Ten of 14 subcontractors that worked on a San Antonio library renovation are awaiting at least $149,000 in payment, records show. City officials have faced criticism for waiting to release information about the contractor's bonding company, and at least one subcontractor says that delay has led to a claim being filed too late.
An Environmental Protection Agency proposal would require hard-rock mining companies to have guarantees to cover pollution cleanup. Mining companies would be able to use surety bonds or self-insure.
Compound interest, little noticed and rarely understood, is a powerful tool to pumping up a retirement portfolio, writes Retirement Clearinghouse CEO Spencer Williams. Early withdrawals from retirement accounts undermine compounding, eliminating not only money pulled out but also interest that would have built up.
Annuities held within employer-sponsored 401(k) plans increasingly look like the best approach to replacing the income security once provided by traditional defined-benefit pension plans, Jennie Phipps writes. Consumer acceptance of annuities within 401(k)s likely will be limited until the federal government introduces reinsurance for them, said Alicia Munnell, director of the Center for Retirement Research at Boston College.
Plaintiffs in a class action can't sue the company that bonded a former Illinois county treasurer who rigged bidding in delinquent-property-tax auctions, the Illinois Supreme Court has ruled. "The proper claimant on a statutory public official bond is the named obligee, unless the legislature has expressed in the statutory language its intent to allow others to sue directly on the bond," according to the court.
A federal appeals court has affirmed the sentences of two men convicted in a 15-year, $136 million fraud against the Transportation Department. The fraud, which involved paying a fee for a disadvantaged business enterprise to falsely claim it worked as a subcontractor on government projects, is the largest in US history, prosecutors say.
The improving construction sector appears likely to bolster the surety industry, which had a record $5.62 billion in premiums last year. Entrants are bringing more capital and products to the market, while competition is increasing, particularly in commercial bonding.
CANNEX Financial Exchanges said that in the first quarter of next year it will introduce tools for comparing deferred annuities' benefits. The tools provide objective analyses that fiduciary advisors can use to be certain they are acting in clients' best interests, the company said.
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