The document summarizes the future challenges facing Social Security and Medicare based on the annual trustees report, as well as proposals to stabilize Social Security. It notes that Social Security will only be able to pay full benefits until 2037 after which reserves will be depleted. No cost of living adjustment is expected in 2010-2011 due to low inflation. The document also summarizes provisions in the American Recovery and Reinvestment Act that expand education tax credits and support for higher education.
The Patient Protection and Affordable Care Act (PPACA) timeline outlines key provisions and their implementation dates between 2010-2018. Major provisions include prohibiting pre-existing condition exclusions (2010), expanding dependent coverage to age 26 (2010), establishing state-based health insurance exchanges (2014), an individual mandate to purchase insurance (2014), an employer mandate for firms with 50+ employees (2015), and a tax on high-cost "Cadillac" plans (2018). The timeline provides an overview of how PPACA rolls out major health insurance reforms over an 8 year period.
The document is an email from John Tolman to legislative chairmen informing them that the recently passed Republican budget again targets Railroad Retirement Tier 1 benefits and aims to conform them to be equal to Social Security benefits, which would eliminate certain railroad retirement benefits and negatively impact the annuities of over 120,000 non-disabled employees, 90,000 spouses, and 62,000 disabled employees. Attached is a section from the budget report outlining various policy options including changes to railroad retirement.
The document provides an overview and comparison of California's Proposition 30 and Proposition 38 tax initiatives on the November 2012 ballot. It finds that Proposition 38 would generate more education funding overall but most would go directly to schools, while Proposition 30 funds would go to the state general fund to avoid further education cuts. Proposition 30 relies on sales and income tax increases while Proposition 38 uses higher personal income taxes. The document aims to objectively inform about the initiatives' impacts rather than advocate for either one.
This document provides a timeline and overview of key provisions in the Patient Protection and Affordable Care Act (ACA). It outlines the legislative timeline from when the House and Senate passed versions of health care reform in 2009-2010 to when President Obama signed the bill into law. It then summarizes major ACA provisions being implemented from 2010 through 2018 and beyond, including requirements for insurance plans, the establishment of health insurance exchanges, Medicaid expansion, and individual/employer mandates. The document concludes by discussing how the ACA is paid for through various new taxes and fees and its projected impact on the private health insurance marketplace.
What the CARES Act Means for Independent Workers and Small BusinessesMBO Partners
What does the CARES Act mean for independent workers and small businesses? MBO Partners explains the nuances of this important act for COVID-19 relief.
This document provides a summary of recent changes to the UK welfare system. Key points include:
- The benefit cap will be set at £500 per week for couples and lone parents and £350 for single claimants from April 2013.
- Personal Independence Payments will replace Disability Living Allowance for working age claimants from April 2013.
- Time limiting of contributory Employment and Support Allowance claims will begin in April 2012 for some claimants.
- Lone parents will no longer be able to claim income support when their youngest child turns 5 from May 2012.
This document discusses the retirement challenges facing Baby Boomers and the history of retirement plans in the United States. It describes how the Employee Retirement Income Security Act of 1974 (ERISA) increased regulation of pension funds but also made defined benefit plans costly for employers. Many employers then shifted to defined contribution plans like 401(k)s. However, lawsuits arose over investment returns in these plans. The 401(k) was then accidentally created in a little-noticed provision of the Revenue Act of 1978, which was intended to cut taxes rather than address retirement savings.
This document summarizes a presentation given by Diane Oakley of the National Institute on Retirement Security (NIRS) about public pension plans. The presentation discusses opportunities and challenges facing public pensions, stakeholders in public pensions, the importance of focusing on retirement policy, and lessons learned from well-funded plans. It provides statistics on the economic impacts of public pension benefits and expenditures. The presentation aims to distinguish facts from assertions and prevent short-sighted policies in public pension discussions.
The Patient Protection and Affordable Care Act (PPACA) timeline outlines key provisions and their implementation dates between 2010-2018. Major provisions include prohibiting pre-existing condition exclusions (2010), expanding dependent coverage to age 26 (2010), establishing state-based health insurance exchanges (2014), an individual mandate to purchase insurance (2014), an employer mandate for firms with 50+ employees (2015), and a tax on high-cost "Cadillac" plans (2018). The timeline provides an overview of how PPACA rolls out major health insurance reforms over an 8 year period.
The document is an email from John Tolman to legislative chairmen informing them that the recently passed Republican budget again targets Railroad Retirement Tier 1 benefits and aims to conform them to be equal to Social Security benefits, which would eliminate certain railroad retirement benefits and negatively impact the annuities of over 120,000 non-disabled employees, 90,000 spouses, and 62,000 disabled employees. Attached is a section from the budget report outlining various policy options including changes to railroad retirement.
The document provides an overview and comparison of California's Proposition 30 and Proposition 38 tax initiatives on the November 2012 ballot. It finds that Proposition 38 would generate more education funding overall but most would go directly to schools, while Proposition 30 funds would go to the state general fund to avoid further education cuts. Proposition 30 relies on sales and income tax increases while Proposition 38 uses higher personal income taxes. The document aims to objectively inform about the initiatives' impacts rather than advocate for either one.
This document provides a timeline and overview of key provisions in the Patient Protection and Affordable Care Act (ACA). It outlines the legislative timeline from when the House and Senate passed versions of health care reform in 2009-2010 to when President Obama signed the bill into law. It then summarizes major ACA provisions being implemented from 2010 through 2018 and beyond, including requirements for insurance plans, the establishment of health insurance exchanges, Medicaid expansion, and individual/employer mandates. The document concludes by discussing how the ACA is paid for through various new taxes and fees and its projected impact on the private health insurance marketplace.
What the CARES Act Means for Independent Workers and Small BusinessesMBO Partners
What does the CARES Act mean for independent workers and small businesses? MBO Partners explains the nuances of this important act for COVID-19 relief.
This document provides a summary of recent changes to the UK welfare system. Key points include:
- The benefit cap will be set at £500 per week for couples and lone parents and £350 for single claimants from April 2013.
