Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
A pair of congressmen announced an effort to block federal rules that make it easier for states to start savings plans for private-sector employees who lack a 401(k).
Rep. Tim Walberg (R-Mich.), chairman of the House Subcommittee on Health, Employment, Labor and Pensions, and Rep. Francis Rooney (R-Fla.), announced a joint resolution on Feb. 8 to stop a Labor Department rule that broadens the accessibility of individual retirement accounts.
These IRAs are similar to the accounts already available to investors: They have contribution limits of $5,500 each year, plus $1,000 if you're 50 and over.
The rule that governs 401(k) plans — the Employee Retirement Income Security Act of 1974 — has kept states from moving forward with payroll deduction IRAs. This was because it wasn't clear how these state-based plans would be subject to ERISA.
"When something is subject to ERISA, it becomes expensive to maintain," said Marcia Wagner, managing director of The Wagner Law Group in Boston.
The DOL's rule from last summer would keep ERISA from pre-empting state law. These jurisdictions already have their own regulations for retirement plans which would apply to the IRAs.
"Employers will face a confusing patchwork of rules, and many small businesses may forgo offering retirement plans altogether," Rooney said in a statement. "Congress must act to protect workers and small businesses from these misguided regulations."
Eight states have enacted legislation to build a retirement savings program for workers. They are California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, Oregon and Washington state.
AARP, an organization that represents the interests of older Americans, blasted the joint resolution in a letter to members of Congress.
"The lack of options to save for retirement at work is a persistent problem that demands action today," wrote Nancy A. LeaMond, AARP's executive vice president, in the letter. "States desire flexibility to move forward with innovative reforms – Congress should not curtail state efforts to promote retirement savings."