Susan Tompor: Here are things to consider if your company is cutting your 401(k) match
The economic upheaval witnessed in 2020 could shake up things even more when it comes to 401(k) plans.A small group of employers, including many in hard-hit industries such as retailing, already have ratcheted down or eliminated some matching 401(k) contributions for employees during the latest recession.We saw these type of 401(k) adjustments during the Great Recession that ran from December 2007 through June 2009. And some experts wonder whether we’re going to see widespread cuts this time around, as companies attempt to cope with continued economic uncertainties and restrictions associated ...
Detroit Free Press
Chicago sues Trump administration over Obamacare special enrollment period amid pandemic
CHICAGO — Mayor Lori Lightfoot’s administration accused President Donald Trump in a federal lawsuit filed Monday of playing politics with Americans’ health by refusing to open a special enrollment session for the Affordable Care Act despite the ongoing coronavirus pandemic.The ACA — also known as Obamacare — calls for the Department of Health and Human Services to open a special enrollment period when consumers face “exceptional circumstances.”The 60-page lawsuit, filed in U.S. District Court in Washington, D.C., alleged Trump’s decision in April not to reopen enrollment was yet another attemp...
Delta to begin COVID-19 tests in MSP next week, while also offering buyouts
Delta Air Lines on Thursday said it will begin testing employees for COVID-19 and its antibodies, starting at its hub at Minneapolis-St. Paul International Airport.The airline, which is the dominant carrier at MSP, is working with Mayo Clinic and Quest Diagnostics Inc. on the testing regime. The tests are part of a bigger effort to keep its people, planes and facilities free of the virus.In a memo to employees Thursday, Delta chief executive Ed Bastian said the testing will begin at MSP next week, then roll out to Atlanta, where the company is based, Detroit and New York, cities where it also ...
Star Tribune (Minneapolis)
New York Gov. Cuomo: State and NYC to provide death benefits for front-line workers who die from coronavirus
ALBANY, N.Y. — Families of front-line workers killed by coronavirus will be entitled to government-backed death benefits, Gov. Cuomo announced Monday.The governor, holding his daily briefing aboard the Intrepid Sea Air and Space Museum in honor of Memorial Day, said public health workers, police, firefighters, transit workers and medics deserve more than just a thank you for their work during the pandemic.“We will continue to show respect to our front-line heroes not just with words, but with action,” Cuomo said.“I want to make sure we repay that debt,” Cuomo said. “The least we can do, what w...
New York Daily News
Kings furlough more than one-third of full-time employees due to coronavirus shutdown
Kings President of Business Operations John Rinehart informed employees Monday that more than one-third of the team’s full-time workers will be furloughed for four months beginning June 1 as a result of the coronavirus pandemic.Rinehart made the announcement in an email to employees, a copy of which was obtained by The Sacramento Bee. Rinehart explained the sports and entertainment industries were hit hard by the suspension of NBA play and live events at Golden 1 Center, resulting in “an unprecedented impact on our bottom line” and “significant fiscal uncertainty about the future.”“Since all l...
The Sacramento Bee
Marlins to furlough baseball operations employees amid coronavirus pandemic, report says
As Major League Baseball remains at a standstill amid the coronavirus pandemic, the Miami Marlins plan on furloughing 40% of their baseball operations staff, according to a report.According to The Athletic, the team will furlough roughly 90-100 employees in baseball operations, beginning June 1. The Marlins will continue paying employees through May and are expected to cover health benefits through October, the report added. Any further decisions will be made on a monthly basis.With baseball being shut down for the past two months, franchises are taking a significant financial hit with no game...