- Personal Independence Payments will replace Disability Living Allowance for working age claimants from April 2013.
- Time limiting of contributory Employment and Support Allowance claims will begin in April 2012 for some claimants.
- Lone parents will no longer be able to claim income support when their youngest child turns 5 from May 2012.
This document discusses the retirement challenges facing Baby Boomers and the history of retirement plans in the United States. It describes how the Employee Retirement Income Security Act of 1974 (ERISA) increased regulation of pension funds but also made defined benefit plans costly for employers. Many employers then shifted to defined contribution plans like 401(k)s. However, lawsuits arose over investment returns in these plans. The 401(k) was then accidentally created in a little-noticed provision of the Revenue Act of 1978, which was intended to cut taxes rather than address retirement savings.
This document summarizes a presentation given by Diane Oakley of the National Institute on Retirement Security (NIRS) about public pension plans. The presentation discusses opportunities and challenges facing public pensions, stakeholders in public pensions, the importance of focusing on retirement policy, and lessons learned from well-funded plans. It provides statistics on the economic impacts of public pension benefits and expenditures. The presentation aims to distinguish facts from assertions and prevent short-sighted policies in public pension discussions.
Goldmine Media\'s efactsheets bundle will enable your business to generate further new business opportunities and add another layer of interaction, whether you\'re engaging with your business audiences online, by email or face-to-face.
The 22 efactsheets feature articles that include protection, both personal and business, retirement and investment planning and Inheritance Tax Planning).
Life assurance
Term assurance
Whole-of-life cover
Critical illness cover
Income protection insurance
Achieving financial security and independence
Financial Protection for you and your family
Making a will
Wealth protection
Business protection
Building a bigger retirement income
More than six million Britons over-50 look set to
retire on less than minimum wage
Financial independence
Self-Invested personal pensions
Pension consolidation
Planning for retirement
Buying an annuity
Wealth creation
The value of insurance to protect you income
Estate Planning
Is it time to get more flexible with your money?
Reducing your investment risk
This document discusses retirement planning and options for saving for retirement. It notes that traditional pensions have limitations in terms of maximum annual contributions and lifetime caps. Alternative retirement investing options are mentioned, such as SIPPs which allow investing pension funds in assets beyond stocks and bonds. The document stresses the importance of periodic retirement planning reviews given changing laws, economic conditions, and individual circumstances over time. Professional advice is recommended to evaluate one's retirement planning.
This document summarizes a report on shifting public pension plans from defined benefit to defined contribution models. It discusses how the private sector led the shift to defined contribution plans in the 1970s-80s due to changes in tax law and accounting standards. It then examines how the federal government implemented a similar reform for federal workers in the 1980s through a new defined contribution plan paired with a reduced defined benefit plan. The document uses these cases to argue public sector employers can achieve fiscal sustainability by implementing a similar pension reform approach.
The document provides an end-of-year wrap-up and reminders relating to Affordable Care Act (ACA) compliance in 2015. Key updates include: the Supreme Court agreeing to hear a case on premium tax credits; guidance clarifying that "skinny plans" must meet minimum value standards; and FAQs further prohibiting cash incentives for individual coverage. It also reminds readers of ACA provisions taking effect in 2015, such as out-of-pocket limits and the employer shared responsibility requirement.
The document discusses expanding private disability insurance (PDI) in Australia to reduce the economic burden on the National Disability Insurance Scheme (NDIS). Currently, PDI coverage is limited and most disability support comes from government programs. The modelling study examines how financial incentives for PDI, similar to incentives for private health insurance, could increase PDI uptake and generate savings for both government programs and private insurers. The findings suggest that with appropriate premiums and rebates, expanded PDI coverage could save the government $8.5 billion over 5 years while reducing reliance on the NDIS and Disability Support Pension.
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required in the immediate future in 2010, as well as changes phased in between now and 2014 such as establishing insurance exchanges, essential benefits packages, and penalties for individuals and employers who do not obtain qualified health insurance coverage. The summary concludes by encouraging questions and feedback from readers to help with understanding and implementing the complex health reform law.
The document proposes a six-step plan to reform the Illinois State Universities Retirement System (SURS) and set it on a path to long-term fiscal sustainability. The steps include: 1) linking annual retirement annuity increases to inflation; 2) setting the effective interest rate based on Treasury bond yields; 3) phasing in contributions from universities and colleges and increased employee contributions; 4) requiring the state to pay down unfunded liabilities on a set schedule; 5) replacing the current Tier II plan with a hybrid defined benefit and defined contribution plan for new employees. The proposal aims to reduce costs and liabilities while continuing to provide retirement security.
The Arab Spring uprisings led governments in the Middle East and North Africa region to increase salaries and benefits for public sector employees. This placed pressure on private sector organizations to match the higher compensation or risk losing employees. Some effects included pay inequity, higher inflation, demands for improved benefits, and challenges retaining expatriate workers due to safety concerns. Going forward, organizations will need to strengthen performance management and develop variable pay to link compensation more closely to individual contributions.
How Does Obamacare Impact Your Business Planning?Tilson
The Supreme Court has upheld the PPACA and its implementation is full steam ahead. Now is the time to begin preparing for the impact on your business and your employees. Many have forgotten the complexity, decisions, and regulatory requirements of this legislation. As we all know, the devil is in the details.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
The Liabilities and Risks of State-Sponsored Pension PlansWilliamStrnad
This document discusses the true funding status of public pension plans in the United States. It finds that while states have reported $1.94 trillion in pension assets, the actual liabilities using appropriate market-based discount rates are $5.17 trillion, resulting in an underfunding of $3.23 trillion. This underfunding is much larger than reported by states and represents a significant hidden debt burden on taxpayers. The document argues states should use risk-free discount rates like Treasury rates instead of the typical 8% rate when calculating pension liabilities, as pension obligations are very low risk from the state's perspective.
ISSUE: End the Double Standard - RBA NYS Economic Survival GuideUnshackle Upstate
1) Public employee salaries and benefits in New York state are 15% higher than private sector averages and include more generous pensions and healthcare.
