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☆ Poultry processor hit with proposed $212,646 fine after second worker, a teen, killed by machine
▼ + stars: | 2024-01-16 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

The US Department of Labor is proposing a $212,646 fine against a Mississippi poultry processor after a 16-year-old sanitation worker was pulled into a chicken deboning machine and killed. The child became the second worker killed in just over two years at the plant. Mar-Jac Poultry, which could not immediately be reached for comment, operates facilities in Mississippi, Alabama, and Georgia. Mar-Jac Poultry told NBC News in October that the company has followed all safety procedures in the incident involving the teen worker. The DOL said the poultry processor currently is also under a separate child labor investigation by its wage and hour division.

Persons: Jac, Kurt Petermeyer, DOL, ” “, ” OSHA’s Petermayer Organizations: New, New York CNN, US Department of Labor, Department of Labor, Safety, Health Administration, OSHA, “, Jac Poultry, NBC News, Mar Locations: New York, Mississippi, Georgia, Hattiesburg , Mississippi, Atlanta, Mississippi , Alabama

When employees who contribute to a 401(k) plan leave a company, they have options for what to do with that money. The guidance investors receive from a financial professional or firm about handling old 401(k)s has been exempt from investment advice rules. And, there are different standards for financial advice. The Biden administration wants investment advice given when making these decisions to come from a fiduciary — and the Department of Labor has proposed rules to make that happen. They also argue that existing laws have been established to safeguard consumers seeking financial advice.

Persons: Biden, Labor Department's, Ann Wagner Organizations: Department of Labor, Finance, Labor, Financial, Capital Markets

☆ The tech sector is pouring billions of dollars into AI. But it keeps laying off humans
▼ + stars: | 2024-01-13 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

More than 5,500 tech layoffs less than two weeks into 2024The latest rounds of tech job cuts are occurring across a range of roles and in both Big Tech companies and smaller startups. There were some 262,682 tech industry layoffs recorded in 2023, per Layoffs.fyi data, after 164,969 cuts the previous year. Against that backdrop, the tech industry went on a remarkable hiring spree. Disparate impacts of tech job cuts come under scrutinyAs the tech industry layoffs continue, labor advocates and even lawmakers are taking notice. “Recent findings have consistently shown that minorities and women are vastly overrepresented in industry layoffs,” the letter said.

Persons: Roger Lee, Lee, Dropbox, Goldman Sachs, Parul, Koul, ”, Emanuel Cleaver, Missouri, Barbara Lee of, Julie Su Organizations: CNN, Big Tech, Tech, Google, Unity Software, ”, Chegg, IBM, Alphabet Workers, CWA, Democratic, American, Labor, Department of Labor Locations: Silicon Valley, Barbara Lee of California

☆ Most delivery gig work workers won't be impacted by the new fed rule — yet
▼ + stars: | 2024-01-09 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

But gig delivery companies like DoorDash and Instacart say they don't plan to make any changes. AdvertisementIf you make deliveries as a gig worker, don't expect any changes from a new federal rule — at least, not immediately. But companies that rely on gig workers to make deliveries say they won't need to make any changes. Amazon, which employs gig workers through its Flex delivery arm, did not immediately respond to Business Insider's request for comment. Do you work for Instacart, DoorDash, Walmart Spark, Uber Eats, or another gig delivery service and have a story idea to share?

Persons: —, Julie Su, Uber, Loyola University Chicago Professor Peter Norlander, I'm, Norlander Organizations: Service, Department of Labor, Labor, Department, Flex, Loyola University Chicago Professor, Wall Street, Walmart Locations: DoorDash

☆ Managers at Checkers restaurants in Alabama clocked staff out mid-shift and altered their timecards so they could pay them less, a federal agency claims
▼ + stars: | 2024-01-08 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Managers at two Checkers restaurants in Alabama altered employees' timecards to reduce their recorded hours, the DOL claims. The restaurants also clocked staff out while they worked and didn't pay overtime, the DOL claims. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This led to violations of federal minimum wage and overtime laws under the Fair Labor Standards Act, the DOL said.

Persons: DOL, — Organizations: Service, Department of Labor, Fair Labor, Business Locations: Alabama, Montgomery , Alabama

☆ Jobless rate for Black Americans declines to 5.2% to end 2023 on a positive note
▼ + stars: | 2024-01-05 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

A networking and hiring event for professionals of color in Minneapolis, MN. Michael Siluk | Getty ImagesThe unemployment rate for Black Americans fell significantly in December, closing out 2023 on a positive note, according to data released Friday by the Department of Labor. Black Americans, the group with the highest jobless percentage in the country, saw their unemployment rate dip to 5.2% last month from 5.8% in November. Still, that's higher than the overall unemployment rate, which held at 3.7% last month, as well as the 3.5% jobless rate for white Americans.

