Retirement

Modeled after the Thrift Savings Plan for federal employees, the Retirement Savings for Americans Act that would automatically enroll private workers without access to a workplace retirement plan is supported by the Economic Innovation Group.

With the steep plunge in Tesla shares this year, the Lehigh County Pension Board, which oversees $500 million in retirement funds, passed a resolution last week to pause new investment in Tesla and will seek to completely divest its holdings.

Last week, Representative Andrew Garbarino reintroduced the Law Enforcement Officers Equity Act in the House that would allow IRS officers, Pentagon Police, Veteran Affairs police officers and others to retire after 20 years of service.

While Wells Fargo and Merrill Lynch paid $60 million for a "cash sweep" violation earlier this year, Morgan Stanley was cleared by the SEC for "sweeping" customers' uninvested cash from a brokerage account into an interest-bearing account.

Senators Chris Coons, Bill Cassidy, Tim Kaine and Susan Collins reintroduced legislation to require the SSA to mail statements about how much a person has paid into Social Security and Medicare every five years to those between 25 and 54.

This week, the Department of Education began alerting around 195,000 defaulted borrowers that their federal benefits will be subject to garnishment in 30 days.