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BUSINESS
March 1, 2007 | From Bloomberg News
Goodyear Tire & Rubber Co. said it would scrap its pension program for current workers and raise retiree healthcare payments to save as much as $90 million annually. In 2009, Goodyear will replace defined-benefit pension plans with 401(k) programs with matching contributions. Corporate salaried and retail store retirees will pay more for health benefits beginning next year, and some insurance benefits will be canceled, Akron, Ohio-based Goodyear said.
ARTICLES BY DATE
BUSINESS
September 9, 2013 | By Walter Hamilton
Employees at small companies pay much higher fees in their 401(k) retirement plans than people at large firms, according to a new study. Over a 35-year career, the average worker at a small company will pay $113,206 more in fees than a counterpart at a huge corporation, according to an analysis by Bankrate.com. “People who work for very large companies are most likely to pay comparatively little for their retirement plans,” according to the analysis . “Employees of small companies are likely to pay a lot more.” QUIZ: How much do you know about mortgages?
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BUSINESS
September 22, 1991 | From Associated Press
If the 1980s were the heyday of the IRA, the '90s are starting to look like the decade of the 401(k) in the big and growing business of retirement planning. As Congress created and tinkered with new programs to encourage saving for retirement over the last 10 years, individual retirement accounts, or IRAs, got most of the publicity.
BUSINESS
September 4, 2013 | By Walter Hamilton
The 401(k) system has led to deep financial woes for a generation of American workers, leaving most people with inadequate retirement savings and dreary prospects for their latter years, according to a new research report. The widespread adoption of 401(k) plans in the last three decades has benefited upper-income workers, providing them with a coveted tax break even as it has left them at the mercy of the volatile stock market, according to the analysis by the Economic Policy Institute, a liberal think tank.
BUSINESS
December 27, 2006 | Kathy M. Kristof, Times Staff Writer
The Labor Department has filed suit against executives of two defunct textile firms, including one in Santa Monica, demanding the return of more than $100,000 in employee contributions to the firms' 401(k) plan. The suit, filed in U.S. District Court in New York on Thursday, alleges that Richard Haik and Mitchell Ostrover failed to forward employee contributions and loan repayments to the 401(k) retirement plan for employees of Beverly Trimming Co.
BUSINESS
January 27, 1990 | BILL SING
If you're one of the growing number of workers with a 401(k) company savings plan, take note: Some of your money may not be as secure as you think. Many participants in the popular 401(k) plans choose to place most of their money in fixed-income investments, putting less money in stock funds. If you choose the fixed-income route, chances are that your money will be put into so-called guaranteed investment contracts, or GICs.
BUSINESS
October 29, 2000 | JOSH FRIEDMAN
If your 401(k) plan has failed to keep up with other plans in terms of investment choices, or if you are otherwise unhappy with it, you can press for change. Though company managers tend to have a big stake in 401(k) decisions, they aren't the sole instigators of change. The moves are often spurred by rank-and-file workers who decide to lobby their company benefits office. Step 1 is to identify who at your company is responsible for overseeing the plan.
BUSINESS
January 26, 2001 | From Associated Press
Ted Benna was thinking about giving up retirement planning to become a full-time Quaker minister when he stumbled across something new buried deep within the federal tax code. The change--a paragraph (k) added in 1978 to Section 401 of the Internal Revenue Code--was intended to clear up a tax issue over a corporate profit-sharing plan. But Benna saw a broader application: an avenue for converting after-tax savings plans into tax-deferred retirement accounts.
BUSINESS
November 16, 2008 | Jim Puzzanghera, Puzzanghera is a Times staff writer.
For nearly three decades, working Americans have been part of a huge experiment with their future well-being: Old-fashioned pensions that guaranteed specific retirement benefits have given way to old-age benefits that depend on personal investing in the financial markets.
BUSINESS
August 6, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The employee savings program is a big corporate asset for Carter Hawley Hale Stores. To begin with, it puts company stock in the ostensibly loyal hands of its workers--no small matter for a company that was the target of two takeover attempts in the mid-1980s. The savings fund, known as a 401(k) program, also is a way to motivate workers and raise cash for the company. But are employees getting a good deal from Carter Hawley's savings program? Not everyone thinks so.
CALIFORNIA | LOCAL
December 3, 2012 | By David Zahniser, Los Angeles Times
Los Angeles voters who cast ballots in last month's election were more supportive of a major overhaul of the city's pension system than in increasing the sales tax to boost city revenue, according to a survey conducted by Loyola Marymount University's Center for the Study of Los Angeles. Nearly 44% of voters surveyed backed a proposal by former Mayor Richard Riordan to transition city workers from fixed-benefit government pensions to 401(k)-style, investment-based retirement plans.
