International News
Hong Kong: Employment Law – Application Of The Implied Anti-Avoidance Term In Hong Kong - Angela Wang & Co.,
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 17, 2010.
In the United Kingdom, there appears to be an emerging trend of recognizing the implied anti-avoidance term in employment contracts.
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Pension industry speeds up transfers
From FT.com - Pension. Published on Mar 17, 2010.
Growing numbers of pension providers are signing up to an industry initiative which has seen processing times for pension and annuity transfers drop by a third.Guernsey: QROPS: Which Jurisdiction Ticks All The Boxes? - GuernseyFinance
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
With a number of jurisdictions now offering QROPS, David Piesing from Praxis Fiduciaries and Stephen Ward of Premier Pension Solutions assess the relative benefits and which one comes out on top.
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United Kingdom: The Relationship Between Annual Leave And Sick Leave - Ashby Cohen Solicitors Ltd
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
Two recent European Court of Justice (ECJ) cases - Stringer v HM Revenue and Customs and Pereda v Madrid Movilidad SA - have clarified the relationship between sick leave and paid annual leave under the European Working Time Directive.
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United States: Discrimination Complaints Near Historic High In 2009 - Holme Roberts & Owen LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
In a year-end review, the Equal Employment Opportunity Commission reported that workplace discrimination complaints in 2009 reached the second-highest level in history.
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Australia: Enterprise bargaining: Restructuring and genuine redundancy: Annual wage review - Gadens Lawyers
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
Information on what has been happening in enterprise bargaining; Lessons learned for restructuring and genuine redundancy; and Fair Work Australia annual wage review . . .
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United States: New Regulations Reaffirm Plan Assets Should Be Deposited As Soon As Reasonably Possible But Provide Some Relief For Small Plans - Dorsey & Whitney LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
The Department of Labor ("DOL") issued new regulations on January 14, 2010 (75 Fed. Reg. 2068) confirming earlier regulations and guidance that plan assets should be contributed to an employee benefit plan on the earliest date the amounts can reasonably be separated from the employer’s general assets. See 29 C.F.R. § 2510.3-102.
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United States: Department Of Labor Soon To Increase Focus On Contractor Misclassifications - Epstein Becker & Green
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 16, 2010.
Misclassifying a worker as an independent contractor, rather than an employee, is becoming a heated topic among authorities, and misclassification suits are drawing increased attention.
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10 years to retirement - Are you ready?
From Retirement advice and news - CNNMoney.com. Published on .
Question: I have about 10 years until I retire, and I'm wondering whether I should put my 401(k) savings back into high-risk stock funds or a moderate-risk stock fund like a Standard & Poor's 500 index fund. What do you think? -- Paul, Brockton, Mass.Australia: Legal Directions: Vocational assessor owed duty of care to avoid further injury - Moray & Agnew
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
The NSW Court of Appeal has held that medical experts owe a duty of care to take reasonable steps to avoid causing further injury in the course of examinations carried out at the request of an insurer. In this case, the respondents were held to have breached their duty of care under the Civil Liability Act 2002 (NSW) in circumstances where a reasonable person in the examiner’s position would have taken precautions to avoid a risk of harm: section 5B.
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Australia: Legal Directions: Labour hire agency fully indemnified by host employer - Moray & Agnew
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
The plaintiff was employed by the second defendant, Adecco Pty Limited, a labour hire agency. At the time of the accident his services had been hired to the first defendant, CSR Limited, a building materials manufacturer.
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United States: Ohio Supreme Court's Ruling On Penalties Ups The Ante For Contractors Subject To Ohio's Prevailing Wage Law - Littler Mendelson
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
The Ohio Supreme Court in Bergman v. Monarch Construction Co., No. 2010-Ohio 622 (Mar. 2, 2010) has held that in an employee-initiated action the penalties set forth in the Prevailing Wage Law are mandatory and must be imposed against a party found to have violated the prevailing wage law, in all but exceptional cases.
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United States: Labor Look - Union-Free Employers Need Union Avoidance Strategies, Policies Now - Holme Roberts & Owen LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
American labor unions suffered a net loss of 771,000 members in 2009, the U.S. Bureau of Labor Statistics reported in January 2010, a decline the agency attributed largely to the recession.
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United States: Number Two And Counting - Congress Extends And Expands The Cobra Subsidy Program - Kilpatrick Stockton LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
At the beginning of this year, employers, insurers and COBRA administrators revised their procedures and notices to incorporate the extension of the COBRA subsidy added by the Department of Defense Appropriations Act, 2010.