Persons: Michael Siluk Organizations: Black, Department of Labor Locations: Minneapolis , MN

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ L.A. poultry firm hired kids as young as 14 to work with sharp knives, Labor Dept. says
▼ + stars: | 2023-12-04 | by ( Laura Strickler | ) www.cnbc.com time to read: +3 min

"The Exclusive Poultry and owner Tony Bran willfully withheld workers' hard-earned wages, endangered young workers and retaliated against employees to conceal their wrongdoing," said Jessica Looman, administrator of the Labor Department's Wage and Hour Division. Labor investigators repeatedly went to the company's poultry processing locations and said in affidavits they saw young workers they estimated were 14 to 17 years of age, but the workers refused to talk and would run from them. The Labor Department told NBC News it subsequently confirmed that some of the workers were as young as 14. Workers allegedly told investigators that minors who worked at the company were hidden in closets and bathrooms when the investigators arrived so they would not be found. In fall 2022, the department found more than 100 children, some as young as 13, cleaning slaughterhouses for a Midwestern firm.

Persons: Tony Bran, Jessica Looman, Anthony McClaren, McClaren, Bran, Biden Organizations: Labor Department, Aldi, Ralphs, Kroger, Labor, NBC, NBC News, Department of Labor, Workers Locations: Los Angeles

☆ Amazon broke federal labor law by calling Staten Island union organizers 'thugs,' interrogating workers
▼ + stars: | 2023-12-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

Senator Bernie Sanders, an Independent from Vermont, left, speaks next to Christian Smalls, founder of the Amazon Labor Union (ALU), during an ALU rally in the Staten Island borough of New York, U.S., on Sunday, April 24, 2022. Amazon and consultants for the company violated federal labor law by interrogating and threatening employees regarding their union activities, and racially disparaging organizers who were seeking to unionize a Staten Island warehouse, a National Labor Relations Board judge ruled. In April 2022, employees voted to join the Amazon Labor Union, a grassroots group of current and former workers, becoming the first unionized Amazon facility in the U.S. The judge in New York heard testimony from Amazon employees, managers and labor consultants in virtual hearings that went on for almost a year. Amazon continues to challenge the JFK8 election results, as well as the NLRB and the union's conduct during the drive.

Persons: Bernie Sanders, Christian Smalls, Judge Lauren Esposito, Esposito, Daequan Smith, Bradley Moss, Moss, Smith, Natalie Monarrez, Monarrez, Monarrez . Moss, Chris Smalls, David Zapolsky, Amazon's, Smalls Organizations: Amazon Labor Union, National Labor Relations, NLRB, Amazon, Huffington, Department of Labor, BHM1, Retail, Wholesale, Department Store Union Locations: Vermont, Staten Island, New York, U.S, JFK8, unionizing, Bessemer , Alabama, Monarrez

Sibanye-Stillwater announced the layoffs Wednesday at the only platinum and palladium mines in the United States, near Nye, Montana, and other Sibanye-owned facilities in Montana, including a recycling operation. Another 187 contract workers — about 67% of the mining contract workers at the mine — will also be affected. Some contract work has been phased out over the past couple of months, said Heather McDowell, a vice president at Sibanye-Stillwater. Palladium prices have since fallen from a peak of about $3,000 an ounce in March 2022 to about $1,000 per ounce now. South Africa-based Sibanye bought the Stillwater mines in 2017 for $2.2 billion.

Persons: Heather McDowell, McDowell, Sibanye, Jason Small, Noah Dinger, Matthew Brown Organizations: Stillwater, of Labor, Forest Service, Mine, Montana AFL, Department of Labor, Industry, Associated Press Locations: Montana, Sibanye, United States, Nye , Montana, Stillwater, Nye, South Africa, Boulder, Falls , Idaho, Billings , Montana

☆ Biden wants credit for lower Thanksgiving food and travel prices, as inflation drags on his reelection campaign
▼ + stars: | 2023-11-22 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

"Ahead of the holiday season, costs are down for everything from airline tickets and car rentals to toys and TVs," the White House wrote Tuesday on X. This year's Thanksgiving dinner "is the fourth-cheapest ever, as a percentage of average earnings" White House press secretary Karine Jean-Pierre said Monday. Nonetheless, the White House is taking a victory lap for the lower year-over-year prices, eager to credit Biden's economic agenda, dubbed Bidenomics, for the good news as the president runs for reelection. That's due in large part to a 5.6% year-over-year decrease in the average price of a frozen whole 16-pound turkey. This could be the lowest price for a Thanksgiving week since 2020, when the Covid pandemic cut demand for travel.