2) These high costs are unsustainable for the state budget and taxpayers, representing about two-thirds of state and local government spending.
3) Reforming public employee contracts in 2011, when many union agreements expire, is key to addressing New York's budget problems by benchmarking salaries and benefits to private sector standards.
Feb 2013 1 id fort riley monthly news updateertripp
This document summarizes recent changes affecting military pay and benefits, including a 1.7% increase in basic pay, increases to BAS and BAH, and an increase in Social Security tax withholding rates from 4.2% to 6.2%. It provides examples showing how these changes impact the net pay of sample E6 and O3 service members. It also briefly describes the Military Saves campaign taking place from February 23 to March 2 to encourage savings among military families.
A Test Of Policies: Wisconsin Vs Illinoisradarbutane60
- Wisconsin passed Act 10 in 2010 which limited collective bargaining for public sector unions except for police and firefighters. This has helped reduce spending on benefits for public sector workers and helped balance Wisconsin's budget without major cuts to services.
- In contrast, Illinois has not passed similar reforms and faces major pension payment obligations and budget deficits as a result of benefits promised to public sector unions. Chicago faces $615 million in pension payments alone for this year's budget.
- The reforms in Wisconsin have helped reduce healthcare and pension costs for local schools by an estimated 45% by 2020 while Illinois continues to struggle with the costs of benefits promised to public sector unions.
This document discusses occupational pensions and pension reform in Barbados and other Caribbean countries. It provides historical context on increasing lifespans and costs of pensions. Barbados passed the Occupational Pension Benefits Bill in 2003 to better regulate private pensions and ensure adequate savings for retirement. The bill established a three-pillar framework including the national insurance scheme, employer pensions, and private savings. Other countries have also enacted pension legislation to require employer pension plans and regulate the industry. Proper regulation is needed to protect individuals' retirement funds.
The document summarizes changes to employer-provided health care plans under the Affordable Care Act (ACA). Key changes for employers beginning in 2014 include requiring plans to cover at least 60% of costs and be affordable or employers may face penalties. Employers with 50+ full-time employees must also offer coverage or may be penalized. Individuals without employer coverage may receive subsidies to purchase plans on insurance exchanges if they earn between 100-400% of the federal poverty level.
The document summarizes the uncertainty around extending various tax cuts enacted in 2001 and 2003 ("Bush-era tax cuts") that are set to expire after 2012. Key provisions that could change if not extended include higher individual income tax rates, reduced estate and gift tax exclusions, and reduced alternative minimum and child tax credits. Extending all the tax cuts would cost $2.84 trillion over 10 years. Failure to extend them could have negative economic impacts on taxpayers and businesses.
The presentation makes a compelling argument for the Joint Select Committee on Deficit Reduction ("Super Committee") to "Go Big" rather than going small.
For more info, visit http://crfb.org/go-big.
Leveling The Playing Field: An Examination of Compensatory Journalism in the ...Lyndsi Thomas
Compensatory journalism, which aims to balance positive and negative coverage of candidates, was present in the 2008 Republican primary according to a study. News coverage discussed candidates' campaign spending, polling, and criticism of attack ads. Reporters from ABC and CBS had previously cautioned about trusting claims made in negative political advertisements.
An Individual(k) plan can provide higher contribution limits, greater funding flexibility, and lower costs than other retirement plan options for self-employed individuals or small business owners. Key benefits include the ability to make discretionary employer contributions of up to 25% of compensation, employee contributions of up to $15,500 per year, and loans and distributions from the plan. Individual(k) plans also allow for consolidating other retirement accounts and designating some contributions as Roth 401(k) contributions, which provide tax-free future distributions. The plan may be a good fit for businesses with only owner-employees or those that can exclude common-law employees from participation.
This document discusses several common market indicators that can be monitored to understand how sentiment about the European debt crisis may be evolving. It identifies interest rates on sovereign debt, credit default swap costs, levels of borrowing from the European Central Bank, and credit rating changes as some of the most important factors that can reflect or affect market reactions to news from Europe. It also notes that investor responses do not always match what might be expected and that there are many interrelated pieces to the ongoing situation.
Surviving Financially When You're UnemployedGreg Younger
This document provides advice on surviving financially when unemployed, including:
1. Plan for at least 6 months of unemployment by creating a bare-bones budget and finding ways to increase income such as unemployment benefits, part-time work, or selling possessions.
2. Reduce expenses where possible, like increasing insurance deductibles, selling your car, negotiating bills, or canceling discretionary services.
3. Consider last resort options only if truly desperate, like borrowing from retirement funds, taking a lower paying job, or selling your home. The goal is to avoid short-sighted decisions that could negatively impact your long-term finances.
Goldmine Media\'s efactsheets bundle will enable your business to generate further new business opportunities and add another layer of interaction, whether you\'re engaging with your business audiences online, by email or face-to-face.
The 22 efactsheets feature articles that include protection, both personal and business, retirement and investment planning and Inheritance Tax Planning).
Life assurance
Term assurance
Whole-of-life cover
Critical illness cover
Income protection insurance
Achieving financial security and independence
Financial Protection for you and your family
Making a will
Wealth protection
Business protection
Building a bigger retirement income
More than six million Britons over-50 look set to
retire on less than minimum wage
Financial independence
Self-Invested personal pensions
Pension consolidation
Planning for retirement
Buying an annuity
Wealth creation
The value of insurance to protect you income
Estate Planning
Is it time to get more flexible with your money?
Reducing your investment risk
This document discusses retirement planning and options for saving for retirement. It notes that traditional pensions have limitations in terms of maximum annual contributions and lifetime caps. Alternative retirement investing options are mentioned, such as SIPPs which allow investing pension funds in assets beyond stocks and bonds. The document stresses the importance of periodic retirement planning reviews given changing laws, economic conditions, and individual circumstances over time. Professional advice is recommended to evaluate one's retirement planning.