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Canada: Employee Life And Health Trusts - Borden Ladner Gervais LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
The Department of Finance recently released proposed amendments to the "Income Tax Act" (Canada) (the "ITA") relating to employee life and health trusts.
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United States: U.S. Department Of Labor Provides Guidance On Reporting Obligations Of 403(B) Plan Sponsors - McDermott Will & Emery
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
Employers should revisit their plans to determine whether they are subject to the new Form 5500 reporting requirements, which include new audit and reporting obligations.
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United States: The ICE Man Cometh: Immigration Enforcement On The Rise - Proskauer Rose LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
Over the past year, the Department of Homeland Security's U.S. Immigration and Customs Enforcement (ICE) division has stepped up its scrutiny of employer I-9 compliance.
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United States: Having It Your Way: Employers’ Challenges To Remaining Union-Free In A Potentially Radically Changed Legal Environment - Fisher & Phillips LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
This is the second in a series of articles designed to alert employers to the challenges employers will face who wish to remain union-free in a potentially radically changed legal environment
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United States: Staying Out Of The EEOC's Line Of Fire - Fisher & Phillips LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
The last place you want to see your company listed is on the EEOC's website under "Press Releases." Hospitality employers continue to make this list with reports of high-dollar settlements of discrimination and harassment allegations.
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Pension relief: Use it or lose it
From FT.com - Pension. Published on Mar 15, 2010.
The Budget is an antiquated piece of political theatre at the best of times.United States: Noncompete Jurisprudence During The Recession - Morgan Lewis
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 15, 2010.
Law360, New York (February 03, 2010) -- Discouraging anecdotes about unexpected layoffs and endless job searches are now commonplace on every train ride, in every grocery store line and at every dining table.
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Guernsey: The Pension With No Investment Restrictions - GuernseyFinance
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
The changes to pension legislation implemented on ‘A’ Day in April 2006 introduced the distinction between registered and unregistered schemes where a distinction between approved and unapproved pension schemes had once existed.
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Canada: Criminal Liability Of Employers: An Emerging Threat Under Bill C-45? - Fraser Milner Casgrain LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
Two years ago, on March 17, 2008, Transpavé Inc., a Quebec company, was charged and convicted under Bill C-45 of criminal negligence causing death, and fined $100,000.00 following the death of an employee who was fatally crushed.
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Guernsey: QROPS – A Pension For Expats - GuernseyFinance
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
According to Philip Beresford, the compiler of the Sunday Times Rich List, entrepreneurs and business professionals are leaving the UK at the rate of 10 a week.
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Canada: Ontario Court Of Appeal Holds Pension Plan Members Cannot Require Employer To Wind Up Plan - Borden Ladner Gervais LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
In a decision released on March 10, 2010, "Lomas v. Rio Algom Limited", the Ontario Court of Appeal held that pension plan members cannot obtain a court order requiring the employer to wind up a pension plan.
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United Kingdom: Corporate Manslaughter – A More Moderate Proposal For Sentencing? - Clifford Chance
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
Notwithstanding the broader implications of a conviction for a work-related death under either the corporate manslaughter or health and safety legislation or both, companies may be able to breathe a little easier that they will not be faced with swingeing fines following on from the Sentencing Guidelines Council's ("SGC") rejection of the Sentencing Advisory Panel's ("SAP") recommendation that fines should generally be based on a percentage - potentially as high as 10% - of a company's average a
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United States: COBRA Subsidy Extended Once Again - Duane Morris LLP
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 14, 2010.
By signing the Temporary Extension Act of 2010 (the "Act") into law on March 2, 2010, President Obama has once again extended the eligibility period for the COBRA premium subsidy.
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New Zealand: Personal Grievances – Reducing the Costs to Employers - Goodman Tavendale Reid
From Mondaq.Com - feed of articles on Labour and Employment. Published on Mar 13, 2010.
The New Zealand Department of Labour has launched a public consultation prior to a review of Part 9 of the Employment Relations Act 2000, which deals with Personal Grievances. It’s a root and branch reappraisal of that part of the Act with the intention of examining, amongst other things, whether the system strikes a fair balance between employers and employees, imposes unnecessary costs or obligations on employers and employees, and is efficient and effective.
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Investors give up salary to cut tax
From FT.com - Pension. Published on Mar 12, 2010.
