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BUSINESS
By EILEEN AMBROSE | June 13, 2004
WORKERS today are unlikely to remain with one employer throughout a career. Many will be confronted from time to time with the decision of what to do with a 401(k) or other retirement account when switching jobs. The choices are simple: They may be able to keep the account where it is, or transfer it to a new employer's plan. Or, they can roll the money over into an individual retirement account, or just pocket the cash. As easy as it sounds, workers need to tread with care. Whatever they decide will have an impact on their retirement.
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NEWS
By Luke Broadwater and Yvonne Wenger, The Baltimore Sun | May 5, 2014
Some future city workers will receive a 401(k)-style retirement plan rather than traditional pensions under a sweeping plan approved Monday by the City Council. The legislation - the result of a deal struck by Baltimore unions and Mayor Stephanie Rawlings-Blake - was stalled in a council committee for nearly a year until the mayor and union leader Glenard S. Middleton reached what both sides called a compromise. Rawlings-Blake initially called for all new municipal workers to be placed in a 401(k)
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BUSINESS
By EILEEN AMBROSE | March 12, 2006
The federal insurance limit for retirement accounts at banks will more than double to $250,000 this year - just in time for retiring baby boomers. The increased coverage will apply to accounts such as Keoghs, individual retirement accounts and individual 401(k)s. The new limit could kick in as early as next month, although it will be in place in November at the latest. "Our hope is to make it before the April 15 date because many banks really encourage additional contributions through IRAs and rollovers before the tax date," said Jim Chessen, chief economist at the American Bankers Association.
BUSINESS
By June Arney, For The Baltimore Sun | April 25, 2014
As private-sector companies that offer traditional pensions grow scarce, individuals are left to navigate retirement savings largely on their own, often turning to employer-sponsored 401(k) programs to help create a nest egg. Those who don't can turn to Individual Retirement Accounts offered by many financial institutions. Whether people tap into programs through an employer or use other vehicles, what is important is taking that first step toward security, financial planners say. "Saving something, even later in life, is far preferable to throwing up your hands and doing nothing," said David C. John, senior strategic policy adviser AARP Public Policy Institute.
BUSINESS
By BLOOMBERG NEWS | February 23, 1997
Americans are increasingly using aggressively managed mutual funds in their retirement-plan accounts."There's been a real shift away from conservatively managed accounts to equity over the past five years, and it's really accelerated with the bull market," said Marty Beaulieu, senior vice president of MFS Fund Distributor Inc., a subsidiary of MFS Investment Management.Almost 60 percent of all contributions into 401(k) plans are going to equity funds, up from 45 percent in 1990, Beaulieu said.
NEWS
By LOS ANGELES TIMES | April 2, 1998
WASHINGTON -- Stepping up the debate over Social Security's future, House Speaker Newt Gingrich proposed yesterday that federal budget surpluses should be divided among all U.S. workers and deposited directly into new, personal retirement accounts.The average worker might receive a total of $3,500 or $4,000 over the next decade as a share of the federal government's emerging surplus, the Georgia Republican predicted in testimony before the House Ways and Means Committee.The "Social Security Plus" account is the Republican political response to President Clinton's call to "Save Social Security First."
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | January 22, 2002
The new federal tax law allows workers to sock away more money in retirement accounts, but for some Maryland companies with offices across the country, the change provides a potential headache. Most states' income tax laws, including Maryland's, track federal law. But unlike Maryland, not all those states automatically conform when the federal law changes. Unless the legislatures of those states change their laws to conform, national companies may find that workers' higher 401(k) contributions are fully sheltered from state income tax in one state but not in another.
NEWS
By NEW YORK TIMES NEWS SERVICE | January 31, 2003
The Bush administration is working on a major shift in retirement savings plans that would allow most Americans to greatly increase the amount of money they could put away in tax-free accounts for retirement and other purposes, administration officials and congressional staff members said yesterday. The change, which would primarily benefit the affluent who can afford to save more of their incomes, is aimed at encouraging an increase in the lagging personal savings rate and at simplifying the maze of retirement savings choices and other tax-deferred accounts for things such as college education and medical expenses.
NEWS
April 19, 1997
An answer that appeared in the Tax Questions feature on April 11 contained erroneous information. The deadline for contributions to individual retirement accounts (IRAs) was April 15, regardless of whether or not a taxpayer received an extension.The Sun regrets the errors.Pub Date: 4/19/97
BUSINESS
By David W. Myers and David W. Myers,Los Angeles Times | February 10, 1991
Some real estate experts expect Congress and the Bush administration to reach an accord this year that will finally allow first-time buyers to make penalty-free withdrawals from their retirement accounts to buy a house.Proposals aimed at letting cash-strapped buyers tap their Individual Retirement Accounts or other retirement plans have been introduced every year since the mid-1980s. Each proposal has fallen victim to partisan bickering or concerns about their impact on the federal budget deficit.