This document summarizes a report on shifting public pension plans from defined benefit to defined contribution models. It discusses how the private sector led the shift to defined contribution plans in the 1970s-80s due to changes in tax law and accounting standards. It then examines how the federal government implemented a similar reform for federal workers in the 1980s through a new defined contribution plan paired with a reduced defined benefit plan. The document uses these cases to argue public sector employers can achieve fiscal sustainability by implementing a similar pension reform approach.
The document provides an end-of-year wrap-up and reminders relating to Affordable Care Act (ACA) compliance in 2015. Key updates include: the Supreme Court agreeing to hear a case on premium tax credits; guidance clarifying that "skinny plans" must meet minimum value standards; and FAQs further prohibiting cash incentives for individual coverage. It also reminds readers of ACA provisions taking effect in 2015, such as out-of-pocket limits and the employer shared responsibility requirement.
The document discusses expanding private disability insurance (PDI) in Australia to reduce the economic burden on the National Disability Insurance Scheme (NDIS). Currently, PDI coverage is limited and most disability support comes from government programs. The modelling study examines how financial incentives for PDI, similar to incentives for private health insurance, could increase PDI uptake and generate savings for both government programs and private insurers. The findings suggest that with appropriate premiums and rebates, expanded PDI coverage could save the government $8.5 billion over 5 years while reducing reliance on the NDIS and Disability Support Pension.
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required in the immediate future in 2010, as well as changes phased in between now and 2014 such as establishing insurance exchanges, essential benefits packages, and penalties for individuals and employers who do not obtain qualified health insurance coverage. The summary concludes by encouraging questions and feedback from readers to help with understanding and implementing the complex health reform law.
The document proposes a six-step plan to reform the Illinois State Universities Retirement System (SURS) and set it on a path to long-term fiscal sustainability. The steps include: 1) linking annual retirement annuity increases to inflation; 2) setting the effective interest rate based on Treasury bond yields; 3) phasing in contributions from universities and colleges and increased employee contributions; 4) requiring the state to pay down unfunded liabilities on a set schedule; 5) replacing the current Tier II plan with a hybrid defined benefit and defined contribution plan for new employees. The proposal aims to reduce costs and liabilities while continuing to provide retirement security.
The Arab Spring uprisings led governments in the Middle East and North Africa region to increase salaries and benefits for public sector employees. This placed pressure on private sector organizations to match the higher compensation or risk losing employees. Some effects included pay inequity, higher inflation, demands for improved benefits, and challenges retaining expatriate workers due to safety concerns. Going forward, organizations will need to strengthen performance management and develop variable pay to link compensation more closely to individual contributions.
How Does Obamacare Impact Your Business Planning?Tilson
The Supreme Court has upheld the PPACA and its implementation is full steam ahead. Now is the time to begin preparing for the impact on your business and your employees. Many have forgotten the complexity, decisions, and regulatory requirements of this legislation. As we all know, the devil is in the details.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
The Liabilities and Risks of State-Sponsored Pension PlansWilliamStrnad
This document discusses the true funding status of public pension plans in the United States. It finds that while states have reported $1.94 trillion in pension assets, the actual liabilities using appropriate market-based discount rates are $5.17 trillion, resulting in an underfunding of $3.23 trillion. This underfunding is much larger than reported by states and represents a significant hidden debt burden on taxpayers. The document argues states should use risk-free discount rates like Treasury rates instead of the typical 8% rate when calculating pension liabilities, as pension obligations are very low risk from the state's perspective.
ISSUE: End the Double Standard - RBA NYS Economic Survival GuideUnshackle Upstate
1) Public employee salaries and benefits in New York state are 15% higher than private sector averages and include more generous pensions and healthcare.
2) These high costs are unsustainable for the state budget and taxpayers, representing about two-thirds of state and local government spending.
3) Reforming public employee contracts in 2011, when many union agreements expire, is key to addressing New York's budget problems by benchmarking salaries and benefits to private sector standards.
Feb 2013 1 id fort riley monthly news updateertripp
This document summarizes recent changes affecting military pay and benefits, including a 1.7% increase in basic pay, increases to BAS and BAH, and an increase in Social Security tax withholding rates from 4.2% to 6.2%. It provides examples showing how these changes impact the net pay of sample E6 and O3 service members. It also briefly describes the Military Saves campaign taking place from February 23 to March 2 to encourage savings among military families.
A Test Of Policies: Wisconsin Vs Illinoisradarbutane60
- Wisconsin passed Act 10 in 2010 which limited collective bargaining for public sector unions except for police and firefighters. This has helped reduce spending on benefits for public sector workers and helped balance Wisconsin's budget without major cuts to services.
- In contrast, Illinois has not passed similar reforms and faces major pension payment obligations and budget deficits as a result of benefits promised to public sector unions. Chicago faces $615 million in pension payments alone for this year's budget.
- The reforms in Wisconsin have helped reduce healthcare and pension costs for local schools by an estimated 45% by 2020 while Illinois continues to struggle with the costs of benefits promised to public sector unions.
This document discusses occupational pensions and pension reform in Barbados and other Caribbean countries. It provides historical context on increasing lifespans and costs of pensions. Barbados passed the Occupational Pension Benefits Bill in 2003 to better regulate private pensions and ensure adequate savings for retirement. The bill established a three-pillar framework including the national insurance scheme, employer pensions, and private savings. Other countries have also enacted pension legislation to require employer pension plans and regulate the industry. Proper regulation is needed to protect individuals' retirement funds.
The document summarizes changes to employer-provided health care plans under the Affordable Care Act (ACA). Key changes for employers beginning in 2014 include requiring plans to cover at least 60% of costs and be affordable or employers may face penalties. Employers with 50+ full-time employees must also offer coverage or may be penalized. Individuals without employer coverage may receive subsidies to purchase plans on insurance exchanges if they earn between 100-400% of the federal poverty level.
