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☆ Biden administration wants to kill ‘junk’ fees in retirement investments and advice
▼ + stars: | 2023-10-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The DOL’s proposed rule seeks to ensure “all retirement investors receive the same quality of investment advice regardless of product or services,” said DOL Acting Secretary Julie Su in a call with reporters. Across all retirement products, “requiring advisers to make recommendations in the savers’ best interest can increase retirement savers’ returns by between 0.2% and 1.20% per year. Industry pushback expectedThe new proposed rule follows earlier attempts by the Labor Department to broaden and standardize the circumstances in which financial advisers must act in retirement savers’ best interests. It is not clear yet whether the changes called for in the latest proposed rule will be sufficient to quell the opposition earlier versions faced. But industry pushback is expected, including from the Insured Retirement Institute, a trade association for the insured retirement industry.

Persons: Biden, “, ”, Julie Su, —, ’, DOL Organizations: New, New York CNN, Department of Labor, Securities and Exchange Commission, White, Industry, Labor Department, IRI, CNN, — Locations: New York, DOL

Law enforcement officials say Card, a US Army reservist and certified firearms instructor, had extensive training that included land navigation and firearms. Law enforcement prepare for a search for a gunman who killed 18 people two days ago, in Lewiston, Maine, on Friday. A law enforcement official said Friday that investigators have also recovered a cell phone that belonged to the suspect. The encounters happened 10 days after Card purchased the high-powered rifle at a Maine gun store, law enforcement sources said. A shelter in place sign is displayed in Lewiston, Maine, on October 27, 2023, in the aftermath of a mass shooting.

Persons: Robert Card, Michael Sauschuck, Janet Mills, ” Mills, “, –, ”, Tricia Asselin, CNN’s Kaitlan Collins, ” Tammy Asselin, he’s, Kevin Lamarque, …, Tammy Asselin, Tricia, Joe Biden, ” Biden, trickled, Deborah Roy, CNN she’d, ” Roy, Roy, “, Robert F, Sauschuck, Card, ” Sauschuck, haven’t, CNN’s John Miller, Angela Weiss, “ belligerently, Peyton Brewer, Ross, Tommy Conrad, Michael Deslauriers II, Bryan MacFarlane, Arthur Strout, Joseph Walker, Joshua Seal, Maxx Hathaway, Ron Morin, Bill Young, Aaron Young, Stephen Vozzella, Bob Violette, Billy, Jason Adam Walker, Keith D, Macneir, Lucille M, Violette, Bill, Aaron, Aaron’s, Kayla Putnam, Putnam, “ It’s, ” Putnam, WCVB, Lucille, “ Bob’s, Brandon Dubuc, ” CNN’s Shimon Prokupecz, Jamiel Lynch, Jeanne Bonner, Jay Croft, Alaa Elassar, Raja Razek, Mary Kay Mallonee, Michelle Watson Organizations: CNN, Maine Public, Maine Gov, Recreation, Authorities, US Army, Reuters, ”, Law, Getty, Army Reserve, New York State Police, Camp Smith, Army, Card, Ruger, FBI, Violette Maine Department of Public, WBZ Locations: Maine, Lewiston, Lisbon Falls , Maine, –, Lisbon, “, ”, Lewiston , Maine, Auburn, Androscoggin, Cortlandt , New York, Sagadahoc

☆ Rugby World Cup final: Inspirational South Africa captain Siya Kolisi chases history against New Zealand
▼ + stars: | 2023-10-27 | by ( Patrick Snell | ) edition.cnn.com time to read: +5 min

CNN —South Africa and New Zealand will meet on Saturday in a Rugby World Cup final for the first time since 1995. On that occasion, it was tournament host South Africa which won a close fought contest 15-12 to lift the Webb Ellis Cup for the first time. Twenty-four years on from that enduring moment, it was the inspiring Siya Kolisi who led his country to victory in the 2019 final against England, becoming the first Black captain to lead South Africa to World Cup glory. Indeed, his participation in this year’s World Cup is also nothing short of remarkable. South Africa or New Zealand will become the first nation to win the Rugby World Cup four times.