One in four investors is now considering "salary sacrifice" to lessen the impact of higher tax and national insurance bills43% say they have less than $10k for retirement
From Retirement advice and news - CNNMoney.com. Published on Mar 09, 2010.
The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday.How Uncle Sam wants to boost your retirement
From Retirement advice and news - CNNMoney.com. Published on Mar 09, 2010.
Usually I cringe when our leaders in Washington try to help improve our finances. I'm afraid their efforts may do more harm than good. But two new ideas being discussed inside the Beltway could actually make it easier to prepare for retirement. Both center on the income you'll generate from your 401(k).Enhanced pension annuity sales rise
From FT.com - Pension. Published on Mar 08, 2010.
Sales of enhanced annuities in the UK rose 24 per cent to £1.79bn in 2009Employees face more pension cuts
From FT.com - Pension. Published on Mar 05, 2010.
Investors are being urged to take more control of their retirement savings, as workplace pensions come under increasing pressure.The retired couple's guide to livin' the dream
From Retirement advice and news - CNNMoney.com. Published on Mar 05, 2010.
Question: My husband and I have been happily married for 28 years. Careful spending and sound planning over time has provided us with a very comfortable financial future. Although we're compatible in many ways, our outlook differs when it comes to enjoying our money. I'm more of a saver and I hate to shop. I'm already retired, and when my husband retires in a year we'll begin drawing on our retirement savings. Can you suggest some tips on how we can communicate effectively about spending our money? How do we assure that we'll both have the independence to decide how we want to spend "our share" without judgment? --Margaret M.Retire early, save for a home
From Retirement advice and news - CNNMoney.com. Published on Mar 04, 2010.
Like many households, Wener and Tieun Vieux have suffered a few financial jolts of late.Rise in people retiring early
From FT.com - Pension. Published on Mar 04, 2010.
Many people aged between 50 and 54 are retiring now ahead of the forthcoming rise in minimum retirement age to 55.Women at risk of financial gap in retirement
From FT.com - Pension. Published on Mar 03, 2010.
Half of married men purchase a single life annuity instead of a joint one at retirement, leaving their spouses no pension income if the men were to pass away earlier, according to a latest Standard Life research.4 smart fixes for your 401(k)
From Retirement advice and news - CNNMoney.com. Published on Mar 01, 2010.
With stocks up more than 60% since hitting bottom last March, the red ink is finally fading on the typical 401(k) account. Yes, it's safe to look at your statement again: Balances for boomers who have worked 10 to 20 years at the same company are now down less than 3% on average, compared with pre-crash levels; younger employees and 45- to 64-year-olds with less tenure are solidly back in the black.Beware hidden costs on Sipps
From FT.com - Pension. Published on Feb 26, 2010.
Investors seeking to boost their retirement savings through low-cost Sipps should look beyond the headline chargesCompanies slash pension funding
From FT.com - Pension. Published on Feb 26, 2010.
Nearly one in ten companies cut contributions into employee pension plans last yearMake the best of a bad 401(k)
From Retirement advice and news - CNNMoney.com. Published on Feb 24, 2010.
You're probably feeling a lot better about your 401(k) these days, and not without reason. The average balance for experienced workers, after declining 19% in 2008, bounced back 29% last year, including new contributions.Retired early, coming up short
From Retirement advice and news - CNNMoney.com. Published on Feb 23, 2010.
Question: I lost about 40% of my retirement savings after taking early retirement. I'm now 55 and have $650,000 left. Can you suggest a portfolio that provides capital appreciation, income and growth? I require about $6,000 a month to live on. --Bill, Philadelphia, PennsylvaniaEmployees offered pension alternatives
From FT.com - Pension. Published on Feb 19, 2010.
Changes to the pension tax rules for high earners are pushing once- obscure investment schemes into the mainstreamWith-profits bonuses frozen
From FT.com - Pension. Published on Feb 19, 2010.
Legal & General is the latest life insurer to freeze annual bonus rates for with-profits policyholders401(k) flub: Turning down free money
From Retirement advice and news - CNNMoney.com. Published on Feb 18, 2010.
Question: I'm 24 and my 401(k) plan matches $1.25 for every dollar I contribute up to 6% of salary. I currently contribute 3% of my salary and then put $75 a month into a Roth IRA. I do that because I don't want all my eggs in one basket. I'm wondering, though, whether I should stop the IRA contributions and take advantage of the company match instead? What do you think? --Matthew, Sacramento, Calif.What you need in retirement: friends
From Retirement advice and news - CNNMoney.com. Published on Feb 17, 2010.