The document summarizes the uncertainty around extending various tax cuts enacted in 2001 and 2003 ("Bush-era tax cuts") that are set to expire after 2012. Key provisions that could change if not extended include higher individual income tax rates, reduced estate and gift tax exclusions, and reduced alternative minimum and child tax credits. Extending all the tax cuts would cost $2.84 trillion over 10 years. Failure to extend them could have negative economic impacts on taxpayers and businesses.
The presentation makes a compelling argument for the Joint Select Committee on Deficit Reduction ("Super Committee") to "Go Big" rather than going small.
For more info, visit http://crfb.org/go-big.
Leveling The Playing Field: An Examination of Compensatory Journalism in the ...Lyndsi Thomas
Compensatory journalism, which aims to balance positive and negative coverage of candidates, was present in the 2008 Republican primary according to a study. News coverage discussed candidates' campaign spending, polling, and criticism of attack ads. Reporters from ABC and CBS had previously cautioned about trusting claims made in negative political advertisements.
An Individual(k) plan can provide higher contribution limits, greater funding flexibility, and lower costs than other retirement plan options for self-employed individuals or small business owners. Key benefits include the ability to make discretionary employer contributions of up to 25% of compensation, employee contributions of up to $15,500 per year, and loans and distributions from the plan. Individual(k) plans also allow for consolidating other retirement accounts and designating some contributions as Roth 401(k) contributions, which provide tax-free future distributions. The plan may be a good fit for businesses with only owner-employees or those that can exclude common-law employees from participation.
This document discusses several common market indicators that can be monitored to understand how sentiment about the European debt crisis may be evolving. It identifies interest rates on sovereign debt, credit default swap costs, levels of borrowing from the European Central Bank, and credit rating changes as some of the most important factors that can reflect or affect market reactions to news from Europe. It also notes that investor responses do not always match what might be expected and that there are many interrelated pieces to the ongoing situation.
Surviving Financially When You're UnemployedGreg Younger
This document provides advice on surviving financially when unemployed, including:
1. Plan for at least 6 months of unemployment by creating a bare-bones budget and finding ways to increase income such as unemployment benefits, part-time work, or selling possessions.
2. Reduce expenses where possible, like increasing insurance deductibles, selling your car, negotiating bills, or canceling discretionary services.
3. Consider last resort options only if truly desperate, like borrowing from retirement funds, taking a lower paying job, or selling your home. The goal is to avoid short-sighted decisions that could negatively impact your long-term finances.
This document discusses demystifying design for developers. It begins with dispelling four common myths about user experience design: 1) That it is just user interface design 2) That it is simply a step to make products better 3) That it is solely the designer's job 4) That it is just about listening to users. The document then explains what user experience design truly entails, such as interaction design, user research, prototyping, and usability testing. It emphasizes understanding users through empathy and provides exercises to experience the design process and test usability.
The document discusses considerations for accepting an early retirement offer from an employer. It outlines typical elements of early retirement packages including severance payments, post-retirement medical coverage, and bridging payments. It discusses evaluating an offer by considering tax implications and the impact on retirement benefits. The document also outlines potential consequences of accepting or declining an offer such as less time to save for retirement or facing uncertainty if declining the offer. It provides tips for determining if early retirement is financially feasible.
This document addresses whether it is better to invest extra cash or use it to pay off debt. It explains that you should compare the interest rate on your debts to potential returns on investments. If the debt has a higher interest rate, it is better to pay it off first before investing. However, if investments could earn a higher return than the interest on a debt, it may be better to invest the extra cash instead of paying off the debt. The document provides examples comparing the costs of credit card debt versus savings account returns, and student loan debt versus certificate of deposit returns to illustrate when paying off debt or investing would be more financially advantageous.
The document summarizes the rules for the first-time homebuyer tax credit for home purchases between April 2008 and November 2009. It notes that the credit was originally up to $7,500 but was expanded by new legislation to up to $8,000 for homes purchased between January and November 2009, with no requirement to pay the credit back as long as the home remains the primary residence for 36 months. It also provides a table comparing the credit rules based on purchase date.
The document discusses America's growing debt problem and some potential solutions. It outlines several "hidden debt bombs" not captured in official debt figures, such as losses from Fannie Mae and Freddie Mac, unfunded promises for Social Security and Medicare, and reduced tax revenue from tax breaks. Some proposed solutions mentioned include raising the Social Security retirement age, reducing health insurance tax breaks, broadening the tax base, and considering new revenue options like a value-added tax.
The document discusses several options for reforming Social Security in the United States. It outlines proposals to increase payroll taxes, raise or eliminate the taxable earnings maximum, change how benefits are calculated, modify retirement ages, and increase benefits for low-earners. It also discusses changing the cost-of-living adjustment, combining disability and retirement programs, and proposals to partially privatize the system through personal retirement accounts. Advocates and opponents of each approach argue about their potential effects on the long-term solvency of Social Security and retirement security.
The SSA provides retirement and disability benefits to millions of Americans, the latter involves a chart review. COVID-19 could impact these benefits.
This document from the Congressional Budget Office provides additional information on CBO's 2013 long-term projections for Social Security. It finds that:
- Social Security outlays exceeded tax revenues for the first time in 2010 and CBO projects the gap will average 12% of tax revenues over the next decade as more baby boomers retire.
- The Disability Insurance trust fund is projected to be exhausted in 2017 and the Old-Age and Survivors Insurance trust fund in 2033, though combining the two the funds would be exhausted in 2031.
- The amount of taxes paid and benefits received through Social Security varies between groups based on earnings, with higher earners paying more in taxes but receiving proportionately lower replacement rates
Lester B. Pearson served as Prime Minister of Canada from 1963 to 1968. During his time as prime minister, he made significant changes that improved life for Canadians. He established universal healthcare across Canada, which provided medical coverage for all citizens. Pearson also oversaw the creation of Canada's new national flag and anthem, unifying national symbols that many Canadians identify with today. Additionally, he laid the groundwork for official bilingualism and multiculturalism as key principles in Canadian society and government. Pearson's changes helped modernize Canada and establish policies that promote inclusiveness, equality, and national pride for all citizens.