Persons: Webb Ellis, Nelson Mandela, Francois Pienaar, Mandela, Siya Kolisi, Kolisi, Richie McCaw, Jeanne Accorsini, ”, England’s Tom Curry, ” Kolisi, he’d, Curry, Thomas Samson, it’s, “, Unwisely, Sam Whitelock, Whitelock, Ian Foster, we’ve, ” Foster, Samuel Whitelock, Sebastien Bozon, Foster, Barrett, – Scott, Jordie, Beauden –, Will Jordan Organizations: CNN, Rugby, South, Springboks, England, All Blacks, World Rugby, Rugby World, Getty, While New Zealand, Kiwis, South Africa, Blacks, Twickenham, New Zealand, New, Stade de France Locations: South Africa, New Zealand, Africa, Zwide, Port Elizabeth, England, AFP, While New, London, France , New Zealand, France, Zealand, Paris

CNN —For the victims of the mass shooting Wednesday night in Lewiston, Maine, it was an ordinary night out. Even on her night off on Wednesday, Asselin was at Just-in-Time, her brother told CNN. He was one the victims lost in the shooting in Maine,” the organization wrote in a Facebook post Thursday. Arthur “Artie” StroutArthur "Artie" Strout Strout family/WBZArthur “Artie” Strout, 42, was at Schemengees during the shooting, his father, Arthur Bernard, told CNN affiliate WBZ. His death has left his family in “shock and profound grief,” his family member Cecile Francoeur Martin told CNN.

Persons: Robert Card, Michael Sauschuck, Tricia Asselin Tricia Asselin, CNN Tricia Asselin, Asselin, I’m, ” DJ Johnson, ”, Johnson, Stephen “ Steve ” Vozzella Stephen Vozzella, Megan Vozzella Stephen Vozzella, Vozzella, Brian L, Renfroe, “, Governor Baxter, Karen Hopkins, ” Vozzella, NEDC, Steve Vozzella, he’d, Peyton Brewer, Ross Peyton Brewer, Ross, CNN Peyton Brewer, Ralph Brewer, Brewer, cornhole, Schemengees . Brewer, Ross “, Elle, Thomas “ Tommy ” Conrad Tommy Conrad, Timothy Conrad Tommy Conrad, Conrad, Michael Deslauriers, Vicki Deslauriers Roy, Michael Deslauriers II, Michael Deslauriers Sr, Deslauriers, ” Deslauriers, ” Jason Walker Jason Walker, Mike Sauschuck, Bryan MacFarlane Bryan MacFarlane, Keri Brooks Bryan MacFarlane, Keri Brooks, MacFarlane, Brooks, Arthur “ Artie ” Strout Arthur, Artie, Strout, WBZ Arthur, Artie ” Strout, Arthur Bernard, Bernard, Joseph “ Joey ” Walker Joseph Walker, CNN Leroy Walker, Joseph Walker, Walker, Joseph, ” Leroy Walker, it’s, ” Joshua Seal Lewiston, Joshua Seal, Seal, Janet Mills, Nirav Shah, Elizabeth Seal, Joshua, ” Seal’s, ” Keith Macneir Keith Macneir, Maxx Hathaway Maxx Hathaway, Kelsay Hathaway, GoFundMe Maxx Hathaway, ” Kelsay Hathaway, “ Brenda, Maxx, Brenda Hathaway, Lilian, Brenda, ” Kelsay, Courtney Hathaway, she’s, he’s, ” Courtney Hathaway, “ Maxx, Robert “ Bob ” Violette Bob Violette, Violette, CNN Bob Violette, “ Bob’s, Brandon Dubuc, ” Witnesses, Cassandra Violette, Lucille Violette Lucille Violette, Bob Violette, William “ Bill ” Young, Aaron Young, Bill Young, Aaron, Kayla Putnam, CNN Bill Young, Young, Putnam, Bill, “ He’s, ” Putnam, WCVB, “ It’s, Rob, ” Rob, Ronald “ Ron ” Morin, Ron Morin, Ron Morin Ron Morin, Cecile Francoeur Martin, Martin, Morin’s, Morin, ” William Frank Brackett William Frank Brackett, CNN’s Caroll Alvarado, Elizabeth Wolfe, Sara Smart, Afshar, Amanda Jackson, Cara Lynn Clarkson, Aya Elamroussi Organizations: CNN, Public, New, Deaf, National Association of, Carriers, U.S . Postal Service, Governor, Governor Baxter School, Deaf Cornhole, “, Schemengees, WMTW, Facebook, Historical Society, of Public, WBZ, WGME, Tree Society, Maine Gov, Boston Globe, Portland Press Herald, Press Herald, WCVB, Bangor Daily News Locations: Lewiston , Maine, Lisbon Falls, United States, Uvalde , Texas, Lewiston, Maine, Schemengees, Auburn , Maine, “

Before it all collapsed last fall, the cryptocurrency mogul Sam Bankman-Fried was at the center of a global business empire. The 31-year-old mogul started his first company in the San Francisco Bay Area, before moving to Hong Kong and then to the Bahamas, where his FTX cryptocurrency exchange was based until it filed for bankruptcy in November. Along the way, Mr. Bankman-Fried left his mark on luxury homes in Washington and on the Bahamian island of New Providence, and splashed FTX’s logo on a basketball arena in Miami. Mr. Bankman-Fried is now on trial in federal court in Manhattan, where he faces seven counts of wire fraud, securities fraud and money laundering.

