Money and Computing
GAO: Better Guidance and Information Could Help Plan Participants at Home and Abroad Manage Their Retirement Savings
GAO reported that from 2004 through 2013, over 25 million participants in workplace plans separated from an employer and left at least one retirement account behind, despite efforts of sponsors and regulators to help participants manage their accounts. GAO found that although an employer may incur costs searching for separated participants, there are no standard practices for the frequency or method of conducting searches.
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Free Speech v. Free Riding, Janus v. AFSCME before the Supreme Court
Jo Freeman writes: A thousand people rallied outside the Supreme Court the morning of January 26 while the Justices heard oral argument on Janus v. AFSCME Council 31 inside. The decision in this case will have profound effects on public service unions. Currently 22 states require employees who do not choose to join a union representing their workforce to still pay agency fees to that union. These are supposed to cover the costs of representation since unions must represent all workers in a bargaining unit and not just their members. Agency fees are less than full union dues, but they aren't negligible. more »
Chairman Jerome H. Powell Delivers the Semiannual Monetary Policy Report to the Congress
"Strong job gains in recent years have led to widespread reductions in unemployment across the income spectrum and for all major demographic groups. For example, the unemployment rate for adults without a high school education has fallen from about 15 percent in 2009 to 5-1/2 percent in January of this year, while the jobless rate for those with a college degree has moved down from 5 percent to 2 percent over the same period. In addition, unemployment rates for African Americans and Hispanics are now at or below rates seen before the recession, although they are still significantly above the rate for whites. Wages have continued to grow moderately, with a modest acceleration in some measures, although the extent of the pickup likely has been damped in part by the weak pace of productivity growth in recent years. more »
Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
The Internal Revenue Service warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme after discovering more tax practitioners’ computer files have been breached. In addition, the number of potential taxpayer victims jumped from a few hundred to several thousand in just days. more »