The document provides additional details on CBO's 2010 long-term projections for Social Security. Key findings include:
1) Social Security outlays are projected to exceed tax revenues starting in 2016 and the trust funds are estimated to be exhausted by 2039 under current law.
2) Uncertainty in the projections is substantial, with an 80% range of uncertainty shown for some measures.
3) Scheduled benefits are calculated under current law regardless of trust fund balances, while payable benefits would be reduced if balances are depleted.
4) The distribution of lifetime taxes paid and benefits received varies significantly based on factors like birth year and lifetime earnings.
The document discusses challenges facing Social Security and potential reforms. By 2034, Social Security's trust fund is projected to become depleted, requiring an automatic 20% benefits cut or 25% payroll tax increase. Several reform options are outlined, including gradually increasing taxes or reducing benefits, but none fully address the shortfall. The document emphasizes that earlier Congressional action allows for more gradual changes and planning. It also reviews the economy and financial markets in 2023, noting strong returns despite challenges. Five insights for 2024 markets are provided, including the potential for further gains if inflation stabilizes and rates are cut. The importance of staying invested through changing conditions is stressed.
Defined contribution (DC) plans have replaced defined benefit (DB) plans as the primary source of retirement income for employees. Unlike DB plans where employers fund retirement, DC plans require individuals to determine contribution rates and manage investments. While popular, DC plans have not proven as successful as DB plans in providing sustainable lifetime income in retirement. Low interest rates negatively impact DC plan participants' ability to fund retirement income goals, as it increases the present value of those goals. Interruptions to funding sources, like suspended employee contributions or employer matches during the pandemic, can significantly reduce retirement savings and readiness.
Presentation by Julie Topoleski, Director of CBO’s Labor, Income Security, and Long-Term Analysis Division, and Molly Saunders-Scott, analyst in CBO’s Tax Analysis Division, at the National Tax Association’s 53rd Annual Spring Symposium.
The document summarizes key aspects of the Paycheck Protection Program (PPP) established by the CARES Act to provide relief to small businesses during the COVID-19 pandemic. The PPP offers 100% SBA-guaranteed loans of up to $10 million for eligible small businesses to cover payroll costs and other qualified expenses, with the potential for the entire loan to be forgiven if used for payroll and other approved costs. Skyway Capital Markets provides an overview of PPP loan eligibility requirements, how much can be borrowed and forgiven, loan terms, and how they can help streamline the application process through their online portal and partnerships with local lenders.
ACA Compliance Bulletin - Final Notice of Benefit and Payment Parameters for ...Kelley M. Bendele
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
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These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
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McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
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1. October 2009
Ameriprise Financial
Greg Younger, CRPC®
14755 N. Outer
Social Security: What Does the Future Hold?
Chesterfield, MO 63017
636.534.2092 Each year, the Social Security and Medicare report mentions immediately increasing the
gregory.d.younger@ampf.com trustees issue a report on the financial health payroll tax or reducing benefits as additional
of these two programs. The news hasn't been options.
good. According to this year's
report, in 2016, Social Security The near future
will begin paying out more The Congressional Budget Office (CBO) is
money than it takes in, and will projecting that for the first time since 1975,
be able to pay promised benefits when cost-of-living adjustments (COLA) were
only until 2037; afterwards, the first payable, Social Security beneficiaries will
trust fund reserves will be ex- not receive an automatic increase next year
hausted and payroll tax income will be enough (or for 2011), due to low inflation. According to
to finance only 76% of scheduled benefits the CBO, the absence of COLA will also affect
until 2083. the maximum earnings that are taxable for
Social Security reform has been a political hot Social Security, because under the Social
potato, but that may be about to change. The Security Act, the earnings maximum can only
decline of the financial markets has led to increase when COLA is payable. Therefore,
renewed focus on the importance of Social the CBO is projecting that this year's earnings
Security income to retirees, and on the need base of $106,800 will remain the same for the
to address the growing burden that Social next two years.
Security is placing on the federal budget. Medicare beneficiaries will be affected too. By
law, for individuals who have their Medicare
You can find the annual trustees Part B premiums withheld from their Social
report on the Social Security Security checks, premiums cannot rise more
Administration's website, than COLA increases for Social Security. Con-
www.socialsecurity.gov. sequently, no annual COLA means that stan-
dard Medicare premiums will remain at their
current level of $96.40 per month for approxi-
Proposals to stabilize Social Security
mately 75% of Medicare beneficiaries. How-
Despite fears that Social Security will not be ever, certain beneficiaries (those who do not
In this issue: around for future generations, there have have their premiums deducted directly from
Social Security: What Does been no calls to eliminate Social Security, and Social Security and those with higher incomes
the Future Hold? the focus is on making the program sustain- who pay higher income-related premiums) do
able. In fact, President Obama has repeatedly not have this protection, and will see their
More Drops in the Higher
Education Bucket expressed his commitment to preserving So- premiums rise, perhaps substantially.
cial Security. To help accomplish this, he fa-
Health Insurance Options After vors a Social Security payroll tax on earnings Stay informed
a Job Loss above $250,000 (currently no Social Security Most Americans rely on Social Security for at
Can creditors reach my 401(k) payroll tax is assessed on earnings above a least a portion of their retirement income, but
plan account? certain maximum, $106,800 in 2009). Many to ensure that Social Security will be able to
other potential solutions have also been sug- pay promised benefits for many years to
gested. For example, the Social Security Sol- come, it's clear that the program must change.
vency Act of 2009, introduced in the Senate in It's a good idea to follow the news to learn
February, proposes accelerating by five years about legislative developments and model
the gradual increase in full retirement age to various income scenarios when developing
67, and modifying the benefit calculation to your own retirement plan.
reduce benefit growth. This year's trustees
2. Page 2
More Drops in the Higher Education Bucket
The world of higher edu- not increase the amount of the Lifetime Learn-
cation has received some ing credit, which is geared more toward occa-
attention in Washington sional courses taken by students who are
this year. The American enrolled in school less than full-time.)