Persons: Sam Bankman, Fried Organizations: San Francisco Bay Area Locations: San Francisco Bay, Hong Kong, Bahamas, Washington, New Providence, Miami, Manhattan

The Hamas terrorist attack on Israel is reprehensible. Israel is under heavy attack right now by Hamas and taking action to defend itself and its people. Israel has every right to defend itself.”Sen. Jon Tester, Montana Democrat“I strongly condemn the terrorist attacks launched by Hamas against our ally Israel. I will continue to closely monitor the situation.”Sen. Maggie Hassan, New Hampshire Democrat“Hamas’s terrorist attack on Israel is nothing short of horrifying. Israel has every right to defend itself from this unjust war.”Sen. Ron Wyden, Oregon Democrat“The terrorist attack on Israel is appalling.

Persons: Hakeem Jeffries, “, Steve Scalise, ” Kevin McCarthy, ” Chuck Schumer, –, Herzog –, ” Mitch McConnell, ” Tom Emmer, ” Katherine Clarke, ” Dick Durbin, ” John Thune, ” Sen, Debbie Stabenow, Michigan Democrat “, Israel, Amy Klobuchar, Mark Warner, Elizabeth Warren, Massachusetts Democrat “, Bernie Sanders, Cory Booker, Cory Booker , New Jersey Democrat “, Joe Manchin, West Virginia Democrat “, Tammy Baldwin, Wisconsin Democrat “, Gary Peters, Gary Peters , Michigan Democrat “, Catherine Cortez Masto, Brian Schatz, Hawaii Democrat “, Jeff Merkley, Oregon Democrat “, John Barrasso, Joni Ernst, Iowa Republican “, Sen, Shelley Moore Capito, West Virginia Republican “, Steve Daines, Montana Republican “, Mike Lee, Mike Crapo, Chuck Grassley, Tommy Tuberville, Katie Britt, Lisa Murkowski, Dan Sullivan, Kyrsten, Mark Kelly, John Boozman, Tom Cotton, Arkansas Republican “, Alex Padilla, Laphonza Butler, California Democrat “, today’s, Michael Bennet, Colorado Democrat “, John Hickenlooper, Richard Blumenthal, Connecticut Democrat “, Chris Murphy, Tom Carper, Delaware Democrat “, Chris Coons, Marco Rubio, Rick Scott, Jon Ossoff, Georgia Democrat “, Anat Sultan, Raphael Warnock, “ I’m, Mazie, Tammy Duckworth, Todd Young, Mike Braun, Jerry Moran, Kansas Republican “, Hamas’s, Roger Marshall, Netanyahu, Rand Paul, Kentucky Republican “, Bill Cassidy, John Kennedy, Susan Collins, Maine Republican “, Ben Cardin, Maryland Democrat “, Chris Van Hollen, Ed Markey, Tina Smith, Minnesota Democrat “, Roger Wicker ,, Roger Wicker , Mississippi Republican “, Cindy Hyde, Josh Hawley, Eric Schmitt, Jon Tester, Montana Democrat “, Deb Fischer, Nebraska Republican “, Pete Ricketts, Jacky Rosen, Nevada Democrat “, Jeanne Shaheen, Jeanne Shaheen , New Hampshire Democrat “, Maggie Hassan, Maggie Hassan , New Hampshire Democrat “, Bob Menendez, Bob Menendez , New Jersey Democrat “, Martin Heinrich, New Mexico Democrat “, Biden, Ben Ray Lujan, Kirsten Gillibrand, New York Democrat “ I'm, Thom Tillis, Ted Budd, North Carolina Republican “, John Hoeven, John Hoeven , North Dakota Republican “, Kevin Cramer, Sherrod Brown, Ohio Democrat “, J.D, ”, Vance, James Lankford, Markwayne Mullin, Israel –, Ron Wyden, Bob Casey, John Fetterman, craven, Jack Reed, Sheldon Whitehouse, Lindsey Graham, Tim Scott, South Carolina Republican “ I’m, Mike Rounds, South Dakota Republican “ Shocked, Marsha Blackburn, Marsha Blackburn , Tennessee Republican “ Israel, Bill Haggerty, Tennessee Republican “, John Cornyn, John Cornyn , Texas Republican “, Ted Cruz, Mitt, Vile, Peter Welch, Vermont Democrat “, Tim Kaine, Patty Murray, Washington Democrat “, Maria Cantwell, Ron Johnson, Wisconsin Republican “ Israel, Cynthia Lummis, Wyoming Republican “, Jim Jordan, Jared