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☆ Student-loan borrowers' biggest defender in the government is in jeopardy
▼ + stars: | 2023-09-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

The ruling could have significant implications for student-loan borrowers — and consumers nationwide. As federal borrowers have been gearing up for the return to loan repayment in October, the agency cracked down on companies that it accused of illegally charging borrowers for normally free debt-relief services. The Supreme Court is hearing oral arguments on the case on October 3. The CFPB's enforcement actions against this type of illegal conduct are important to protecting borrowers' financial security and obtaining their money back." Now consumers will have to wait and see how the Supreme Court views a top federal consumer watchdog's constitutionality.

Persons: Sen, Elizabeth Warren of Massachusetts, Shahid Naeem, Naeem, Dodd, Frank Wall, Bill Clark, Devin Watkins, they're, beholden Organizations: Service, Supreme, Financial, Community Financial Services Association of America Ltd, Consumer Financial, Federal Reserve, Fifth Circuit, Trump, Fifth, Financial Services Association of America, American Economic Liberties, Congress, Frank Wall Street Reform, Consumer, Federal Deposit Insurance Corp, Inc, Getty, Competitive Enterprise Institute, American Association of, Social Security Locations: Wall, Silicon, Washington , DC

☆ 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

☆ T-Mobile to lay off 5,000 workers
▼ + stars: | 2023-08-24 | by ( Clare Duffy | ) edition.cnn.com time to read: +2 min

New York CNN —T-Mobile on Thursday announced it plans to lay off 5,000 employees, or around 7% of its total staff, over the next five weeks. The company also plans to reduce its spending on “external workers and resources,” but its retail and “consumer care” staff who work directly with customers will not be affected, he said. T-Mobile’s stock has fallen more than 7% since last August. Affected employees will receive “competitive severance packages” based on tenure, as well as accelerated stock vesting, access to career transition services and other benefits, Sievert told employees. He added that the company is not planning additional, widespread employee reductions in the foreseeable future.

Persons: New York CNN —, Mike Sievert, ” Sievert, Sievert, ”, “ Organizations: New, New York CNN, Mobile, Microsoft, Meta, Sprint Locations: New York

☆ Reinvigorated Astros search for sweep of Guardians
▼ + stars: | 2023-08-02 | by ( Field Level Media | ) www.reuters.com time to read: +4 min

August 2 - Roughly 24 hours after saying he found it "disheartening" to watch other American League contenders complete trades that bolstered their rosters, Houston Astros manager Dusty Baker experienced a change of heart on Tuesday. The Astros will aim for a three-game series sweep on Wednesday afternoon. Prior to Valdez's gem in the Astros' 2-0 victory over the Guardians, Houston reacquired right-hander Justin Verlander from the New York Mets in a deal that sent out a pair of outfield prospects. "When you're going to acquire someone like a Justin Verlander, you're going to have to give up something," Astros general manager Dana Brown said. He's done a good job throughout his entire career, so at the end of the day, you're going to have to give up some players to get good players."

Persons: Dusty Baker, Framber Valdez, Houston, Justin Verlander, Lance McCullers Jr, Luis Garcia, Jose Urquidy, Cy Young, Baker, Verlander, Drew Gilbert, Ryan Clifford, Gilbert, Clifford, Dana Brown, he's, Cristian Javier, Tanner Bibee, Aaron Civale, jettisoning, Josh Bell, we've, Cam Gallagher, Gallagher Organizations: American League, Houston Astros, Cleveland Guardians, Astros, Guardians, New York Mets, Houston, Detroit Tigers, Mets, MLB Pipeline, of Fame, New York Yankees, Chicago White Sox, Cleveland, Tampa Bay Rays, Miami Marlins, Thomson Locations: Houston

☆ Exclusive: TikTok parent ByteDance to allow US staff to cash out on shares-sources
▼ + stars: | 2023-07-11 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

ByteDance will now allow restricted shares held by U.S. employees to vest as long as sufficient time has passed, the sources said. Once vested, the shares can be exchanged by the employees for cash in one of ByteDance's stock buyback programs. A ByteDance spokesperson confirmed that the company has changed its share vesting rules but declined to comment on the details. The move applies to ByteDance's U.S. employees, which include about 7,000 TikTok employees. While it has so far been spared a contemplated federal ban, TikTok faces a block in Montana, which it is challenging.