NEWS
By Michael Dresser, The Baltimore Sun | February 20, 2014
Gov. Martin O'Malley on Thursday said he supports a bill that would give workers whose employers don't provide pension plans or 401ks easy access to retirement accounts. The support came as a Senate committee held a hearing on a bill by Sen. James Rosapepe, a Prince George's Democrat, that would require employers with more than five employees to either provide retirement plans or let workers have contributions to accounts automatically deducted from their paychecks. A companion bill sponsored by Del. Tom Hucker is pending in the House.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | August 8, 2013
John W. Gardner, a retired accountant and World War II Navy pilot who left his estate to various charities, died Friday of pneumonia at Oak Crest Village in Parkville. He was 93. "John is an incredible example for each of us. He loved people and our community," said William J. McCarthy, executive director of Catholic Charities of Baltimore. "He deeply cared for people in need and had a passionate interest in and supported organizations that helped the poor, the marginalized and those in need of medical care," said Mr. McCarthy.
NEWS
By Scott Calvert, The Baltimore Sun | May 4, 2013
A federal judge has ordered a West Pratt Street clinic and its former chief executive to repay more than 60 current and former employees nearly $50,000 that the private company never deposited into their retirement accounts as required. U.S. District Judge William D. Quarles Jr. also awarded $27,800 in attorneys' fees to lawyer Richard Neuworth and colleagues who represented the plaintiffs. The March 22 order marked the latest chapter in the troubled recent history of Baltimore Behavioral Health Inc., once a successful mental health clinic that ranked among the city's largest providers of drug treatment services.
BUSINESS
By Steve Kilar, The Baltimore Sun | December 31, 2012
Mental health rehabilitation and addiction treatment center Baltimore Behavioral Health Inc. has filed for bankruptcy protection because it owes more than $5.5 million to creditors and estimates its assets are less than $500,000, according to federal court filings. The center will continue to operate during the Chapter 11 restructuring, said CEO Terry T. Brown. "There's a need for us to be here," Brown said of the nonprofit company's West Pratt Street facility, on the northern edge of the Pigtown neighborhood of Southwest Baltimore.
NEWS
By Yvonne Wenger, The Baltimore Sun | December 2, 2012
After a 36-year career with the Postal Service, Yverne "Pat" Moore says she's living the life she started planning two decades ago, filled with church and community service, grandchildren and a trip to the other side of the world. The recently retired Ellicott City woman is part of a wave of workers who are leaving federal employment as baby boomers age out of the workforce and managers offer buyouts to help reduce spending. Those who have waited for the economy to stabilize are also now exiting.
NEWS
By Martha Joynt Kumar | November 18, 2012
Presidential second terms have a bad name. The traditional view is that presidents are stuck with first-term leftovers on their plates and a calendar that calls on them to get any legislation through Congress in the first 18 to 24 months. After that, few in Congress listen because the chief executive's time in office is limited. President George W. Bush discovered the limits of his authority with his signature second term legislative efforts on Social Security and then immigration reform.
BUSINESS
By Andrew Leckey | February 11, 1992
It's retirement account time.More Americans think about their Individual Retirement Accounts and Keogh plans for the self-employed at tax time than any other time of the year. Whether they contribute new money or not, they ponder whether to shift around their retirement holdings. In many cases, the dollars are substantial.Whatever Congress eventually decides about the future features of IRAs, be sure to diversify retirement holdings and take into account all recent trends in interest rates and financial markets.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Tribune Media Services | June 15, 2008
Retirement savers have been plowing money into foreign stocks, but experts say many are failing to consider taxes and how the investments fit within their overall plan. Foreign stock mutual funds accounted for $722 billion in workplace retirement accounts, including 401(k) plans, and in individual retirement accounts last year, says the Investment Company Institute, a mutual fund trade group, a more than 80 percent increase in just two years. As investors pile on, however, many fail to realize their foreign dividends are subject to tax, even though their money is sitting in tax-deferred retirement accounts.
NEWS
Marta H. Mossburg | June 5, 2012
I hate to be the bearer of bad news. But the 6 percent drop in the Dow Jones Industrial Average in May, its worst performance in two years, and rising unemployment are not just bad news for people's retirement accounts. It means higher taxes for Marylanders — after yet another tax hike this month and a slowing economy. The reason: The state retirement system depends on a 7.75 percent annual return in order to meet its obligations to state workers. If the $37 billion fund does not meet its target, it ultimately leaves taxpayers on the hook to make up the shortfall.
NEWS
By Scott Calvert, The Baltimore Sun | November 30, 2011
Baltimore Behavioral Health Inc. says it has handed over some documents demanded by the federal government as part of an investigation into alleged shortfalls in the retirement plan at the West Pratt Street mental health clinic. Employee tax records were provided Monday, the day before a scheduled hearing in federal court on the matter, according to a court filing. The U.S. Labor Department sued BBH and chief executive William "Kris" Hathaway in October, alleging that they had failed to comply with two administrative subpoenas issued in May. The clinic said Monday in court papers it had turned over employee W-2 forms.
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