Moskowitz, Abigail Spanberger, Elissa Slotkin, Don Bacon, perpetrating, Cori Bush, Missouri Democrat “, Kevin Hern, Kevin Hern , Oklahoma Republican “, ” Rep, Ritchie Torres, Ritchie Torres , New York Democrat “, Michael McCaul, Michael McCaul , Texas Republican “ I, Ilhan Omar Organizations: Palestinian, Hamas, Biden, House, Michigan Democrat, Minnesota Democrat, Virginia Democrat “, Senate Intelligence, Massachusetts Democrat, Islamic, Cory Booker , New, Cory Booker , New Jersey Democrat, West Virginia Democrat, Wisconsin Democrat, Gary Peters , Michigan Democrat, Nevada Democrat, Hawaii Democrat, State, Oregon Democrat, John Barrasso , Wyoming Republican, Iowa Republican, West Virginia Republican, Montana Republican, Utah Republican, Idaho Republican, Alabama Republican, Alaska Republican, Alaska Republican “, Arizona Democrat, John Boozman , Arkansas Republican “, Jewish, Arkansas Republican, California Democrat, Colorado Democrat, Connecticut Democrat, Delaware Democrat, Israel, Florida Republican, Georgia Democrat, Hawaii Democrat “, Indiana Republican, Indiana Republican “, Kansas Republican, Kentucky Republican, Louisiana Republican, Maine Republican, Maryland Democrat, Roger Wicker , Mississippi Republican, Smith , Mississippi Republican, Josh Hawley , Missouri Republican, Missouri Republican, Montana Democrat, Nebraska Republican, Jeanne Shaheen , New, Jeanne Shaheen , New Hampshire Democrat, Maggie Hassan , New Hampshire Democrat, Bob Menendez , New, Bob Menendez , New Jersey Democrat, New Mexico Democrat, New, New York Democrat, United, North Carolina Republican, John Hoeven , North Dakota Republican, Kevin Cramer , North Dakota Republican “, Ohio Democrat, Vance , Ohio Republican, James Lankford , Oklahoma Republican, Oklahoma Republican, “ Hamas, Rhode, Lindsey Graham , South Carolina Republican, South Carolina Republican, South Dakota Republican, Marsha Blackburn , Tennessee Republican, Tennessee Republican, John Cornyn , Texas Republican, Ted Cruz , Texas Republican, Vermont Democrat, Washington Democrat, Wisconsin Republican, Wyoming Republican, ”, Ohio Republican “, Missouri Democrat, Kevin Hern , Oklahoma Republican, Ritchie Torres , New, Ritchie Torres , New York Democrat, Jewish State, Michael McCaul , Texas Republican Locations: Israel, United States, Tehran, The United States, Iran, Michigan, U.S, Minnesota, Massachusetts, Vermont, Cory Booker ,, Cory Booker , New Jersey, West Virginia, Wisconsin, Gary Peters , Michigan, Nevada, Hawaii, Oregon, John Barrasso , Wyoming, America, Iowa, West, Montana, Iranian, Utah, Idaho, Alabama, Alaska, Alaska Republican “ America, @Israel, Kyrsten Sinema, Arizona, John Boozman , Arkansas, Jewish State, Arkansas, Saudi Arabia, California, Gaza, Colorado, Connecticut, Delaware, Florida, Georgia, Mazie Hirono, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Palestine, Roger Wicker , Mississippi, Smith , Mississippi, Josh Hawley , Missouri, Missouri, Nebraska, Jeanne Shaheen ,, Jeanne Shaheen , New Hampshire, Maggie Hassan , New Hampshire, Bob Menendez ,, Bob Menendez , New Jersey, New Mexico, New York, North, John Hoeven , North, Kevin Cramer , North, Ohio, Vance , Ohio, James Lankford , Oklahoma, Oklahoma, Pennsylvania, Rhode Island, Lindsey Graham , South, South, States, Marsha Blackburn , Tennessee, Tennessee, John Cornyn , Texas, Ted Cruz , Texas, Mitt Romney, Virginia, “ Hamas, Washington, Wyoming, Ohio Republican “ America, Kevin Hern , Oklahoma, Ritchie Torres ,, Ritchie Torres , New York, Michael McCaul , Texas