Persons: Joe Biden, Biden, Harris, Karine Jean, Pierre, Jean, — Organizations: Bell, White House, White, Biden, Harris Administration, The New York Times, American Farm Bureau Federation, Farm Bureau, AAA, Department, Labor's Locations: Washington ,, Ukraine, Airfares

☆ Millennial and Gen Z parents are struggling
▼ + stars: | 2023-11-19 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

AdvertisementMillennial and Gen Z parents are finding themselves isolated. But they and Gen Zers behind them have finally caught up to previous generations in terms of their income, Jean Twenge, a psychologist and the author of "Generations: The Real Differences Between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future," told me. As fast as the money comes in from the pay raises that millennials and Gen Zers have secured, for parents the money goes right back out. These realities can force many millennial and Gen Z parents to make tough choices. But, at the same time, young parents are fleeing those walkable cities for the towns next door.

Persons: Kyle Taylor doesn't, Taylor, they're, Gen, they've, We've, Natalie Groff, Gen Zers, Jean Twenge, Gen X, Silents, Twenge, Groff, she's, Jimmy Gomez, Gomez, of Labor He's, Zers, It's, millennials, they'd, Brittany Pettersen, we've, Pettersen, that's, She's, Becca Balint, didn't, Balint, That's, who's, isn't, Juliana Kaplan Organizations: Bureau of Labor Statistics, Bank of America, Department of Labor, Congressional, Caucus, of Labor, Pew Research Center, National Association of Realtors, Deloitte, Democratic Locations: The Alabama, New York City, California, Younger, Colorado, America, Vermont

☆ 10 in-demand, low-stress jobs—one pays more than $100,000 per year
▼ + stars: | 2023-11-10 | by ( Gili Malinsky | ) www.cnbc.com time to read: +4 min

Stress level: 52 Media salary: $113,940Packaging and filling machine operator and tenderPackaging and filling machine operators work in places like factories preparing goods for shipment. Stress level: 52 Media salary: $36,750ArchivistArchivists are responsible for safeguarding important historical documents. Stress level: 53 Media salary: $60,800Electromechanical equipment assemblerElectromechanical equipment assemblers put together and maintain various machines or parts of machines (like dynamometers and actuators). Stress level: 53 Media salary: $76,480Fuel cell engineerFuel cells produce electricity using energy from elements like hydrogen. Stress level: 55 Media salary: $44,930Machine feeder and offbearer

Persons: assemblers Organizations: America Survey, Occupational

☆ An East Coast restaurant chain has been ordered to pay $11.4 million back to more than 1,300 employees over claims it paid staff below minimum wage
▼ + stars: | 2023-11-10 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

An East Coast restaurant chain failed to pay minimum wages and overtime rates to some workers, the Labor Department says. The DOL said some restaurants paid set wages regardless of hours worked, which could reach 65 a week. Plaza Azteca has been ordered to pay $11.4 million back to more than 1,300 affected employees. AdvertisementAdvertisementA restaurant chain with dozens of locations on the East Coast has been ordered to pay $11.4 million back to more than 1,300 employees after a federal agency uncovered a series of apparent labor-law violations. AdvertisementAdvertisementThe consent judgment also included $625,000 in civil money penalties, which the DOL said was due to the "repeat and wilful nature of the violations."

Persons: DOL, — Organizations: Labor Department, Plaza Azteca, Service, Department of Labor, Fair Labor Locations: East Coast, Mexican, Connecticut , Maryland , Massachusetts , New Jersey, North Carolina , Pennsylvania, Virginia

☆ Where are the 12 US gov't funding bills to avert shutdown?
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +7 min

But first, the House and Senate would have to agree upon the overall dollar amount of spending for the 12 bills combined. The Senate passed its version as part of a three-bill package on Nov. 1 with strong bipartisan support. DEFENSEOne of the largest of the 12 bills funds the Department of Defense - the Army, Navy, Air Force and the CIA. The Senate's version passed out of committee on July 27. The Senate's version passed out of committee on July 27.