CALIFORNIA | LOCAL
November 15, 2012 | By Catherine Saillant, Los Angeles Times
Multimillionaire Los Angeles businessman and former Mayor Richard Riordan has accepted a police union's challenge to put his mouth where his money is. Riordan agreed Wednesday to a series of three debates on the merits of a pension revamp initiative that he is trying to get on next year's city election ballot. The measure would create a 401(k)-style retirement plan for newly hired workers instead of the current guaranteed pensions. "Dick Riordan looks forward to the opportunity to share his views with the public about the dangerous path the city is going down when it fails to deal responsibly with its pension costs," his spokesman John Schwada said in a statement.
CALIFORNIA | LOCAL
October 19, 2012 | By Christine Mai-Duc, Los Angeles Times
Los Angeles mayoral candidate and City Councilman Eric Garcetti this week staked out a position on public pension reform more squarely in line with City Hall unions than his leading campaign opponents, drawing a potential early contrast in a race that has been dominated by three veteran City Hall elected officials with strikingly similar records. Appearing with three rivals at a Westside forum, Garcetti said Wednesday that he would oppose any shift to 401(k)-style retirement accounts, which can grow or shrink with investments.
CALIFORNIA | LOCAL
October 13, 2012 | By David Zahniser, Los Angeles Times
Richard Riordan, Los Angeles' millionaire former mayor, plunged deeper into the fray over public pensions Friday, announcing he is finalizing language for a ballot initiative that would move newly hired workers into 401(k)-style plans and freeze retirement benefits for existing workers. Riordan and his advisers said the proposal would save hundreds of millions of dollars a year by 2017, in part by phasing out government pensions as new employees come into the city workforce. The announcement set the stage for a ground war between Riordan, who has warned that retirement costs would push the city into bankruptcy, and an array of employee unions influential in city decision making.
NEWS
August 21, 2012 | By Jon Healey
The proposed Republican Party platform, which convention delegates will vote on next week, embraces the controversial "premium support" model for Medicare that presumptive presidential nominee Mitt Romney and his running mate, Rep. Paul D. Ryan (R-Wis.), have advocated. In doing so, it puts the idea in terms that are easy for voters to grasp -- and, potentially, for Democrats to attack. According to Bloomberg's James Rowley, a draft of the platform states that Medicare should “change from an unsustainable defined-benefit entitlement model” to the “defined contribution model.” Anyone with a retirement plan will immediately recognize the difference: pensions offer a "defined benefit," while 401(k)
BUSINESS
July 15, 2012 | By Tom Petruno
If you want a better 401(k) plan, be prepared to take it to the top. Say you want to add investment options to the plan, or dump poor-performing mutual funds. The first step is to find out who at your company has primary responsibility for the program. "At small companies the person with the most money in the plan is the CEO," said David Wray, president of the Plan Sponsor Council of America. That means the chief executive is most likely to be the person you'll need to persuade.
BUSINESS
February 24, 1999 | JUAN HOVEY
In this litigious age, the unhappy employee presents a threat to the success of any business. Good intentions count for nothing in safeguarding the employer with a faltering pension or profit-sharing plan. Even with a simple 401(k) plan, it doesn't matter that you have no power to influence what happens to your employees' money once invested among, say, five mutual funds. It matters only that an unhappy employee may sue you if the funds don't perform. Why?
BUSINESS
March 8, 2006 | John O'Dell, Times Staff Writer
General Motors Corp. said Tuesday that it would freeze or eliminate traditional pension benefits for salaried workers in the U.S. and move newer hires into a plan that relied more on 401(k) investments as the automaker continued to cut costs. The changes start next year and affect about 42,000 workers, including top executives, accountants, plant managers, designers and engineers. The automaker, which lost $8.
BUSINESS
July 15, 2012 | By Tom Petruno
Every paycheck, tens of millions of Americans diligently save a chunk of their income via 401(k) retirement investment plans. Yet for many people, much about their 401(k) is a giant mystery. How can you judge whether your plan is a good one — or a dud? And how do you know whether you're investing correctly? With a record $4.8 trillion now in 401(k)s and similar plans, such as 403(b) plans for public employees, the stakes have never been higher. Recognizing this, new federal rules took effect July 1 that will force employers to reveal more about the often-hidden fees of the programs.
BUSINESS
May 6, 2012 | By Walter Hamilton, Los Angeles Times
The gig: Mike Alfred is co-founder and chief executive of BrightScope Inc., a financial information company in San Diego that analyzes 401(k) retirement plans and publishes disciplinary records and other information on financial advisors. The company rates 46,000 retirement plans, assigning each a numerical ranking from 0 to 100. The ratings are available free on its website, at http://www.brightscope.com . Alfred, 30, started the company with his younger brother, Ryan, and another partner.
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