☆ 95-year-old artist who was evicted from Cape Cod dune shack gets a reprieve
▼ + stars: | 2023-10-04 | by ( Marnie Hunter | ) edition.cnn.com time to read: +4 min

CNN —Artist Salvatore Del Deo and his family are back in the dune shack they’ve occupied and cared for on Cape Cod National Seashore for nearly 80 years. It’s officially known as the Chanel Shack after its original owner, Jeanne “Frenchie” Chanel. A collection of dune shacks make up the Peaked Hill Bars Historic District, where the Chanel Shack is located. The Chanel Shack wasn’t among those for lease, but it could have been part of a future offering. The original Chanel shack dates back to 1942, and Salvatore Del Deo befriended the original owner, “Frenchie” Chanel, several years later.

Persons: Salvatore Del Deo, Romolo Del Deo, Del Deo, Del Deos, “, ”, It’s, Chanel, Jeanne “ Frenchie ” Chanel, Josephine Del Deo, he’s, Romolo Del, –, ” Del Deo, ” Chanel, Frenchie Organizations: CNN, Cape, National Park Service, Department of, Historic Locations: Historic District, Atlantic

☆ The Powerball jackpot is huge, but here are 3 better ways to increase your wealth
▼ + stars: | 2023-10-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

To be sure, here’s nothing wrong with fantasizing about winning the grand prize, or dropping $5 to $10 to buy lottery tickets or scratch-offs on occasion. In fact, Americans spent nearly $108 billion on lottery tickets last year, according to the North American Association of State and Provincial Lotteries. If that’s the case for you, why not spend most of your lottery money on experiences you know you like doing now. Make money off your lottery moneyOverall, your odds of winning a Powerball prize of any amount are 1 in 24.9, the lottery says. Think of it this way: Let’s say you spend $35 a week on lottery tickets ($1,820 a year).

Persons: you’d, ”, Tiffany Aliche, ” Aliche, — CNN’s Chris Isidore Organizations: New York CNN, North American Association of State, Provincial, TheBudgetnista.com, Richer Academy Locations: New York

☆ Another government shutdown is looming. Here's what needs to happen so Americans don't face the consequences.
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It will continue funding until November 17, at which point another bill is needed to avert a shutdown. The short-term resolution did not include Ukraine aid, a funding sticking point. "They said they were going to support Ukraine in a separate vote. By a vote of 335 to 91 — with 209 Democrats and 126 Republicans voting in favor — the short-term bill passed Congress. Illinois Rep. Mike Quigley, the only Democrat who voted against the resolution, said he did so because it did not include Ukraine funding.

Persons: —, Democratic Sen, Michael Bennet, Bennet, Biden, Mike Quigley, Putin, Jeanne Shaheen, Kevin McCarthy's, McCarthy, Matt Gaetz, Gaetz Organizations: Service, Federal Aviation Administration, Republicans, Democratic, Ukraine, SNAP, Social Security, Medicare, Lawmakers, Illinois, Politico, GOP, CNN Locations: Ukraine, Congress

☆ Even in Death, Dianne Feinstein Breaks the Mold
▼ + stars: | 2023-09-29 | by ( Natalie Andrews | Jeanne Cummings | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/dianne-feinstein-longtime-california-senator-dies-at-90-22f01eab

Persons: Dow Jones, dianne, feinstein Locations: california

☆ US government shutdowns don’t send markets tanking, but the coast is far from clear
▼ + stars: | 2023-09-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

During the most recent government shutdown in 2019, the S&P 500 rose more than 10%. The S&P 500 on Tuesday logged its lowest close since June and fell below the threshold it passed that same month to enter a new bull run. The S&P 500 has gained 0.5% on average during the month following the end of a shutdown and 1.5% during the period three months after. Meta’s Zuckerberg unveils Quest 3Meta is moving forward in its efforts to dominate the AR world with the new and improved Meta Quest 3, reports my colleague Jennifer Korn. The Meta Quest 2 allows for strictly virtual reality, while the Meta Quest Pro has advanced passthrough cameras for seeing your actual surroundings, but it costs a whopping $1,000.

