The post Labor Department to Facilitate State-Based Retirement Plans first appeared on SEONewsWire.net.]]>The U.S. Department of Labor is taking steps to help workers save for retirement.
Job-based 401(k) plans are one of the best ways for employees to build their retirement nest egg by putting aside pre-tax funds, especially if those funds are matched by their employers. However, about one-third of American workers do not have access to a job-based 401(k). While IRAs are available to workers on…
between now and 2030, according to new report. In a study published in the latest issue of the
journal Health Affairs, University of California at San Francisco researchers found that at least
2.5 million more of this type of worker will be needed. “Even if 20 percent of elderly patients
move out of nursing homes into home health care, which would be huge change, the projected
increase in demand for long-term care workers would only drop from 79 percent to 74 percent,”
said lead author Dr. Joanne Spetz professor at the UCSF Phillip R. Lee Institute for Health Policy
Studies and associate director for research strategy at the UCSF Center for the Health
Professions. “Filling these jobs will be a big challenge under any scenario,” she told a USCF
publication.The authors recommend that policymakers and educators redouble efforts to recruit,
train and maintain long-term care workers, especially home health and personal care aides.
Meanwhile, a new report from employment website Career Building shows that the long-term
care sector is likely to see job growth over the next five years. Home health care services are
expected to grow from 1.3 million jobs in 2014 to 1.7 million in 2019. The dovetails with new
Labor Department numbers showing job gains in the health care arenaLink Icon, with 408,000
jobs added in health care over the past year.
The proposed rules are intended to protect investors from being steered into investment products that are unduly complex or otherwise inappropriate. One situation where small investors are particularly at risk is when they roll over funds from 401(k)s, which are managed by employers, into IRAs. Under current rules, brokers advising investors on that transaction do not necessarily have to act in the investor’s best interest. Instead, they may be influenced by higher commissions on certain investment products. 
The new rules would modify the Employee Retirement Income Security Act (ERISA), passed in 1974, broadening the circumstances in which investment professionals are required to act as fiduciaries, or in the client’s interest. Currently, only registered investment advisers are required to act as fiduciaries, while brokers making recommendations about retirement investments are only required to offer “suitable” investments. There is enough leeway under this definition for brokers to steer investors toward products with a high commission that may not actually be in their best interests. Under the new rules, brokers would still be able to charge commissions, but they would enter into contracts with investors stating that they are required to act in the investor’s interests, and disclosing any conflicts of interest.
If the proposed rules are finalized, expanding the circumstances when an investment professional is required to act as a fiduciary is expected to save investors $40 billion over ten years.
Now that the proposed rules have been announced, the Labor Department will accept comments from the public for a period of 75 days, after which the content of the final rules will be decided.
Learn more about our legal services at www.littmankrooks.com or www.elderlawnewyork.com.
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The post Proposed New Rules To Protect Investors’ Retirement Savings first appeared on SEONewsWire.net.]]>The proposed rules are intended to protect investors from being steered into investment products that are unduly complex or otherwise inappropriate. One situation where small investors are particularly at risk is when they roll over funds from 401(k)s, which are managed by employers, into IRAs. Under current rules, brokers advising investors on that transaction do not necessarily have to act in the investor’s best interest. Instead, they may be influenced by higher commissions on certain investment products.
The new rules would modify the Employee Retirement Income Security Act (ERISA), passed in 1974, broadening the circumstances in which investment professionals are required to act as fiduciaries, or in the client’s interest. Currently, only registered investment advisers are required to act as fiduciaries, while brokers making recommendations about retirement investments are only required to offer “suitable” investments. There is enough leeway under this definition for brokers to steer investors toward products with a high commission that may not actually be in their best interests. Under the new rules, brokers would still be able to charge commissions, but they would enter into contracts with investors stating that they are required to act in the investor’s interests, and disclosing any conflicts of interest.
If the proposed rules are finalized, expanding the circumstances when an investment professional is required to act as a fiduciary is expected to save investors $40 billion over ten years.
Now that the proposed rules have been announced, the Labor Department will accept comments from the public for a period of 75 days, after which the content of the final rules will be decided.
Learn more about our legal services at www.littmankrooks.com or www.elderlawnewyork.com.
Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.
The post Proposed New Rules To Protect Investors’ Retirement Savings first appeared on SEONewsWire.net.]]>A bill to help veterans find jobs, signed into law by Gov. Rick Snyder at the Governor’s Summit on Veterans Talent in Taylor, may very well stand out as the centerpiece among the bevy of beneficial measures for veterans taking hold in November. The measure permits veterans to offer vocational experience gained while serving in the military as a qualifying factor for employment, in lieu of education or additional training.
Examples of the positions veterans would be encouraged to present on their resumes include stints as engineers, firefighters, medical technicians, boiler operators and building, mechanical or maintenance contractors.
Figures released by the Labor Department on November 22 for the month of October pegged Michigan with a 9 percent unemployment rate, which puts the state in third place among all states for unemployment. For veterans, Michigan ranked 37th in the nation for unemployment in 2012.
