Posts Tagged: Secure
Students attending class at Glendale Community College. (Photo: Wayne Thom)
The leaders of California’s vast community college system this week unanimously adopted a reform agenda with amazing ease – given how fundamentally hard the decision was to engineer. The Board of Governors decided to endorse comprehensive recommendations to better align career technical education (CTE) programs with the workforce needs of California’s employers. It could be the linchpin in a more strategic statewide effort to reduce poverty and reverse the growing opportunity and income gaps.
A retiree checks out the newspaper in his back yard. (Photo: Budimir Jevtic, Shutterstock)
Calpensions: A board working on a proposal to enroll most small business employees in a state-run retirement savings plan, unless they opt out, was told last week that small technology-focused financial firms could do the job. The founders of three firms that offer 401(k)s and other retirement plans to small businesses did not object to competition from the state.
A credit card equipped with a chip. (Photo: Petratiu, via Shutterstock)
Consumers are increasingly using credit and debit cards to transact purchases, from lattes to electronics. Unfortunately with that evolution comes financial fraud. As a victim of credit card fraud I can speak firsthand about the ensuing difficulties, even with financial institutions willing to help. Currently, the United States is the only major economic power in the world that still uses outdated magnetic stripe cards coupled with a faulty signature verification process.
Calpensions: President Obama said he has directed his labor department to propose rules showing states how to create what in California could be an “automatic IRA,” a payroll deduction that puts money into a tax-deferred savings plan unless workers opt out. The rules are expected to answer a key question: Is Secure Choice exempt from a federal retirement law, ERISA, that not only has employer administrative costs but may also expose employers to liability for failed investments and other problems?
It had a name, Secure Choice, and now an attempt to create the first state-run “automatic IRA” for workers with no retirement plan has its first donors, authorization to hire consultants and a favorable response from a wide range of groups asked for advice. The author of the program, Sen. Kevin de Leon, D-Los Angeles, may become the next leader of the state Senate. So the plan being developed by a nine-member board could have a strong advocate when it comes back to the Legislature for approval.