Persons: shutdowns, ”, Steven Wieting, Goldman Sachs, Jeffrey Roach, Ned Davis, Meta’s Zuckerberg, Jennifer Korn, Mark Zuckerberg, Jeanne Sahadi, Read Organizations: CNN Business, Bell, CNN, Strategas Research Partners, Citi Global Wealth, Reserve, LPL, Fed, Stocks, Ned Davis Research, Meta, Pro, Fortune, Pew Research Center, Pew Locations: United States

☆ Why aren't more women in top business roles? Here's what Americans said
▼ + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

Pew decided to ask Americans why they think that is and whether they expect more women to occupy top business roles anytime soon. In response to the question, “Why aren’t there more women in top executive business positions?” respondents identified several “major” reasons. Most women (65%) and most Democrats, regardless of gender, (76%) said there are too few women in business leadership. But gender overrode political affiliation when it came to citing views on why more women aren’t at the top in the business world. “Republican and Democratic women are more likely than their male counterparts to say there are too few women in top business leadership positions and to point to certain factors as major obstacles for women,” Pew said.

Persons: it’s, aren’t, ” Pew Organizations: New, New York CNN, Fortune, Pew Research Center, Pew, Republican, Democratic Locations: New York, United States

☆ Gen X isn't financially prepared for retirement
▼ + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. “Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes. Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement. Also, changes to an existing Saver’s Credit may help lower income Gen Xers.

Persons: Xers, ”, Tyler Bond, Gen Xers, Stark, Rowe Price, —, “ Organizations: New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard Locations: New York

☆ Employees may get smaller raises in 2024
▼ + stars: | 2023-09-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —US employers are planning smaller pay raises and fewer promotions next year, compared to what they gave this year. Based on their replies, Mercer said compensation budgets for merit increases are expected to grow by an average of 3.5% in 2024, down from 3.8% this year. While the expected pay increases are lower, relative to 2023, they are still higher than they typically were before the pandemic. The expected pay increases for next year reflect “the ongoing tightness of the labor market and low levels of unemployment. “This is a result of off-cycle pay increases, which 59% of employers reported providing in 2023.

Persons: Mercer, won’t, ”, Lauren Mason, ” Mason Organizations: New, New York CNN Locations: New York

☆ Here's what you should know about the new pay disclosure laws
▼ + stars: | 2023-09-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —New York State is the latest jurisdiction to implement a pay disclosure law that requires employers to list salary ranges for open roles. “We’re seeing a patchwork [of different pay disclosure requirements], which makes it hard for multistate employers to navigate,” said Monica Snyder Perl, a partner at Fisher Phillips. Some laws require employers to disclose ranges just for base pay, but others mandate that information about compensation and benefits be included as well. The impact of the lawsAll the pay disclosure laws are relatively new. Leniency may continue until employers and regulators work out their questions about each jurisdiction’s pay disclosure rules, which are still being interpreted by employment lawyers and, in some cases, being amended by legislators.

Persons: Fisher Phillips, ”, Monica Snyder, headcount, Perl, Washington ” —, it’s, “, ” Perl Organizations: New, New York CNN — New, New York CNN — New York State, New York, New York State, Evergreen State, Colorado —, Society for Human Resource Management Locations: New York, New York CNN — New York, New York State, New York City, Ithaca, Westchester County, Washington State, Washington, Kansas, Colorado, Hawaii, Illinois, California

A series of setbacks in the House on Tuesday pointed to the difficult reality for House Speaker Kevin McCarthy and the lower chamber, which appears deadlocked amid the latest revolt by House conservatives. Time is running out.”Lawmakers entered the week eager to see progress, after headway was stymied last week by House and Senate conservatives. I think we are well positioned to do that again.”Political Cartoons on Congress View All 237 ImagesBut by Tuesday afternoon, the continuing resolution vote had been scrapped. Indeed, some analysts have noted that for the House conservatives, perhaps armed with the understanding that their demands have little chance of becoming reality, the ultimate goal may be McCarthy’s removal after all. On the other side of the Capitol, where the House-proposed continuing resolution would have no prospects, senators began to express new levels of angst Tuesday, as the funding deadline nears.