On November 15, the governor also announced a joint pilot program between the state and private industry to provide cost-free information and technology training and certification for Michigan veterans. The program is funded in part by donations from the Michigan Development Corp.
These employment-stimulating measures follow in the wake of legislation the governor signed into law on November 12 that permits the spouses of disabled veterans to claim the homestead property tax exemption if the veteran should pass away prior to approval of the tax break.
With the Presidents Council of State Universities of Michigan announcing on November 8 that all veterans, regardless of residency, will be allowed to avail themselves of in-state tuition rates at Michigan’s 15 public universities, our military heroes have had some truly welcome news in November.
Legal Help for Veterans, PLLC fights for veterans rights. We fight to make sure you get the benefits you deserve from the Department of Veterans Affairs. To learn more or contact an attorney about your Post Traumatic Stress, Traumatic Brain Injury, Mental Health, Sexual Assault, Hearing Loss and Tinnitus, Total Disability Based on Individual Unemployability, Medical Malpractice, or Aid and Attendance claim, visit http://www.legalhelpforveterans.com/ or call 800.693.4800
The post Beneficial Measures Add to Veterans’ Decorations in Michigan first appeared on SEONewsWire.net.]]>The veteran unemployment rate for those who served post-Sept. 11, 2001 is significantly higher than for civilians. There is also a “substantial disparity,” advocates say, between the unemployment rate for individuals with disabilities and the unemployment rate for individuals without disabilities. Advocates for veterans also say that vets have earned the quota support.
According to Joe Sharpe, the director of the American Legion’s economic division, employers who put an emphasis on hiring veterans when possible are doing their own part to serve their country. And vets, Sharpe argues, are at a disadvantage, pulled out of the workforce for extended periods of time to serve, which means they have less time and opportunity to gain valuable skills and network. The two regulations, slated to go into effect in March 2014, will set the benchmarks for hiring by government contractors to be at least seven percent individuals with disabilities , and the percentage of veterans determined by the number of veterans presently in the workforce. Currently, the percentage of vets in the workforce is eight percent. Those opposing the rule says that the goals are the same as a quota. However, if a contractor does not comply with the benchmarks for hiring, there are no predetermined fines or penalties.
Mark Perriello, the president and chief executive of the American Association of People with Disabilities argues that the rules are not the same as a quota. The rules, he says, are “an inspirational target” for government contractors. All that is needed is a “good faith effort.” Seven percent is not set in stone. It is a target.
But some advocacy groups are not comfortable with the rules. Contractors will be facing an increase in paperwork requirements.
The public was invited to comment for two months on the federal contractor restrictions.
Legal Help for Veterans, PLLC fights for veterans rights. We fight to make sure you get the benefits you deserve from the Department of Veterans Affairs. To learn more or contact a veterans lawyer, visit http://www.legalhelpforveterans.com/ or call 800.693.4800
The post Veteran Hiring Quotas a Sticking Point for Some first appeared on SEONewsWire.net.]]>One year ago, the Labor Department began requiring employers that sponsor a 401(k) savings plan to provide additional disclosures about the fees that are charged for administering various investment plans. Industry experts predicted that this information would lead employees to make changes to lower-cost investments, but so far few have followed through with making such changes.
The Employee Benefit Research Institute surveyed contribution plan participants recently and found that 53 percent had noticed the new disclosures on their statements, and most of them had taken no action. Just 14 percent of the people who were aware of the fee information made changes to their portfolios, including dropping investments that carry high fees.
Part of the problem is the lack of comparison information. Even with the disclosures, it can be difficult to know whether one’s 401(k) plan has high fees compared to other plans. A service called Brightscope provides such a comparison, and CNN Money offers an online tool that shows the impact of fees on the savings plans offered by large employers. These are good places to start in learning the impact of fees on your retirement plan.
Contact an estate planning lawyer with the McDevitt Law Office of call 1-571-223-7642.
The post October 2013 Is ADHD Awareness Month – October 10 Nursing Home Residents Relying on Medicaid Are Getting Younger – October 17 Plan for the Costs of Caring for an Aging Loved One – October 21 Resources That Help NYC Caregivers – October 29 first appeared on SEONewsWire.net.]]>However, the industry is poised for an overhaul. The median wage in 2010 for home health workers was $9.70 an hour, with no health care benefits. Now many labor unions are pushing for a home-care worker union in order to harness the growing force.
Can those workers unionize? Opinions are mixed, and are following some party lines. While many home-health workers are independent contractors, others are paid through Medicare or Medicaid, which effectively places them as public employees. Here in Michigan, a law was recently enacted which bars home-health unionization.
If you are concerned about how you will be able to finance the in-home care you or your loved one may need down the road, consider working with an elder law or estate planning attorney to explore your long-term planning options.
Christopher J. Berry is a Michigan elder law attorney Dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000
The post Elder Home Care Workers – A Growing Workforce first appeared on SEONewsWire.net.]]>