Persons: Echo Wang, Krystal Hu, Greg Roumeliotis, Anna Driver Organizations: YORK, U.S, Employees, Thomson Locations: Montana, New York

☆ Truth Behind Tech Industry's Fake Work Problem: Bad Managers, Bosses
▼ + stars: | 2023-07-10 | by ( Hugh Langley | Grace Kay | ) www.businessinsider.com time to read: +19 min

The tech employees spoke with us on the condition of anonymity to avoid professional reprisal. There's only one real culprit for the culture of "fake work," he said. The latest version of fake work emerged as part of the tech industry's pandemic-driven boom and bust. "I think COVID was an accelerator for fake work because a lot of these tech companies hired. As for Graham, he's since moved to another tech company, where he said he felt his contributions were more valued.

Persons: Graham, wouldn't, Keith Rabois, Rabois, Brit Levy, Scott Latham, University of Massachusetts Lowell, Brent Peterson, Gaylan Nielson, Rich Moran, " Moran, Melina Mara, he'd, Moran, Anna Tavis, Stewart Butterfield, Bloomberg's, LINDSEY WASSON, it's, Salesforce, What's, Mark Zuckerberg, Sundar Pichai, Zuckerberg, Brad Glasser, Meta, Greg Selker, Stanton Chase, Jessica Kennedy, Kennedy, NYU's Tavis, Hugh Langley, Grace Kay Organizations: Amazon, Alexa, Big Tech, Google, University of Massachusetts, Washington, Getty, Meta, Microsoft, overhiring, New York University's School, Professional Studies, Slack, Command, Bloomberg, Vanderbilt University, Companies Locations: New, Salesforce, he's

☆ Pay student loans or invest in your 401(k)? You may soon be able to do both at once
▼ + stars: | 2023-07-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Following the Supreme Court's ruling on President Joe Biden's student loan forgiveness plan, interest on student debt will begin to accrue in September, with payments due in October. Borrowers with federal student loan payments currently owe $37,338, on average, with a median monthly payment of $250, according to the Education Data Initiative. But for certain workers — especially those with piles of student debt — finding room in the budget to invest for retirement can be difficult. Under the new law, employers can make matching contributions to workplace plans — including 401(k)s, 403(b)s, 457(b)s and SIMPLE IRAs — based on an employee's qualified student loan payments. In order to qualify for the match, workers must simply certify that student loan payments have been made.

Persons: Joe Biden's Organizations: Education Data

☆ OpenAI is reinventing tech compensation with flat salaries, no bonuses and no negotiation as it banks on untapped potential
▼ + stars: | 2023-06-29 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

OpenAI's buzz has a lot of tech workers eager to join the generative AI company. "Other than them I can't think of any other prominent company adopting this model at this scale," Musa said. Signing bonuses are very rare; there is no target performance bonus; and there is also little to no room for negotiation on compensation, Musa and another person familiar with the company said. All of those things are standard with other tech companies, from startups to Big Tech firms like Meta, Google, and Microsoft. Over the course of four years, the vesting period for the PPU grants, most OpenAI workers can expect to take home at least $2 million in equity pay alone.

Persons: Sam Altman, OpenAI, Zuhayeer Musa, Musa, Altman, Kali Hays Organizations: Big Tech, Meta, Google, Microsoft, Elon Musk's SpaceX, Twitter Locations: Silicon Valley, PPUs, khays

☆ Your 401(k) match is 'free money'—but you might not be able to take it with you when you leave
▼ + stars: | 2023-06-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's what she and other financial pros say you should know about your 401(k) match. How a 401(k) match worksFirst, a quick reminder of how 401(k) matches work and why financial planners love them so much. "I would invest enough to get the company match first, before paying off high interest rate loans," says Jeremy Finger, a CFP and founder of Riverbend Wealth Management. What is a 401(k) vesting schedule? Any 401(k) match you receive from your employer likely comes with some strings attached.

Persons: Kevin Brady, Catherine Valega, Jeremy Finger, they've, you'll Organizations: Wealthspire Advisors, CNBC, Green Bee, Riverbend Wealth Management, Employers Locations: New York City, Winchester , Massachusetts

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ Thanks to vesting schedules, it can take up to 6 years for workers to own their 401(k) match
▼ + stars: | 2023-05-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

One important note: An employee always fully owns their own contributions. watch nowMore than 44% of 401(k) plans offer immediate full vesting of a company match, according to the PSCA survey. Cliff vesting grants ownership in full after a specific point. For example, a saver whose 401(k) uses a three-year cliff vesting fully owns the company match after three years of service. For example, someone who gets 40% of a $5,000 match can walk away with $2,000 plus 40% of any investment earnings on the match.

