1 and December 31, 2018: You must choose whether to stay with your current retirement system or move to the new BRS. Learn about BRS here: Website: http://militarypay.defense.gov/BlendedRetirement BRS Opt-in Course: http://jko.jten.mil/courses/brs/OPT-IN/launch.html For more on the Department of Defense, visit: http://www.defense.gov Like DoD on Facebook: http://facebook.com/DeptofDefense Follow DoD on Twitter: http://twitter.com/DeptofDefense Follow DoD on Instagram: http://instagram.com/DeptofDefense
Views: 4058 Department of Defense
VA Pension Benefits Are the Reward for Service in Retirement - Right on the Money – Part 4 of 5
 
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Sub Headline: VA Non-Service-Connected Benefits for Retirement, Disability & Long-Term Care Synopsis: The Non-Service-Connected Disability Pension program provides a pension, rather than direct compensation, based on retirement or inability to work. Non-service-connected disabilities are medical conditions that have no relation to active duty military service. Watch the interview with elder law attorney, veterans’ benefit specialist and former president of U.S. Senior Vets, Richard Schulze, MBA. Content: This pension program is income-based. A potential applicant can very easily earn too much through Social Security, other retirement benefits or even investment income to qualify. A key component of this Non-Service Connected Disability Pension is termed “Aid & Attendance.” Regular Aid & Attendance is a provision for reimbursement of certain qualified, otherwise un-reimbursed medical expenses, usually involving long-term care in assisted living communities, in-home care and in some instances, independent living communities. These amounts are the maximum awards. Although the majority of applicants receive the maximum benefit, eligibility depends upon financial qualification. Any type of current disability benefits being paid from the VA (including Death Indemnity Compensation for surviving spouses) are not added to these amounts. Aid & Attendance Award For 2015/2016, the maximum Aid & Attendance benefit amounts are: Two Veterans Spouse (both require care) $2,837 per month Married Veteran (veteran requires care) $2,120 per month Married Veteran (spouse requires care) $1,404 per month Single Veteran $1,788 per month Surviving Spouse $1,149 per month A veteran who is currently receiving a Service-Connected Disability compensation can still receive the Non-Service-Connected Disability Pension with Aid & Attendance as long as the Disability Compensation is less than the Air & Attendance Benefit. If eligible, the VA will grant the difference up to the maximum allowable under Aid & Attendance. However, if the Disability Compensation is greater than what he/she is entitled under Aid & Attendance, then no more money is available. If a Surviving Spouse is receiving a Death Indemnity Compensation (DIC), which means the veteran died in service or due to service-connected disabilities, then the surviving spouse could be receiving as much as $1,215 a month. This means the most that would be available under the Non-Service-Connected Disability compensation is an additional $301 for 2013. Richard Schulze contributed content to this press release. Syndicated financial columnist Steve Savant interviews eldercare attorney, veteran benefit specialist Richard Schulze, MBA. Right on the Money Show is an hour long financial talk distributed to 280 media outlets, social media networks and financial industry portals. (www.rightonthemoneyshow.com) https://youtu.be/204Agsubq2k
The Department of Labor's Fiduciary Rule
 
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Testimony at US Department of Labor's Fiduciary duty hearing held on August 13, 2015 at the Department of Labor HQ in Washington, DC.
Overview of the Department of Labor’s Overtime Rules and Impact on Employers
 
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This webinar was presented by, Andrea Kirshenbaum, a Principal at the law firm Post and Schell, P.C. On May 18, 2016, the U.S. Department of Labor (DOL) formally announced its Final Rule which more than doubles the minimum salary threshold for “executive,” “administrative” and “professional” employees to qualify as exempt from overtime pay under the Fair Labor Standards Act (FLSA). The DOL estimates that the Final Rule, which is set to become effective Dec. 1, will extend overtime pay eligibility to 4.2 million workers and result in $1.2 billion a year in additional wages paid to employees. This webinar will accomplish the following: - Provide an overview of the provisions of the DOL’s new overtime rule - Examine how the Final Rule will be implemented - Discuss how employers should assess the Final Rule’s impact on individual employees and departments, as well as its effect on workflow and business operations.
Views: 136 PAHealthCareAssn
Department of Labor Issues Final Regulations for ERISA: Part 3 of 4 by NJ Lawyer Gary Young
 