Recovery and Reinvest-
ment Act of 2009 (ARRA) Qualified expenses and 529 plans
was signed into law by President Obama in ARRA has expanded the definition of
February. This legislation, along with Presi- "qualified higher education expenses" for 529
dent Obama's proposed budget for FY 2010, plans to include expenses paid or incurred in
contains several provisions related to higher 2009 or 2010 for computer technology, equip-
education. ment, and Internet access, provided they are
used by the 529 plan beneficiary and the
Hope credit
beneficiary's family during any of the years the
The Hope credit is a tax credit for college tui- beneficiary is enrolled at an eligible educa-
tion and related expenses. ARRA changed tional institution. This means you can take a
the Hope credit significantly. For 2009 and tax-free withdrawal from your 529 plan to pay
2010, the Hope credit is renamed the Ameri- for these items. (Previously, a computer had
can Opportunity tax credit and can be worth to be required by the college in order to be
$2,500 per student per year, up from $1,800. considered a qualified education expense.)
(President Obama's FY 2010 budget blueprint
proposes making the credit permanent.) In This carve out for computer-related expenses
addition, the credit now applies to the first four is similar to the existing provision for K-12
years of a student's post-secondary educa- computer expenses currently allowed by
tion, provided he or she attends at least half- Coverdell education savings accounts.
time (previously, the credit applied only to the Pell Grants
first two years of college). And the income
limits for qualifying have been increased: ARRA increased the maximum Pell Grant to
$5,350 for 2009/2010 and to $5,550 for
• A full credit is available to single filers 2010/2011. President Obama's FY 2010
with a modified adjusted gross income budget proposes making the Pell Grant pro-
(MAGI) below $80,000 (previously gram a mandatory spending program with
By increasing $50,000) and joint filers with a MAGI be- automatic increases tied to the Consumer
both the amount low $160,000 (previously $100,000) Price Index.
of the credit and
the income limits • A partial credit is available to single filers Federal Family Education Loan program
to qualify for it, with a MAGI between $80,000 and
$90,000 (previously $50,000 and President Obama's 2010 proposed budget
and by seeks to eliminate the Federal Family Educa-
expanding the $60,000) and joint filers with a MAGI be-
tween $160,000 and $180,000 tion Loan program in 2010. If it passes, all
availability of the student loans would be made through the
credit to all four (previously $100,000 and $120,000)
federal government's Direct Loan program.
years of college, Other points to note about the new credit:
the federal Financial aid
government has • The credit may be claimed against an
According to www.whitehouse.gov, President
put the focus on individual's alternative minimum tax
Obama wants to simplify the federal financial
helping liability
aid application process by eliminating the cur-
traditional rent FAFSA application and allowing families
• Up to 40% of an individual's allowable
college students to apply by simply checking a box on their tax
credit may be refundable
pay for college. form, authorizing their tax information to be
• For purposes of the credit, the definition used. Stay tuned to see whether this major
of "qualified tuition and related expenses" time-saving objective will happen in 2010.
is expanded to include course materials
By increasing both the amount of the credit
and the income limits to qualify for it, and by
expanding the availability of the credit to all
four years of college, the federal government
has put the focus on helping traditional col-
lege students pay for college. (Congress did
3. Page 3
Health Insurance Options After a Job Loss
It's hard enough facing the financial and emo- coverage, you and your family can enroll in
tional trauma of losing your job. One of the your spouse's plan without having to wait until
issues you may confront is the loss of your the plan's regular enrollment period, and you
employer-provided health insurance as well. can't be excluded for pre-existing health
While there may not be a simple solution to conditions.
your health insurance dilemma, you should But don't jump to your spouse's plan just
understand your options. because it's cheaper than your COBRA
COBRA coverage without considering some important
factors. Your spouse's plan may not offer as
The Consolidated Omnibus Budget Recon- many benefits as your COBRA coverage. For
ciliation Act of 1985 (COBRA) provides for example, your spouse's insurance plan may
continued access to health insurance for peo- not cover your doctor or your preferred
ple who lose their employer-sponsored cover- medical facility. And while that plan may cost
age due to termination of employment (among less because of greater employer contribu-
other triggering events). tions, if your spouse gets sacked, your
spouse's COBRA coverage might cost more
Under federal law, employers with 20 or more
than your COBRA coverage. So before
employees that provide health insurance are How much will
switching health plans, compare your
required to offer COBRA coverage. As a COBRA cost?
spouse's plan benefits to your COBRA cover-
qualifying employee, you can remain on your
age, consider the security of your spouse's Excluding the
employer's plan for up to 18 months.
job, and find out what your spouse's COBRA temporary subsidy
However, you must pay the cost of COBRA
coverage would cost. provided by ARRA,
insurance, plus a 2% administrative fee,
you generally are
unless your employer pays some of the cost. Insurance through an organization responsible for 102% of
But you can't be turned down due to
Often, various groups and organizations such the cost of COBRA
pre-existing health conditions, and the
as fraternal clubs, religious groups, unions, continuation coverage.
coverage will include your family if they were
also covered under your employer-sponsored and local chambers of commerce offer health In 2008, the average
plan. insurance to their members. Because the annual cost for COBRA
coverage is based on a group, its cost is continuation health
Note: The American Recovery and Reinvest- usually less than comparable private insur- insurance was $4,704
ment Act of 2009 (ARRA) provides that, for ance. But coverage may be offered through for an individual plan
involuntary terminations that occur on or after only one insurer, the plan benefits may be and $12,680 for family
September 1, 2008, and before January 1, limited, and co-payments and deductibles may coverage.
2010, assistance-eligible individuals will only be higher than under your current plan. Source: The Henry J.
need to pay 35% of COBRA premiums for a
Private health insurance Kaiser Family
period of up to 9 months. The remaining 65%
Foundation
of premium cost will be subsidized by the Another alternative is private individual or fam- Employee Health
federal government. ily health insurance. Private insurance gives Benefits: 2008 Annual
State programs you the greatest choices for plan benefits, but Survey, September
it most likely will cost more than coverage 2008.