Persons: Kevin McCarthy, “, ”, Jim McGovern, “ You’re, –, Dusty Johnson, bemoaned House Republicans ’, MAGA, Susan Delbene, won’t, McCarthy, Matt Gaetz, ’, Gaetz, shutdowns –, Mitch McConnell, they’ve, ” Sen, Jeanne Shaheen, Sen, Patty Murray, Chuck Schumer Organizations: ” Lawmakers, House, GOP, Republicans, Dusty Johnson , South Dakota Republican, Democrats, bemoaned House Republicans, ”, Washington Democrat, Republican, Caucus, Senate, Capitol, Jeanne Shaheen , New, Jeanne Shaheen , New Hampshire Democrat Locations: Massachusetts, Dusty Johnson , South, Washington, Wisconsin, Jeanne Shaheen ,, Jeanne Shaheen , New Hampshire, Ukraine

☆ Best places to park your cash in a high-rate environment
▼ + stars: | 2023-09-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.56%, according to a September 11 survey from Bankrate. But many online, FDIC-insured banks are offering well north of 5% on their high-yield savings accounts. But don’t confuse money market accounts with money market mutual funds. And while money market funds are typically very safe investments, they may have fees and withdrawal restrictions. As of September 19, CDs listed on Schwab.com with durations of three months, six months, nine months, one year and 18 months were all yielding 5.5% or more.

Persons: —, they’ve, Lazetta Rainey Braxton, Braxton, you’ve, ”, Doug Ornstein, Ken Tumin, Schwab, you’ll, Tumin, “, Andy Smith, Ornstein, Don’t, doesn’t, ” Smith Organizations: New, New York CNN, Federal, JPMorgan Chase, Bank of America, Wealth Partners, TIAA Wealth Management, Fidelity, Treasury, Edelman, AAA Locations: New York, United States

In the book, author Walter Isaacson wrote that a Ukrainian drone submarine attack on Russian warships was disrupted by a disconnect from Starlink, ordered by Musk. Excerpts from the book raised alarm bells in Washington, among NATO allies and in the Ukrainian capital. Musk also argued, as he has in the past, that Ukraine should strike a "truce" with Russia. Musk's "peace plan" argument was shouted down by Ukraine officials, politicians and Putin experts. Earlier in the week, Sen. Warren called for a Congressional probe of Musk and SpaceX.

Persons: Elon Musk, Democratic Sens, Jeanne Shaheen of, Elizabeth Warren of Massachusetts, Tammy Duckworth, Lloyd Austin, Musk, Tesla, Walter Isaacson, Isaacson, CNBC's, Putin, Jeff Jurgensen, Sen, Warren Organizations: WASHINGTON —, Democratic, Armed Services, Pentagon, SpaceX, Ukrainian Armed Forces, Illinois, Twitter, NATO, CNBC, U.S . Department of Defense, Department of Defense, Congressional, Bloomberg Locations: Ukraine, Jeanne Shaheen of New Hampshire, U.S, Ukrainian, Washington, Crimea, Russia

☆ Why do we work 9 to 5? The history of the eight-hour workday
▼ + stars: | 2023-09-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

Here is a (highly) abbreviated rundown of how US society settled (so far anyway) on an eight-hour workday. The strike failed … but four years later US Steel reduced its workday from twelve to eight hours.”Pioneering employers — and a six-hour workday — make wavesIn 1926, the Ford Motor Company, under the leadership of Henry Ford, famously instituted an eight-hour-a-day, five-day workweek. Kellogg decided in 1930 to institute six-hour shifts in place of eight-hour shifts, with some reduction in workers’ pay. Kellogg’s move attracted national attention, and soon there was a push to federally legislate a six-hour workday. Hunnicutt interviewed several Kellogg workers about why they returned to a longer workday.

Persons: Dolly Parton, ” It’s, wasn’t, Benjamin Hunnicutt, Robert Whaples, Whaples, —, Henry Ford, “, ”, Kellogg, Hunnicutt, Kellogg’s, Franklin Delano Roosevelt, FDR, didn’t, ” Hunnicutt, Gen, It’s Organizations: New, New York CNN, University of Iowa, Wake Forest University, Economic, US Steel, ”, Ford Motor Company, Senate, Industrial, Labor, Fair Labor, Act, Kellogg Locations: New York, United States

☆ Pension plans are pretty rare. Here's who still has them and how they work
▼ + stars: | 2023-09-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.

Persons: “ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York

☆ How big banks won the banking crisis
▼ + stars: | 2023-09-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Before the Bell: Now that the dust is hopefully settling on this year’s regional banking crisis, are there clear winners and losers in the banking sector? David Kotok: There’s no question the [global systemically important banks, G-SIB] won and the middle-sized banks — let’s call that banks with between $50 billion and $250 billion in assets — were the losers. So if you stand back from the immediate 2023 banking crisis, and you say, how many banks were there 20 years ago in the United States, how many banks are there today? The UK economy is bigger than we thoughtThe UK economy recovered from the Covid-19 pandemic much faster than previously thought, reports my colleague Hanna Ziady. For many office workers around the United States, it also means more return-to-office mandates.

