| American Business Sees Retirement Crisis Looming; Taking Steps to ...
NEW YORK, April 17 /PRNewswire-FirstCall/ -- U.S. employers are about to take a more aggressive role with their savings plans to improve the retirement security of their workers, according to survey findings released today by Buck Consultants, an ACS (NYSE: ACS) company and one of the world's leading human resource and benefits consulting firms. In its "Defined Contribution Plan Trends Survey," Buck Consultants analyzed responses from 255 organizations representing a broad spectrum of American businesses. Employers overwhelmingly feel an obligation to help workers secure meaningful retirement assets, with 82% indicating that providing "retirement income adequacy" was among their highest priorities. Ninety-one percent of survey respondents provide matching contributions, almost all (97%) formally review defined contribution plan investment vehicles on a regular basis, 87% provide for catch-up deferrals, and many offer a diversified investment portfolio in their plans.
CHOOSING A PRESIDENT Few candidates offer specific Social Security ...
Republicans generally have backed private accounts, which they say would modernize the retirement system and earn workers a better return. Democrats argue such accounts are the first step to privatizing Social Security, a program that generations have depended upon. A sampling of major candidate views: Democrats U.S. Sen. Joe Biden, Del.: Argues Social Security is not in immediate crisis and can pay full benefits for the next 35 years. Opposes privatizing. Did not offer specific proposal to keep program solvent. Says with a calm, objective, nonpartisan fix, we can ensure the solvency of the system beyond 50 years. U.S. Sen. Hillary Rodham Clinton, N.Y.: Opposes proposals that would divert resources into private accounts. Did not offer specific proposal to keep program solvent. Campaign says: As president, Hillary would work to build a national consensus about what it will take to keep Social Security solvent.
US Auto Parts 4Q Results: Un Disastro
US Auto Parts (PRTS), stock is down some 40%+ this week (and down a pretty similar amount from its initial public offering price of $10 completed in early February). "Un disastro" is an Italian word/expression a friend once taught me that needed no translation. And probably best sums up the conference call the company held Tuesday afternoon. Management had to come on the call and explain to its new shareholders that after they got back from the road show and began to "close the books" they discovered a couple employees at their Parts Bin acquisition had mispriced (way below market price), the company's performance and accessories parts. The mispricing hurt profit margins and "fill rates." In some cases, the company had sold a part to a customer, but could not actually "fill the order" (with management indicating on the call that they experienced 10% lower fill rate at two of their vendors) and had to credit back the customer.
Cannon's forced retirement hurts coach
IT IS a measure of how Brendan Cannon will be missed by Australian rugby that his Western Force coach John Mitchell almost broke down in tears as he announced his immediate retirement from the game due to injury yesterday. When asked for his feelings about Cannon's decision to retire after doctors told him his latest neck injury could lead to spinal damage if he continued to play, tears welled in the eyes of the hardened former All Blacks coach. "The hardest thing in football is to leave the team. To lose a good mate is real tough," he said after Cannon confirmed his retirement. "He often demonstrated how to go to the edge and get other mates to follow him in difficult times. He has always been one of those players who loves the physical contest. He always had physical presence and made up for some skill deficiencies others probably possess through attitude and strong mindset." Mitchell hopes the player he first signed for the Perth Super 14 club that made its debut last year will return to the Force in some capacity.
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