Persons: Jon Cherry, shutdowns, Joe Biden, Biden, Kevin McCarthy, Moira Warburton, Aurora Ellis Organizations: U.S . Capitol, REUTERS, Rights, Democratic, Republican, Senate, of Veterans Affairs, Army, Navy, Air Force, U.S . Department of Agriculture, Food and Drug Administration, of Transportation, Federal Aviation Administration, Department of Housing, Urban, House Republicans, Amtrak, Department of Defense, CIA, Department of Energy, Nuclear Regulatory, of, of Indian Affairs, Land Management, Environmental Protection Agency, The, Department of Homeland Security, FBI, Federal Emergency Management Agency, Department of State, Agency for International Development, Peace Corps, Congress, Capitol Police, of Congress, Office, Treasury, of Columbia, Federal Trade Commission, COMMERCE, of Commerce, U.S . Census, U.S . Patent, Department of Justice, Republicans, HUMAN, of Education, Department of Health, Human Services, Department of Labor, Social Security Administration, National Labor Relations Board, Thomson Locations: Washington , U.S, United States, New York, U.S, Washington

☆ Dollar General hasn't investigated worker conditions despite shareholders' demands, an investor says in a new letter to company
▼ + stars: | 2023-11-03 | by ( Alex Bitter | ) www.businessinsider.com time to read: +8 min

Dollar General hasn't provided updates on a shareholder-endorsed audit of worker safety at its stores, an investor group says. Dollar General said it has met with the investor"including multiple calls with members of executive leadership." In May, Dollar General shareholders approved a proposal asking the company to audit worker safety at its stores. A Dollar General spokesperson said it has "a strong, ongoing shareholder engagement program and a well-documented track record of responsiveness to shareholder feedback." AdvertisementAdvertisementThe lack of action on safety at the chain's stores is a concern for many Dollar General shareholders, Gallagher told Insider.

Persons: hasn't, —, Amy Domini, it's, Mary Beth Gallagher, Michael Calbert, Gallagher, didn't, Domini, doesn't, David Williams, Williams Organizations: Dollar, Service, Occupational Safety, Health Administration, OSHA, Department of Labor, New York Times, Company, Investors Locations: North Dakota, Texas, Jacksonville , Florida

☆ Unemployment among Hispanic workers rises at faster pace in October than overall rate
▼ + stars: | 2023-11-03 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Spencer Platt | Getty Images News | Getty ImagesThe labor market showed greater deterioration for Hispanic workers, whose unemployment rate rose more than that of the U.S.', according to data released Friday by the Department of Labor. The overall unemployment rate rose 0.1% to 3.9% last month, the highest level since January 2022, against expectations that it would hold steady at 3.8%. Among Hispanic Americans, the jobless rate rose 0.2% to 4.8%. Black and Hispanic Americans were hit particularly hard by the business shutdowns in the depths of the Covid pandemic, with unemployment rate for Black workers peaking at 16.8% in 2020 and Hispanic jobless rate surging as high as 18.8%. The overall unemployment rate hit a high of 14.7% in April 2020.

Persons: Spencer Platt, Julia Pollak, ZipRecruiter's Organizations: NEW, Getty, U.S, Department of Labor, CNBC Locations: Manhattan, New York City, America

The Biden Administration proposes a crackdown on "junk fees" in retirement savings plans. However, high expense ratios in your account may be cutting into your future retirement savings. But there are still some preventive steps you can take to minimize any potential "junk fees" in your retirement savings plan. 4 ways to lower 'junk fees' in your retirement planThe Biden Administration wants to crack down on "junk fees" in 401(k)s and other investment accounts. Until then, here are four steps you can take to lower fees in your retirement savings plan.

Persons: Biden, —, Charles Schwab, Robinhood, Judy Diamond's, Roth, it's, Teresa Bailey, Chloe Wohlforth Organizations: Service, US Department of Labor, Biden Administration, Employers, Mutual, Roth IRA, Waddell & Associates, Robinhood, Department of Labor, CFP, Angeles Wealth Management

☆ I moved to the US from Italy and it's been a rollercoaster. Here's what has shocked and disappointed me the most about America.
▼ + stars: | 2023-11-02 | by ( Elle Hardy | ) www.businessinsider.com time to read: +6 min

Oana Adamopoulos moved to Washington, DC, in 2012 and then to Sarasota, Florida, in 2017. She was also shocked by the lack of maternity leave and the cost of healthcare. He was offered a job in policy at the Department of Labor in Washington, DC, and we decided to move to the United States. In Romania, new moms get 18 weeks of maternity leave paid at 85% of income, which is not taxed. We moved to Sarasota, Florida, in 2017We moved to Florida in 2017, shortly after our daughter was born, to try to improve our quality of life.

