Editor's Note
There is legislation afoot that will affect retirement savings
and COBRA insurance costs. If nothing else, these programs will
produce more paperwork for employers, but employees come out
ahead. The COBRA cost savings will mean that many workers who
have lost their jobs will not have to give up their health
coverage. With the feds footing the bill for 65% of the cost,
employers aren't out any extra money; instead taxpayers will
pick up the slack. But when it comes to health care, aren't most
people willing to give their neighbors a hand?
Meanwhile, we'll sit tight and see where the proposed Automatic
IRAs lead us, but if we look back to campaign promises that were
made, setting up the Auto IRAs is just the first step toward
requiring small business owners to make mandatory contributions
for their employees.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Obama pushes for mandatory retirement savings plans
Part of President Obama's budget proposal would require
employers who do not offer a pension plan to provide their
employees with a direct-deposit retirement savings plan, modeled
after a traditional Individual Retirement Account (IRA).
more >>
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Boomers forced to postpone retirement
Forty percent of American Boomers (aged 45-64) expect to
postpone their retirement due to the economic recession,
according to global market insight and information group TNS.
The TNS Financial Crisis study looks at how the global financial
crisis is affecting customers in four key countries: the UK,
France, Germany and the U.S.
more >>
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Long term care insurance purchases on the rise
Some 400,000 individuals purchased long-term care insurance
protection in 2008 according to a just-released report. The
overwhelming majority (84%) of individual buyers in 2008 were
younger than age 65 and three-fourths (76%) selected a more
affordable approach to this protection by opting for coverage
for a specific number of years.
more >>
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