Persons: Iparraguirre, Cliff vesting Organizations: Federal

☆ Banks are all-in on AI, but there's one problem: They can't hold on to the talent. Here's why.
▼ + stars: | 2023-05-23 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +9 min

Big banks are hiring a lot of AI talent, but are having a tough time holding on to it. The difficulty banks have retaining AI talent, however, isn't due to poaching among peers. Banks can lure in AI talentIt's true that big banks have the wherewithal to hire and capitalize on top AI talent and are attractive at the outset to those looking for a new shop. "The AI talent coming to the financial-services industry is almost like supporting the tech talent, if you will," Hirsch said. Big Tech has its own problems right nowTo be sure, banks are snagging from Big Tech too.

Among Gen Z super savers (ages 18-25), 28% have an annual salary of less than $35K, with deferral rates of 15%+. 50% of super savers are 40 years old or younger and 53% make less than $100K annually. In our research, we learned several things from Gen Z super savers. 7 plan design updates to help more Gen Z employees become retirement super saversA few simple updates can help modernize your employer-sponsored retirement plan to prepare for the newest generation of workers. Among Gen Z super savers, 87% say their employer-sponsored retirement plan will be their main source of income in retirement.

☆ Read the Q&A guideline Amazon shares with managers on how to answer pay-related questions from employees
▼ + stars: | 2023-04-18 | by ( Eugene Kim | ) www.businessinsider.com time to read: +23 min

To prepare managers to discuss pay with employees, Amazon shares a lengthy Q&A guideline that addresses some of the most pressing questions, according to internal documents obtained by Insider. This includes base pay, variable pay, other cash, and equity in the form of Restricted Stock Units (RSUs) or stock. A: We plan employee's total compensation in outlook years. Q: Why am I positioned at XX in my pay range and how can I increase my pay? Clearly and directly explain the reason there was no base pay increase:"Employee A, you are at the base pay max."

☆ Internal guidelines show how Amazon wants managers to address employee concerns about pay as the value of its stock awards crumbles
▼ + stars: | 2023-04-18 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Amazon employees have lost more than 30% on stock awards they got last year. Even CEO Andy Jassy saw his 2022 realized compensation drop 25% because of the stock price decline. Amazon wants its managers to stress the "long-term" value of stock and "ownership" of work during annual employee compensation reviews that started earlier this month. That price is based on a 30-day trailing average stock price. If an employee disagrees with their pay, managers are to have an "open discussion" and determine whether an adjustment is necessary.

☆ Amazon CEO Andy Jassy took a massive pay cut in 2022, making $1.3 million. He made over $200 million in 2021, including stocks.
▼ + stars: | 2023-04-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Amazon CEO Andy Jassy's pay was just $1.3 million in 2022 — a huge drop from $212.7 million in 2021. Amazon CEO Andy Jassy's total compensation plunged last year. It's a massive drop from the $212.7 million he received in 2021 when he got promoted to CEO. Microsoft CEO Satya Nadella was paid a total compensation of $55 million in 2022. Meanwhile, Jeff Bezos, the founder and executive chair of Amazon, received $1.68 million in total compensation in 2022 — the same amount he received in 2021 and 2020.

☆ Here's the 13-page pitch deck that Salt Labs, a fintech helping hourly workers build wealth, used to raise a $10 million pre-seed round
▼ + stars: | 2023-04-12 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Salt Labs is a fintech that wants to help hourly workers build wealth. Salt Labs used this 13-page pitch deck to raise a $10 million pre-seed round. "The mission of Salt Labs is to enable hourly workers to own the long-term value of their work," Jason Lee, founder and CEO of Salt Labs, told Insider. Salt Labs announced a $10 million pre-seed round on March 29, led by Fin Capital. Read the 13-page pitch deck Salt Labs used to raise a $10 million pre-seed round.

Since then, the ways we work have shifted dramatically, and it's time for retirement to catch up. Small businesses are less inclined to provide retirement plans. There are seasonal workers, gig workers, freelance workers, independent contractors, and recognition of the work of caregivers. The pension system and other retirement plans need to address the inherent inequities of previous centuries. Most large corporations still offer sponsor retirement plans, but many employees aren't eligible because of years of service and vesting requirements.