Persons: Oana Adamopoulos, —, There's, it's, I've Organizations: Service, Department of Labor, DC, Florida Locations: Washington, DC, Sarasota , Florida, Europe, Romania, Italy, Greece, Washington ,, United States, America, Florida

NEW YORK (AP) — “Junk fees” are just what they sound like: hidden or misleading charges that increase the total cost of concert tickets, hotel rooms, utility bills and other goods and services. Here's what to know:WHAT QUALIFIES AS A JUNK FEE? That should reduce junk fees for financial advice for people saving for retirement. HOW CAN I AVOID PAYING JUNK FEES? HOW MUCH DO THESE FEES COST CONSUMERS?

Persons: Biden, Ariel Nelson, Nelson, ”, “, Lina Kahn, Lael Brainard, Charles Schwab Organizations: Federal Trade Commission, Consumer Finance Protection Bureau, Department of Labor, National Consumer Law Center, Republican, Consumer Financial, Department, Labor, Securities and Exchange Commission, Interest, White, National Economic Council, FTC, Associated Press, Charles, Charles Schwab Foundation, Inc, AP

☆ The Biden Administration wants to close a retirement savings 'loophole' that could be costing you 20% on your investments
▼ + stars: | 2023-11-01 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The Biden administration is proposing a new rule to ensure people saving for retirement get the best advice possible. AdvertisementAdvertisementThe Biden administration is continuing its crackdown on junk fees — and this time, retirement savings are in the limelight. A new proposed rule by the Department of Labor would close what the administration calls "loopholes" in retirement advice, potentially saving retirees billions. However, some advisers steer their clients towards what's best for them, not the retirement savers, he said. Currently, the Securities and Exchange Commission has regulations mandating that investment advice needs to be in a saver's best interest.

Persons: Biden, Obama, —, DOL, that's, they're, LIMRA, Jason Berkowitz, Berkowitz Organizations: Service, Department of Labor, Securities and Exchange Commission, SEC, White, Federal Reserve, FTC, The Department, Labor Locations: pushback, Washington

☆ Biden administration to crack down on ‘junk fees’ in retirement plans
▼ + stars: | 2023-10-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesThe Biden administration is cracking down on so-called "junk fees" in retirement accounts. The "hidden costs" of financial conflicts in retirement plans amount to "junk fees," Lael Brainard, director of the White House National Economic Council, said during a press call Monday evening. watch now"It's time to get junk fees out of the retirement savings market," said Julie Su, acting secretary of the Labor Department, during the call. However, the Labor Department can regulate them if sold in a retirement account, according to a Biden administration official speaking on background. It's time to get junk fees out of the retirement savings market.

Persons: Julie A, Su, Tom Williams, Biden, There's, Lael Brainard, Julie Su, Sen, Bill Cassidy, Virginia Foxx, Anna Moneymaker, Obama Organizations: Labor, Health, Education, Washington , D.C, CQ, Inc, Getty, U.S . Department of Labor, Finance, Securities and Exchange Commission, Congressional Research Service, White, National Economic Council, Labor Department, Rep, Economic, SEC, Biden, Department of Labor Locations: Washington ,

RALEIGH, N.C. (AP) — After slapping their mug inside every elevator in the state, an elected North Carolina regulator will go back to being faceless. Dobson told WRAL-TV on Monday he authorized removing the photo to make space for a new sentence on the elevator safety forms that mark each inspection. Predecessor Cherie Berry — a Republican like Dobson — pioneered the elevator inspection certificate photo, likely helping her at election time for nearly two decades. It earned her the moniker “elevator lady” and “elevator queen,” spurring a social media handle parody and even a song. Dobson attributed the delays to rapid growth in North Carolina and the challenge of keeping inspector positions filled.

Persons: Josh Dobson's, Dobson, WRAL, Cherie Berry —, Dobson —, Berry, ” Berry, “, Dobson isn’t, Luke Farley, Jon Hardister, Farley, He's, ”, Hardister, he’d Organizations: Labor, Department of Labor, Republican Locations: RALEIGH, N.C, North Carolina

☆ 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

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

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