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Hello! and thank you for joining us in part 3 of our ERISA video series. In this video I am going to discuss the Department of Labors and the final regulations issued for ERISA §408(b)(2). §408(b)(2) of ERISA provides a statutory exemption from the legal prohibition against payment for services from a Covered Plan to any part-in-interest including a Fiduciary provided: (1) such service is necessary for the establishment or operation of the plan; (2) such service is furnished under a contract or arrangement which is reasonable; and (3) no more than reasonable compensation is paid for such service. On February 3, 2012, the Department of Labor ("DOL") issued final regulations that establish disclosure requirements for services performed and fees charged by "Covered Service Providers" to retirement plans (the 408(b)(2) "Final Regulations"). A Covered Service Provider ("CSP") is defined to be a service provider that enters into a contract or arrangement (whether written or not) with a Covered Plan and reasonably expects to receive $1,000 or more in compensation in connection with the services. The Final Regulations provided additional changes to the "interim final" regulations published on July 16, 2010. The deadline for compliance under the Final Regulations is July 1, 2012 (previously April 1, 2012). The effective date for compliance under ERISA §404(a) Participant Fee Disclosure Regulations was extended to August 30, 2012 so that Plan Fiduciaries may incorporate information disclosed under the Final Regulations. On or before the effective date, the CSPs must provide or disclose: • A description of the services provided to the Covered Plan. • The status of the CSP as a fiduciary to the Covered Plan. • An estimate of direct and indirect compensation received or paid to other CSPs. • An estimate of the cost of record keeping services (if record keeping is provided). • Manner of receipt/payment of compensation (billing versus deduction from plan assets). • An estimate of investment fees and expenses (if designated investments are provided). Please watch the video. For any questions, please contact Gary Young at
Views: 812 Scarinci Hollenbeck
Explore VA benefits: Overview of VA pension benefits and how to apply
 
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The U.S. Department of Veterans Affairs (VA) provides pension benefits to Veterans and their families. Explore.VA.gov Explore VA benefits and apply.
Warning! Beware of ERISA Claims! Part 4 of 4 by NJ Lawyer Gary Young
 
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Hello, I'm Gary Young Partner at Scarinci Hollenbeck and we are back for the 4th part of our ERISA video series. In our past videos I explain what ERISA is, fiduciary responsibility and liability as well as regulations issued by the Department of labor. This video however, is a warning! Beware of ERISA Claims! • ERISA claims are coming! Designated fiduciaries and those other persons falling within the definition of "fiduciary" due to the exercise of discretion and control will be targeted in such suits. Claims for breach of fiduciary duty can and will be brought by plan participants, participants' legal estates, the Department of Labor, and the Pension Benefit Guaranty Corporation. • Without attempting exhaust the possibilities, such claims may include allegations of: • Improper advice or disclosure; • Inappropriate selection of advisors or service providers; • Imprudent investments and improper valuation; • Lack of investments diversity; • Breach of responsibilities or fiduciary duties imposed by ERISA; • Negligence in the administration of a plan; and • Conflict of interest with regard to investments. • The consequence of breach can be devastating, including the imposition of punitive damages and attorneys' fees in addition to compensatory damages. • Plan fiduciaries must establish and follow a formal review process at reasonable intervals to decide if they want to continue using the current service providers or look for replacements. When monitoring service providers, actions to ensure they are performing the agreed-upon services include: Please watch the video for the full script. Or contact Mr. Young by calling 201.397.1776
Views: 765 Scarinci Hollenbeck
Build your management system first, then optimize lean - Department of Retirement Systems Case Study
 
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The NOW Management System® is a highly visual and integrated set of management best practices and tools. The system connects every employee to their portion of an agency's routine work and strategic initiatives. Traditional management systems usually are simply budgeting and performance management tools, which fail to engage employees. One of Mass Ingenuity's primary principles is that if you haven't yet driven out the waste in your routine work (which averages 30-60% for most processes), then you can't optimize on your strategic initiatives because resources keep getting pulled away from the initiatives to plug the many holes in the routine work. It is called the "NOW Management System" because executing in the "now" requires a management system where "every employee can act on every opportunity every time" to improve citizen outcomes, the customer experience, and reduce costs. After successful implementations at eight Oregon state agencies, John Bernard's firm is now working in Washington with the leadership team at the Dept. of Retirement Systems (DRS). This presentation describes the rationale for the Management System and the exciting results DRS is achieving. As Marcie Frost, DRS Deputy Director and co-presenter with John, puts it, "This is changing how we perform and is having significant impact on connecting every employee to our success." This workshop will feature a short and compelling video to visually explain the NOW Management System and a very interactive discussion of the DRS journey. Presented by John Bernard, Mass Ingenuity Marcie Frost of the Department of Retirement Systems.
How to set up Department of Labor Credentials
 
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Breanne from TriStar Pension instructs trustees on how to set up DOL credentials. This video will show you how to obtain a User ID and Pin so that you can electronically sign Form 5500.
Views: 122 Shannon Edwards
How to Avoid or Survive a DOL Audit of Health and Welfare Plans
 
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The Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA) each impose a range of obligations on employee health and welfare plans, with steep penalties for noncompliance. Taken together, these complex requirements put employees at high risk for not surviving a Department of Labor (DOL) audit unscathed. Read the full story: https://www.shrm.org/hr-today/news/hr-news/conference-today/Pages/Avoid-or-Survive-a-DOL-Audit-of-Health-Plans.aspx Music by audionautix.com.
Views: 281 SHRM
For Mary, her mother’s survivors pension means less financial stress for her family.
 
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This economic security means Mary doesn’t have to worry as much about her mother’s resources. http://explore.va.gov Explore the benefits the U.S. Department of Veterans Affairs (VA) has to offer today.