☆ Lucid to cut 1,300 workers amid signs of flagging demand for its EVs
▼ + stars: | 2023-03-28 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Lucid said it will incur one-time charges totaling between $24 million and $30 million related to the job cuts, with most of that amount being recognized in the first quarter of 2023. News of the job cuts was first reported by Insider earlier on Tuesday. Severance packages will include continued healthcare coverage paid by Lucid, as well as an acceleration of equity vesting, Rawlinson wrote. Lucid said that it had more than 28,000 reservations for the Air as of Feb. 21, its most recent update. With Lucid's factory currently set up to build about 34,000 vehicles per year, the company has warned of continuing losses.

☆ The notion of 'fake work' or coasting in the tech industry has a long history, but experts say it's just an 'excuse for bad management'
▼ + stars: | 2023-03-26 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Tech workers have been accused of "coasting," as well as "resting and vesting" in the past. Experts said the notion of fake work is part of a larger issue in the industry and often an excuse. People have long accused tech workers of failing to pull their weight — they've just had different names for it over the years. These claims are shedding light on larger management issues and internal problems within major tech companies, experts told Insider. And while some experts say a certain level of "fake work" is a natural part of the boom-and-bust cycle in tech, not all agree.

☆ First Republic Bank executives to forego annual bonuses for 2023
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - First Republic Bank (FRC.N) said on Wednesday all its executive officers have decided to take no annual bonuses for 2023, and founder and Executive Chair Jim Herbert will draw no salary effective March 12. The bank's executives have also forfeited performance-based incentives vesting in 2023, according to a regulatory filing. The rescue effort for Swiss banking giant Credit Suisse (CSGN.S) has also put the bonus pools of banking executives under the spotlight. On Tuesday, Swiss authorities imposed curbs on bonus payments for Credit Suisse employees. Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ You need a 'professional prenup' to protect yourself from layoffs, according to the Corporate Bro
▼ + stars: | 2023-03-07 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Ross Pomerantz is a startup advisor and content creator who operates under the name Corporate Bro. He says that job seekers need to have "professional prenups" before they sign on with new employers. Essentially, these are contractual understandings of potential severance in case of layoffs. The idea of a "professional prenup" sounds rather … unusual. In a small, 20-person company, there's a good chance you're interviewing with senior leadership.

☆ She was weeks away from maternity leave at Twitter. Then Elon Musk took over
▼ + stars: | 2023-03-06 | by ( Clare Duffy | ) edition.cnn.com time to read: +14 min

Twitter now reportedly has fewer than 2,000 employees following more cuts late last month, down from around 7,500 before Musk took over. CNN“We were on the Twitter-coaster, the Elon Musk chapter, for seven months,” Ali said. De Caires is one of the former Twitter employees taking legal action against the company following mass layoffs after Musk took over. Jeff Chiu/APInstead, Twitter employees say they heard very little from their new leader in the days immediately after his takeover. Attorney Shannon Liss-Riordan is representing around 1,500 former Twitter employees taking legal action against the company following Musk's takeover.

☆ Why We’re Challenging Biden’s Student-Debt Power Grab
▼ + stars: | 2023-02-28 | by ( Mike Hilgers | ) www.wsj.com time to read: 1 min

Nebraska has challenged President Biden’s unilateral and unlawful discharge of hundreds of billions of dollars in student-loan debt. At stake is more than the $430 billion hole Mr. Biden’s plan would blow in the federal budget. “No country can be called free which is governed by an absolute power,” Thomas Paine wrote in 1776. The Founders realized the danger of vesting absolute power in one branch of government, and so they divided power into three branches. Legislation is passed in Congress, where a large and diverse nation’s elected representatives weigh in.

☆ 4 senior Twitter managers were previously on a 'do not fire' list, but they were fired anyway, report says
▼ + stars: | 2023-02-28 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk fired four Twitter managers who were previously on a "do not fire" list, per Platformer. The managers, including Esther Crawford, worked at Twitter for just over two years, per LinkedIn. Twitter fired the four senior staffers over the weekend, the report said. The layoffs impacted a range of roles, including product managers, data scientists, and engineers, per Platformer. After the news broke about her job cut, Crawford tweeted that had no regrets about going "all-in on Twitter 2.0."

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