A federal judge has ruled New York City can require car wash owners to obtain a $150,000 surety bond to offer protection in case of wage-theft judgments as long as the requirement applies equally to union and nonunion car washes. The judge previously ruled against the law because its bond requirement for unionized car washes was lower, at $30,000.
The construction industry focuses on best practices when facing the aftermath of major disasters, such as hurricanes Harvey and Irma, attorneys write. A key practice contractors should follow is to notify sureties and lenders of issues to prevent the emergence of late-notice defenses, the attorneys write.
Republican senators have agreed to back a plan to cut taxes by $1.5 trillion during the next decade. They say the tax cut would not affect the US deficit because the reduction would stimulate economic growth and compensate.
Automatic plans at traditional workplaces and payroll deductions in the gig economy could go a long way toward boosting retirement savings, says Great-West Financial and Putnam Investments CEO Bob Reynolds. One estimate has the proposal halving the retirement-savings deficit of workers younger than 50.
Eliminating 401(k) tax breaks isn't the only measure lawmakers are exploring that could undermine retirement plans. Also under consideration are major cuts to Medicaid, restrictions on states' ability to establish retirement plans and changes in calculation that could further shrink increases in Social Security payments.
Symetra Life Insurance is the latest to join the trend toward offering fee-based annuity products. The company has brought two fee-compensated fixed-indexed annuities to the retirement market.
New technology tools and platforms are allowing the annuity industry to bring new products to the market more quickly, according to Vinod Kachroo, chief information officer at SE2. He reviews tech strategies that annuity providers might use to develop, evaluate and launch new annuity products.
More sponsors of defined-benefit retirement plans are shifting pension liabilities off their balance sheets through annuity buyouts, according to a survey from the consulting firm Mercer. Fifty-five percent of respondents said they have either completed an annuity buyout or are looking into one.
Retirees concerned about outliving their savings can incorporate an immediate or deferred annuity into their retirement income plan, according to financial planner Carl Zeidler. With some annuities, an optional income rider can be used to help payments keep up with potential inflation.
The role of the financial advisor is changing, with the need to be an educator, a technological guru and a full-service consultant all in one, writes Salvatore Sodano of Broadridge Financial Solutions. The key drivers of this are changing demographics, regulatory shifts and technological advances, according to Sodano.
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