| Legislature considers bill to help with retirement savings
State Rep. Marc Corriveau (D-Northville) said he hopes legislation introduced recently will help Michigan residents plan for the future. The plan would provide 401k style retirement plans to employees in small businesses that would not otherwise have such an opportunity, he said. “It's one of the things we're trying to do to help small businesses stay competitive," he said. Under the plan, the state would work with a private investment planner to set up the 401ks. They would be open to all businesses and people who are self-employed. The state would front the money to set it up—only about $560,000, according to Corriveau—and recoup the funds as the plan grows. Employees who take part in it would be able to transfer the account should they take another job in Michigan.
Heroic effort by adviser saves dying client's pension for wife
The quick thinking and hard work of a Cambridgeshire adviser overcame the barriers of time, tonsillitis and life company bureaucracy to revolutionise the financial situation of a terminally ill man's wife. Karen Wyndham-Webb, financial services manager at PB Financial Planning, was called in to give advice to members of a final salary scheme that was winding up underfunded. But at 5.30pm on Thursday 29 March she received a call from the scheme trustees that one of the firm's ex-members of staff was terminally ill and ‘on his last legs'. Wyndham-Webb realised that if the man died without any changes to his financial affairs his widow would be entitled to a taxed income of just £2065.71. However, she knew the woman's entitlement would rocket if his assets were transferred to a personal pension scheme.
Neenah Paper reports executive salaries
Neenah Paper Inc. posted its proxy on April 9, revealing Chairman, President an CEO Sean Erwin made about $3.3 million in total compensation last year. The Alpharetta, Ga.-based paper company (NYSE: NP) said Erwin's total compensation for 2006 includes a $590,000 salary, $762,451 in stock awards, about $1.2 million in stock options, $557,550 in nonequity incentive plan compensation and a $6,600 contribution to his 401K account. .
Not ready for retirement
Pia Thompson was delegating parts of her job to her staff in anticipation of a career change. After a 30-year stint at Port Everglades, Thompson was planning her retirement -- her husband had already transferred his job out of state, where the couple planned to move.
But Thompson was approached for one more assignment -- to serve as director of the Business Administration Division for the Broward County Department of Port Everglades. She said yes.
Thompson had been assistant director of the division, which is responsible for procurement, property management, business permits, contract compliance, franchises, human resources, risk management and operating the Foreign-Trade Zone.
Thompson began at the port sorting mail, worked as a secretary and later as a contract compliance officer and a property manager.
Devro pension trustees stop bid talks
LONDON (SHARECAST) - Collagen products manufacturer Devro said discussion with a potential suitor has been called off after the offeror failed to reach agreement with the group's pension trustees. "The potential offeror and the trustees have been unable to reach a mutually acceptable position in relation to the longer term security of Devro's UK pension scheme despite a significant amount of time and effort by all parties," said Devro. "Accordingly, the board announces that discussions between the board and the potential offeror have been terminated," it added. The group said it was in an advanced stage in identifying a successor to chief executive officer Graeme Alexander and expects a further announcement to be made shortly. Earlier in the year, Devro said it was in discussions that may lead to an offer at 150p per share in cash.
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