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☆ Tim Walz discloses a six-figure salary, modest retirement savings and a pension
▼ + stars: | 2024-09-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Many recent candidates for high office, by contrast, report millions in income and assets from multiple sources on their forms. Walz reported a $210,287 income from his job as governor of Minnesota from January 2023 through August of this year and a bank account with between $15,000 and $50,000 in cash. But Walz does have a few retirement savings accounts. In addition, Walz will be eligible for Social Security benefits and a pension as a former member of the US House of Representatives. “They did (a) story that said he’s actually richer than his statement says, because he has — and I quote, like this is an evil thing — ‘a defined benefit pension plan.’ That is my wish for every American to have a defined benefit pension plan,” he said.

Persons: Tim, Walz, — Walz, ”, “, he’s, – CNN’s Aaron Pellish Organizations: CNN, Democratic, Federal, National Guard, of Minnesota, Association, Social Security, FEC, Labor Locations: Minnesota, Milwaukee

That’s why, he said, he invested in AppHarvest, a startup that promised a high-tech future for farming and for the workers of Eastern Kentucky. Despite promising local jobs, the company eventually began contracting migrant workers from Mexico, Guatemala and other countries, numerous former employees told CNN. After about a week on the job, Vance took a meeting with AppHarvest founder Jonathan Webb, as Webb later recounted in a Fox News podcast interview. The company’s health care benefits attracted Morgan, a single father, who told CNN he took a pay cut to join the startup. Such comments ring hollow to some former AppHarvest workers, who argue Vance’s rhetoric as a candidate for vice president doesn’t align with the reality they experienced.

Persons: JD Vance, Vance, “ It’s, it’s, ” Vance, AppHarvest, Donald Trump’s, Kentuckians Vance, weren’t, ”, Anthony Morgan, “, Luke Schroeder, AppHarvest’s, JD, Jonathan Webb, Webb, Peter Thiel’s, Thiel, Steve Case, Vance “, Morgan, ” Morgan, ’ ” Anthony Morgan, Shelby Hester, Hester, ” Hester, Grist, Andrew Miller, David Attenborough, Bethany, Gary Broadbent, “ AppHarvest, Mitch McConnell, Hester’s, Mitch Smith, bigwigs, CNN AppHarvest, Martha Stewart, Broadbent, doesn’t Organizations: CNN, Fox, Republican, US Department of Labor, PayPal, AOL, Fox News, AppHarvest, Morehead State University, Workers, Kentucky’s Education, Labor Cabinet, Kentucky Center, Investigative, Kentucky Republican, Securities and Exchange Commission, Retirement Association, Senate, Republican National Convention Locations: AppHarvest, Eastern Kentucky, Kentucky, Mexico, Guatemala, Ohio, Silicon Valley, Morehead, Appalachia, gurneys, Plymouth, Massachusetts, Canada, ”

☆ CrowdStrike is sued by shareholders over huge software outage
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers. The complaint cites statements including from a March 5 conference call where Kurtz characterized CrowdStrike's software as "validated, tested and certified." Delta Chief Executive Ed Bastian told CNBC on Wednesday that the outage cost his airline $500 million, including lost revenue and compensation and hotels for stranded fliers. CrowdStrike shares closed on Wednesday down $1.69 at $231.96. The case is Plymouth County Retirement Association v CrowdStrike Inc et al, U.S. District Court, Western District of Texas, No.

Persons: George Kurtz, CrowdStrike, David Boies, Kurtz, " Kurtz, Burt Podbere, Ed Bastian Organizations: Crowdstrike Holdings Inc, Bloomberg Technology, RSA Conference, U.S . Congress, Delta Air Line, Retirement Association of, Delta, CNBC, Retirement, Western District of Locations: San Francisco , California, Austin , Texas, Austin, Plymouth, Retirement Association of Plymouth , Massachusetts, U.S, Western District, Western District of Texas

☆ A founding father of Utah's VC industry is stepping back as accusations of sexual harassment surface
▼ + stars: | 2024-07-17 | by ( Melia Russell | Rosalie Chan | ) www.businessinsider.com time to read: +22 min

Eyes closed, she listened as the Mercato Partners cofounder Greg Warnock stepped into the living room of his houseboat. Before starting Mercato, Warnock bought a large stake in a chemical-distribution business and made his first few millions in the acquisition. For an aspiring investor in Silicon Slopes, Mercato Partners seemed the place to be. They say the complaints from female Mercato employees are emblematic of religious and social norms that place women in the home. Mercato Partners no longer promotes Savory Fund or Prelude on its website following an organizational shake-up.

