[Occupymendocino] Fw: Conflicts of interest cost retirement savers billions

Ann Rennacker annxpress at live.com
Mon Jun 5 08:56:55 PDT 2017 



________________________________
From: Economic Policy Institute <newsletter at epi.org>
Sent: Sunday, June 4, 2017 5:05 AM
To: annxpress at live.com
Subject: Conflicts of interest cost retirement savers billions



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EPI News—Our most important stories this week


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What’s at stake with the fiduciary rule?<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=bc25be0e66&e=bb10d77a5a>






In a new report<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=a45f3cd906&e=bb10d77a5a>, EPI’s Heidi Shierholz and Ben Zipperer examine—state by state—how much retirement savers lose annually as a result of receiving advice from financial advisers who have conflicts of interest. Shierholz and Zipperer find that retirement savers in California lose nearly $1.9 billion per year; see the losses for your state here<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=96ac5af06e&e=bb10d77a5a> or in the map below. On June 9, the Labor Department will partially implement the fiduciary rule—a rule that is intended to protect retirement savers from conflicted advice. However, some compliance provisions of the rule will not take effect—nor will the rule be enforced—until January 1, 2018; and even then, its future is uncertain. Only if the rule is fully implemented and enforced will workers saving for retirement be able to reap the full benefits of a lifetime of work. Read this report »<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=a0aadaf8c8&e=bb10d77a5a>



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Here is what’s at stake with the conflict of interest (“fiduciary”) rule.

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Attack on joint employer standard is an attack on collective bargaining<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=20d9297317&e=bb10d77a5a>

EPI’s Celine McNicholas and Marni von Wilpert examine the joint employer standard<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=2cdb3f050f&e=bb10d77a5a> under the National Labor Relations Act (NLRA), explaining why a strong joint employer standard is essential to protecting workers’ rights to organize and bargain collectively. In the modern workplace, workers often have multiple employers controlling their wages and working conditions—and all of those employers must be at the bargaining table to meaningfully address workers’ concerns.



Book event: The Color of Law<http://epi.us4.list-manage2.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=d19c356a71&e=bb10d77a5a>

On June 8, EPI will host Richard Rothstein as he discusses his new book, The Color of Law: A Forgotten History of How Our Government Segregated America<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=80fe941747&e=bb10d77a5a>. Ted Shaw of the University of North Carolina at Chapel Hill School of Law and Rep. Gwen Moore (D-Wis.) will join Rothstein to discuss the history of state-sponsored residential segregation and its enduring effects. Join us in D.C. or watch the livestream »<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=bdf6c1d8df&e=bb10d77a5a>



>From the EPI blog


  *   Unemployment rate fell in May for the wrong reasons: Slack still remains<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=bfea6796f4&e=bb10d77a5a>
By Elise Gould

  *   What to Watch on Jobs Day? Hopeful signs of stronger wage growth<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=29cf6aae0b&e=bb10d77a5a>
By Elise Gould

  *   Under new bill’s election standard, unions would never win an election—and neither would the bill’s cosponsors<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=2644a47106&e=bb10d77a5a>
By Zane Mokhiber, Celine McNicholas

  *   H-2B crabpickers are so important to the Maryland seafood industry that they get paid $3 less per hour than the state or local average wage<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=7db5cc9ff1&e=bb10d77a5a>
By Daniel Costa

  *   Policy Watch: Trump budget weakens protections for working people<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=26c5160d09&e=bb10d77a5a>
By Heidi Shierholz, Celine McNicholas

  *   Costs will still rise significantly and coverage will still fall considerably under the new AHCA<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=91b33956bf&e=bb10d77a5a>
By Elise Gould






EPI in the news


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In a story about robots and the future of work, The Atlantic<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=7c42b35b21&e=bb10d77a5a> quoted from EPI’s recent report<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=dd30e86801&e=bb10d77a5a> arguing that automation does not lead to joblessness or inequality. “Capital investment in the workplace has grown more slowly since 2002 than in any other postwar period,” according to the report’s authors, Lawrence Mishel and Josh Bivens. “This is the opposite of what we would expect with a looming robot apocalypse based on automation accelerating exponentially.” | So, Where Are All Those Robots? »<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=1146ce5494&e=bb10d77a5a>





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EPI’s Lawrence Mishel spoke with CNN Money<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=1ae092e1a2&e=bb10d77a5a> about Mark Zuckerberg’s call for universal basic income—a guaranteed minimum income for every citizen. “It’s a misguided mission,” said Mishel. “It’s a tech CEO view of the world that I think is distorted.”| Mark Zuckerberg supports universal basic income. What is it? »<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=2b8546c8ec&e=bb10d77a5a>





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Smithsonian Magazine<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=e1ec37ccee&e=bb10d77a5a> interviewed EPI’s Richard Rothstein about his new book, The Color of Law<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=23dfdaf23f&e=bb10d77a5a>, which finds that segregation in the U.S. was driven by racially explicit federal, state, and local policies—not by individual prejudices. | The Racial Segregation of American Cities Was Anything But Accidental »<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=152b5239b7&e=bb10d77a5a>





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The St. Louis Post-Dispatch<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=3da805051a&e=bb10d77a5a> covered EPI’s analysis of the Trump administration’s delay of the fiduciary rule, noting that Missouri investors lost $73.4 million during the 60-day delay. | Study says investors could lose big if Trump administration deep-sixes ‘fiduciary rule’ »<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=287843e883&e=bb10d77a5a>





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EPI’s Josh Bivens spoke with the The Atlantic<http://epi.us4.list-manage2.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=667b297ffe&e=bb10d77a5a> about why he believes the U.S. economy is at not at genuine full employment yet. According to Bivens, “the number of prime-age Americans who are actually working remains low, even by historical standards.” | Full Employment: Are We There Yet? »<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=12cb027d2d&e=bb10d77a5a>



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EPI’s Hunter Blair spoke with the International Business Times<http://epi.us4.list-manage.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=284c1556ef&e=bb10d77a5a> about the use of public-private partnerships to fund infrastructure. Because private investors recoup their investment through user fees such as tolls, Blair said, “You give the private provider a lot of market power to drive up rates or reduce quality.” | Foreign Firms Stand to Benefit from Trump Budget, Infrastructure Plans »<http://epi.us4.list-manage1.com/track/click?u=ec2361f981a14ee1d45cccaa9&id=f431b47da1&e=bb10d77a5a>





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EPI News—Conflicts of interest cost retirement savers billions

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