| Americans not well-positioned for post-retirement years
A large percentage of American workers recognize the U.S. retirement system is undergoing major changes, but many are not adapting in ways that are likely to leave them well-positioned for a comfortable retirement, according to the 17th annual Retirement Confidence Survey (RCS), released on April 11. The survey is sponsored by the non-partisan Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates, a survey research firm. Highlights include: The RCS finds pension-plan changes by employers have left nearly half of workers less confident about the benefits they will receive from a traditional pension plan, but that those experiencing a decline in retirement benefits often fail to react constructively. Among workers who have personally experienced reductions in the retirement benefits offered by their employer, nearly 2 in 5 indicate that they have done nothing in response to these reductions.
Taxpayers have until April 17 to file and pay IRS
Taxpayers across the nation have until Tuesday, April 17, to file their 2006 returns and pay any taxes due, according to the Internal Revenue Service.Taxpayers have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. "This year, taxpayers have additional time to file and pay beyond the traditional April 15 deadline," IRS Commissioner Mark W. Everson said. "As we always do, we encourage taxpayers to get an early start on their taxes to make sure they have plenty of time to accurately prepare their return."This means the entire country has an April 17 deadline. Previously, the April 17 deadline applied just to individuals in the District of Columbia and the six eastern states that are served by an IRS processing facility in Mas-sachusetts, where Patriots Day will be observed April 16.The April 17, 2007, deadline will apply to any of the following: 2006 federal individual income tax returns, whether filed electronically or on paper.
Zombies laid to rest as Resolution looks for deals
The life insurer Resolution pledged to keep pursuing acquisition opportunities yesterday as it set out its aim to shift from snapping up "zombie" insurance funds to selling new products to customers. Clive Cowdery, chairman, who owns 3% of the fast-growing company, also set out a plan for independence by boosting the return on embedded value - a key indicator of profitability - by 10% a year and raising the dividend by 5% a year - more than the 2% the City had been expecting. .
One Messy Retirement
The sudden retirement of Assistant Police Chief Lanny Brown - he quit abruptly on April 10 after learning the once-secret double-dipping scheme approved by City Administrator Jay Baksa violated state pension regulations - raises a lot of questions. First, when the news of hidden retirements of Brown and Police Chief Gregg Giusiana broke, one of the reasons that Baksa justified the double dipping scheme was that Brown, who had overseen the building of the city's $29 million new police station, was indispensable in the transition period. "... Lanny and Gregg were and continue to be vital in the monitoring of a very difficult construction project," is how Baksa defended the secret retirements in a Feb. 23, 2007 letter to the editor, describing them later as "... key police personnel to help in transitions." Now that Brown's really retired and no longer double-dipping? "We're basically over the hump," co-project manager Bill Headley told reporter Emily Alpert.
Think it’s time to retire? Not so fast
John Sayles has worked for Stanley Consultants in Muscatine, Iowa, for more than 40 years doing engineering and environmental planning for communities but at age 73 he's still not ready to clean out his desk and head for the golf course. “I'm having too much fun," he says about his decision not to retire at 65. Sayles was given the option by his company to phase into his retirement when he was ready, and that meant going to a four-day week at age 69 in 2003, then scaling back his hours in subsequent years. He now works one day a week on average, but often puts in 40-hour workweeks depending on the project. “I would recommend it to anybody," says Sayles about his non-retirement plan. “It keeps your hands in it, keeps you young and moving." It appears more and more of the 60-plus crowd wants to keep moving as well, with 25 percent of this population working in 2006, up from 20 percent just 10 years ago, according to the Bureau of Labor Statistics.
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