Persons: Powell, Elizabeth Moore, Greg Warnock, Moore, Warnock, Melia Russell, Jim Dreyfous, Paul Ahlstrom, Mercato, Emma Jackson, Elizabeth Moore's, Lake Powell, Mr, Staci, McCubbins, feely, David Bateman, Bateman's, Josh James, James, machismo, David McNew, Alan Hall, Jackson, wouldn't, Matthew Ashton, something's, massages, Melissa Walred, Walred, Greg, There's, gleeful Warnock, he'd untangle, Joe Kaiser, Ryan Sanders —, Savory, Warnock's, Davis Warnock, Davis, Victor Charlie, Larry H, TMRS, Staci McCubbins, Rosalie Chan Organizations: Mercato, Business, Lambda, Mercato Partners, BI, Opportunity, Thermal, vSpring, Beehive State, Getty, Pelion Venture Partners, Miller Company, Missouri State Employees, System, Nationwide Insurance, Family Insurance, Los, Employees, Association, Saudi Aramco, Google, Facebook Locations: Utah, Mercato, Lake, Coachella, Powell, Beehive, Silicon Slopes, Salt Lake City, Cottonwood Heights, Tibet, Missouri, Texas, Los Angeles, Saudi

☆ Four new work benefits that may help you save more in 2024
▼ + stars: | 2023-11-30 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

But for anyone who doesn’t have emergency savings, or who has student loans to pay or who is a long-term part-time worker, that challenge is especially hard. Making student loan payments could help boost your 401(k)Paying off student loans can put a crimp in how much someone can save for retirement. That way, the employee can accrue retirement savings even if they aren’t able to make significant contributions themselves. Boosting emergency savings and access to fundsSecure 2.0 includes two provisions that pertain to emergency savings. That means in 2025, any part-timer who has logged 500 years annually in 2023 and 2024 would be eligible to start saving in their employer’s 401(k) and would be eligible for the employer match.

Persons: Brian Graff, Graff, Gen Xers, NIRS, ” Organizations: New, New York CNN, American Retirement Association, National Institute on Retirement Security, Boomers, ARA, Employees, Secure Locations: New York

☆ $70 billion Los Angeles retirement plan says higher rates may 'change everything' and portfolio moves are coming
▼ + stars: | 2023-04-19 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

A year into the most significant period of Federal Reserve rate hikes in decades, you might think investors had already cemented their investment portfolio strategies for a higher interest rate world. According to LACERA's 2022 annual report, its investments were split between roughly $24 billion in public equities, $19 billion in bonds, $13 billion in private equity, $6 billion in real estate, $4 billion in hedge funds and $1 billion in real assets. Last year was the first in the prior three fiscal years that the pension fund's investment portfolio lost money. By contrast, investment returns of 25.2% in 2021 were far ahead of the 7% percent, which LACERA attributed to the strong performance from global equity and private equity assets. A shift to more fixed income among top investors will flow through to the "whole economy," Grabel said.

☆ 'Secure 2.0' would provide a limited federal 'match' on contributions for retirement savers with lower income
▼ + stars: | 2022-12-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Under a provision included in a legislative proposal known as "Secure 2.0" — which is included in an omnibus appropriations bill that cleared the Senate on Thursday and awaited a House vote — a retirement "saver's match" would be implemented, essentially changing how an existing tax credit works. That amount would be a maximum 50% of up to $2,000 in contributions to a qualifying account (so a maximum $1,000 match per individual). The current credit isn't always useful for taxpayersThe move to allow a federal matching contribution is being sought because the current tax credit is nonrefundable, meaning that if you owe no federal income tax, you don't get the credit. The match would be "a direct, substantial way to increase the retirement savings of lower and middle-income workers, and incentivize good retirement planning habits," Carlisle said. More than 108 million people would be eligible for the saver's match, according to the American Retirement Association.

☆ The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here's why
▼ + stars: | 2022-09-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

The U.S. has a voluntary retirement savings system. But most IRA funds aren't contributed directly — they were first saved in a workplace retirement plan and then rolled into an IRA. 1 issue," Will Hansen, chief government affairs officer at the American Retirement Association, a trade group, said of workplace retirement savings. "[However], the retirement system is actually a good system for those who have access," Hansen said. In such cases, it may not be fair to place primary blame on the structure of the U.S. retirement system, Hansen said.

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