A surety company has hired a new contractor to complete a masonry project at a new joint fire and police building in Marshalltown, Iowa, after the original contractor defaulted. It is anticipated the project will finish at the cost it was bid.
A contractor filed a $278 million mechanics lien on the Las Vegas stadium being built to house the relocating Oakland Raiders. Bonding for the project was in an amount less than the value of the work.
There needs to be an urgency in the construction industry to address its suicide rate, a risk manager says. The industry's suicide rate for males is the highest of any industry, according to the CDC. NASBP is an active supporter and member of the Construction Industry Alliance for Suicide Prevention.
The Employee Retirement Income Security Act Advisory Council has recommended the Labor Department publish guidance confirming that a defined-contribution plan's fiduciary is protected by a safe harbor when employing an investment manager to evaluate and monitor providers of annuities and other guaranteed income products. Taking that action "would address many plan sponsor concerns about fiduciary liability," the council said.
Lennox International has bought a group annuity from Pacific Life Insurance to assume responsibility for $100 million of its US pension liabilities. Steve Harrison, vice president of investor relations, said the transfer of liability applies only to plan participants who are already receiving benefits.
Seventy percent of 18- to 34-year-olds surveyed have received financial support from their parents in the past year, and 58% said the support was necessary to maintain their current lifestyle, according to a Merrill Lynch Age Wave survey. The survey also found that 71% of respondents believe financial support is OK up to age 24, but 64% of respondents said financial support after age 25 is "a bad thing."
Insurance agents who emphasize sales of Medigap insurance are more likely than those focused on Medicare Advantage contracts to also sell annuities and life insurance products, according to a survey by Agent Link. About 8% of Medigap specialists sell variable annuities while almost none of the Medicare Advantage specialists sell the product, the survey found.
New Jersey's proposal to impose a fiduciary duty on financial professionals goes far beyond the Securities and Exchange Commission's Regulation Best Interest and the Labor Department fiduciary rule that was struck down in court, according to an analysis by the Groom Law Group. "New Jersey believes that a uniform standard of care is necessary for the provision of securities recommendations -- and that such standard must be a fiduciary one," the analysis says.
Helping clients with the emotional effects of a significant financial change should be a priority for advisors, according to authors David Rust and Shane Moore. Susan Bradley of the Sudden Money Institute notes that many advisors have not been trained in dealing with "the human side of the equation."
Most financial advisors do not make consistent scheduling a priority, writes consultant Gina Pellegrini, who recommends delegating scheduling and using a system. "When you have a routine process to work the client base, you will turn prospects into clients and clients into referrers," she writes.
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