Persons: JPMorgan Chase, Bell, David Kotok, he’s, SIB, Jamie Dimon, J.P, Morgan, hasn’t, Hanna Ziady, John Springford, Andy Jassy, CNN’s Jeanne Sahadi, unaddressed, Merck Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, UBS, JPMorgan, Republic Bank, Cumberland Advisors, —, Credit Suisse, First, Federal Reserve, Office, National Statistics, ONS, Centre, European Reform, Labor, Amazon, Business Locations: New York, Silicon, First Republic, United States, Jekyll, America, Hanna Ziady ., Germany, Canada, Japan, Italy, France, Britain

☆ The state of return-to-office policies: a post-Labor Day reset?
▼ + stars: | 2023-09-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —Some big-name employers are signaling they will get tough on enforcing their return-to-office mandates after Labor Day. It’s hard to say whether such moves by well-known companies signal a broader trend of employers getting serious about enforcing RTO policies. Meanwhile, one study suggests the hours employees spend at work on the days they do go in may be changing. The state of enforcementFor all the various data and research that seeks to capture the reality and impact of hybrid work policies, it’s hard to find nationally representative, statistically significant samplings of HR executives detailing their organization’s return-to-office policies or enforcement strategies. For example, the HR team at Gartner, which helps clients design and implement workplace policies, did a live poll survey of 225 of its HR clients during a webinar on May 31.

Persons: Andy Jassy, unaddressed, haven’t, webinar, “ Organizations: New, New York CNN, Labor, Amazon, Meta, Business, Merck, Kastle, Kastle Systems, Survey, Instituto Tecnologico Autonomo, Stanford University, The University of Chicago, Gartner, ” Locations: New York, Kastle, Instituto Tecnologico Autonomo de Mexico

☆ Little used tax-free benefit can help employees pay their student loans
▼ + stars: | 2023-08-29 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

That $5,250 is the federal cap on the amount of tax-free money that employers may offer to help defray employees’ qualified costs for their own education, including tuition and fees. In response to the Society of Human Resource Management’s 2023 employer benefits survey, only 8% of organizations said they offer student loan benefits to employees, a percentage that hasn’t changed for five years. But lawmakers who advocated for tax-advantaged employer benefits to help with student loan payments are concerned there hasn’t been enough public awareness of it. That may be of particular interest now that the yearslong pause in payments on federal student loans is expiring. But for anyone who also has to pay off private student loans, the amount they shell out every month is likely much higher.

Persons: it’s, “, hasn’t, Danny Werfel, —, Katie Lobosco Organizations: New, New York CNN, Society of Human, IRS, Federal Locations: New York

☆ The workplace can be rough for menopausal women. Employers are starting to step up
▼ + stars: | 2023-08-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

“The very topic of menopause has been taboo, particularly in the workplace, potentially further exacerbating the psychological burden of menopause symptoms,” the Mayo researchers noted. A 57-year old woman who has worked for years in the construction industry said she first experienced severe menopausal symptoms in her previous job. Menopausal symptoms might not be as troublesome at work if women could access more reliable information and care from their regular doctors. The plan lets any employee take up to 10 days off to address self-care issues of any kind, which the company notes can include dealing with menopausal symptoms. It was an attempt to find a way to help employees deal with their symptoms in ways they needed, Falcione told CNN.

Persons: “, ”, Mercer, it’s, White, “ I’ll, I’m, didn’t, Stephanie Faubion, you’re, ” Faubion, Faubion, Aaron Falcione, Falcione, Corina Leu, Leu Organizations: New, New York CNN, CNN, Mayo Clinic, Mayo, Mayo Clinic’s Center, Women’s Health, Merck, Mercer Locations: New York, United States, ”, Mayo

☆ Retirement savings: Average 401(k) account balances have risen, Fidelity finds
▼ + stars: | 2023-08-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Overall the average 401(k) balance rose to $112,400, up 4% from the first quarter. And compared to a decade ago, the average balance is 39% higher. In tracking savings growth over the past year, Fidelity found that the average 401(k) account for Baby Boomers rose 6.3%. That’s well above the second quarter average — $220,900 — for everyone in that age group. In the second quarter, Fidelity found that total contribution rates — the employee’s savings plus their employer matches — averaged 13.9% of one’s gross income.

Persons: Gen Xers, ”, Kevin Barry Organizations: New, New York CNN, Fidelity Investments, Fidelity, Boomers Locations: New York

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