If your employer has gone out of business, through your former employer. Also, you or
stopped offering health insurance, or is too members of your family could be denied insur-
small to qualify for COBRA, you may still be ance coverage due to pre-existing medical
protected. Many states have laws that provide conditions unless you meet specific HIPAA
health insurance continuation programs simi- qualifications.
lar to COBRA. However, the laws of each
state may differ as to employee qualifications, More options
length of coverage, spousal and dependant Other cost-effective choices include high
benefits, etc. Check with your state's labor deductible individual plans and the federally
department or insurance commissioner's subsidized, state-administered Children's
office for more specific information. Health Insurance Program (CHIP), which is
Your spouse's coverage available for families with modest incomes.
Contact your state insurance department for
If you have a spouse who is working, he or more information.
she may have access to employer-sponsored
health insurance. If your spouse qualifies for
4. Ask the Experts
Can creditors reach my 401(k) plan account?
The extent to which your But again, this broad protection applies only if
401(k) plan account is pro- your 401(k) plan is governed by ERISA. Some
tected from the claims of plans are not. For example, a plan that covers
your creditors depends on only a business owner, or the owner and his
two things: (1) whether your or her spouse (i.e., an "individual 401(k)"
plan is covered by the Employee Retirement plan), isn't covered by ERISA. Plans spon-
Income Security Act of 1974 (ERISA), and (2) sored by governmental entities and certain
Ameriprise Financial the type of claim (in bankruptcy or outside of churches aren't governed by ERISA
Greg Younger, CRPC® bankruptcy). either.
14755 N. Outer
Chesterfield, MO 63017 Most 401(k) plans are covered by ERISA. If you participate in one of these plans, you
636.534.2092 ERISA contains an "anti-assignment" rule that won't be able to rely on ERISA at all for pro-
gregory.d.younger@ampf.com
provides broad protection from creditors' tection from your creditors. What happens
claims. This anti-assignment rule applies then? Your 401(k) plan account will still be
The information contained in this material is
whether you've declared bankruptcy or not-- fully protected from your creditors if you de-
being provided for general education purposes
and with the understanding that it is not intended
no bankruptcy or judgment creditor can reach clare bankruptcy, as a matter of federal law.
to be used or interpreted as specific legal, tax or your 401(k) plan account, if the plan is gov- But whether you'll be protected from creditor
investment advice. It does not address or
account for your individual investor erned by ERISA. (There are several important claims outside of bankruptcy will depend on
circumstances. Investment decisions should
always be made based on your specific financial exceptions to ERISA's anti-assignment rule. the laws of your particular state. While most
needs and objectives, goals, time horizon and
risk tolerance. For example, the IRS may be able to levy states provide at least some protection for
The information contained in this communication, against your 401(k) plan account for failure to retirement accounts, some do not. You'll need
including attachments, may be provided to
support the marketing of a particular product or pay your taxes. And a court can issue a quali- to consult a qualified attorney to determine
service. You cannot rely on this to avoid tax
penalties that may be imposed under the Internal
fied domestic relations order (QDRO) that will how the laws of your state apply to your
Revenue Code. Consult your tax advisor or
attorney regarding tax issues specific to your
require the plan to pay all or part of your plan particular situation.
circumstances. benefit to your former spouse.)
Neither Ameriprise Financial Services, Inc. nor
any of its employees or representatives are
authorized to give legal or tax advice. You are
encouraged to seek the guidance of your own
personal legal or tax counsel. Ameriprise
Financial Services, Inc. Member FINRA and
SIPC. Can creditors reach my IRA assets?
The information in this document is provided by a
third party and has been obtained from sources
believed to be reliable, but accuracy and
Traditional and Roth IRAs generally aren't protected from your bankruptcy creditors un-
completeness cannot be guaranteed by
Ameriprise Financial Services, Inc. While the
subject to ERISA (we'll discuss SEPs and der federal law--the $1,095,000 limit doesn't
publisher has been diligent in attempting to SIMPLE IRAs later). Therefore, they don't apply. But whether or not your SEP/SIMPLE
provide accurate information, the accuracy of the
information cannot be guaranteed. Laws and qualify for the broad protection from creditors IRA has protection from your creditors outside
regulations change frequently, and are subject to
differing legal interpretations. Accordingly, that ERISA typically provides. However, even of bankruptcy may depend on whether your
neither the publisher nor any of its licensees or
their distributees shall be liable for any loss or though ERISA doesn't apply, federal law still plan is governed by ERISA (because it covers
damage caused, or alleged to have been
caused, by the use or reliance upon this service. provides protection for up to $1,095,000 (in one or more common law employees).
2009) of your aggregate traditional and Roth
IRA assets if you declare bankruptcy. If your SEP/SIMPLE IRA plan isn't subject to
ERISA, whether you'll have protection from
If you've rolled any funds over from a 401(k) your creditors outside of bankruptcy will likely
or 403(b) plan (or another qualified plan) to depend on the laws of your particular state.
your IRA, then those assets, and any earnings
on them, aren't subject to the $1,095,000 cap, But if your SEP/SIMPLE IRA is governed by
and are fully protected. (You may want to con- ERISA, whether you'll have protection under
sider setting up a separate IRA to hold roll- state law from creditors outside of bankruptcy
over funds so that you can more easily iden- is not clear. These plans are not covered by
tify the amount eligible for full protection if you the part of ERISA that protects assets from
declare bankruptcy.) creditors generally. But they are subject to the
part of ERISA that preempts state laws. So
But, with IRAs, federal law governs only bank- state laws that may have provided protection
ruptcy claims. Whether you'll have protection for your SEP or SIMPLE IRA account from
Prepared by Forefield Inc, from your creditors outside of bankruptcy will nonbankruptcy creditors may not be available.
Copyright 2009 depend on the laws of your particular state.
These rules are obviously quite complicated.
Different rules apply to SEP IRA and SIMPLE Be sure to consult a qualified attorney if credi-
IRA plans. SEP and SIMPLE IRAs are fully tor protection is important to you.