My wife is always chiding me that I spend too much time working and not enough keeping up with friends. "You'll be sorry when you retire and don't have anyone to do things with besides me," she warns. I hate to say it, but she's right. It's easy to assume retirement planning is all about the bucks, but nonfinancial issues matter too.More flexibility in third way pensions
From FT.com - Pension. Published on Feb 12, 2010.
Pre-retirees looking for alternatives to conventional annuities, where rates are at near-record lows, have more options with growth in the "flexible" pension market.Should I contract in to the state pension?
From FT.com - Pension. Published on Feb 12, 2010.
I have a personal pension with Prudential worth £40,000 that I used to contract out of Serps for the past 20 years. Prudential has told me there is a "high risk" I will be worse off if I stay out of the state schemeHow much to contribute to a 401(k)
From Retirement advice and news - CNNMoney.com. Published on Feb 11, 2010.
Question: I'm 42 years old. What percentage of my weekly paycheck should I contribute to my 401(k)? --Gary, Bronx, New YorkQ&A: End of tax year pension planning
From FT.com - Pension. Published on Feb 10, 2010.
Ask the expert: Tom McPhail, head of pensions research at Hargreaves Lansdown, answers readers' queries on end of year tax planning for your pension and retirement optionsProtect yourself from a double-dip recession
From Retirement advice and news - CNNMoney.com. Published on Feb 09, 2010.
Question: We're in our late 60s, retired and have a comfortable amount of money in retirement accounts, mostly mutual funds. My husband wants to liquidate most of our holdings and put the proceeds in money market funds, laddered CDs, maybe an annuity, as he fears the political situation will lead to another recession. Is he right? --Sharon, Kennewick, WashingtonThe price of procrastination: $455,000
From Retirement advice and news - CNNMoney.com. Published on Feb 04, 2010.
Question: I'm 34 and have yet to begin saving for retirement. I'm considering participating in my company's 401(k) plan, but I'm unsure whether to do so since my employer doesn't match my contribution. What do you advise? --Nikia, New York, New YorkMaking $300,000 last a lifetime
From Retirement advice and news - CNNMoney.com. Published on Feb 02, 2010.
Question: My mother-in-law, who's in her early 60s, was recently widowed. She now has Social Security and approximately $300,000 from a life insurance policy to live on. She's not comfortable taking on much, if any, risk but she does need to generate income from the life insurance proceeds. Any recommendations for how she should invest this money? --Chris, Atlanta, GeorgiaInvest $900k in a variable annuity?
From Retirement advice and news - CNNMoney.com. Published on Jan 22, 2010.
Question: I'm 62 and have accumulated about $2.6 million in retirement savings, which is invested in stocks and bonds. My adviser suggests that I take a third of this money and invest it in a guaranteed 6% income variable annuity. The cost of the 6% rider is 0.95% of the account balance per year. Do you think this is a good idea? --J.H., Lansing, MichiganA retirement plan for the laid off
From Retirement advice and news - CNNMoney.com. Published on Jan 07, 2010.
Question: I'm 57 and I think there's a good chance I'll be laid off this year. If that happens, I'll have to move my 401(k) balance to an IRA. On the recommendation of a finance professional, many of my former co-workers have transferred their 401(k) savings into annuities. Do you think this is the way to go? -- E.Z., Deer Park, N.Y.Writing off losses in your portfolio
From Retirement advice and news - CNNMoney.com. Published on Dec 29, 2009.
Question: If I sell a mutual fund to write off the loss on my tax return, do I face any restrictions on reinvesting the money? -- Tom M., St. Paul, Minn.Ready, set, convert to a Roth
From Retirement advice and news - CNNMoney.com. Published on Dec 21, 2009.
You've probably heard that the restriction barring those earning more than $100,000 from converting a traditional IRA to a Roth will soon be history. This means that as of January, anyone with an IRA can create tax-free income in retirement.Retire without taxes
From Retirement advice and news - CNNMoney.com. Published on .
Living it up in retirement
From Retirement advice and news - CNNMoney.com. Published on Feb 13, 2009.
There's retirement living, and then there's living it up in retirement. The latter is part of the draw of one of the fastest-growing retirement options - the continuing-care retirement community. These CCRCs, as they're called, often look a lot more like four-star resorts than old folks' homes.