| Unlicensed Insurance Agent Caught In Undercover Sting
Boynton Beach, FL (AHN) - A South Florida man is facing charges of selling insurance without a license after he attempted to sell an annuity to an undercover Department of Financial Services' investigator. Eric Brown, 37, of Highland Beach, was arrested Tuesday on charges of three counts each of selling insurance without a license and violating a department order following an investigation by the department's Division of Insurance Fraud (DIF). If convicted on all of the charges, Brown faces up to 30 years in prison in addition to fines and restitution. The department's Division of Legal Services previously revoked Brown's agent license in January 2006 for allegedly misleading senior citizens in the sale of annuities. "This man knowingly violated the law and put consumers at risk, and we will not tolerate that," said Florida Chief Financial Officer Alex Sink, who oversees the department.
Legislature considers bill to help with retirement savings
State Rep. Marc Corriveau (D-Northville) said he hopes legislation introduced recently will help Michigan residents plan for the future. The plan would provide 401k style retirement plans to employees in small businesses that would not otherwise have such an opportunity, he said. “It's one of the things we're trying to do to help small businesses stay competitive," he said. Under the plan, the state would work with a private investment planner to set up the 401ks. They would be open to all businesses and people who are self-employed. The state would front the money to set it up—only about $560,000, according to Corriveau—and recoup the funds as the plan grows. Employees who take part in it would be able to transfer the account should they take another job in Michigan.
At 13000, how can I not be rich?
Maybe you are rich, you wise investor. It seems to me that anyone in the market for a long time should be rejoicing today, because at 13,000, he should be wealthy. Look at the stats: The Dow Jones hit 1,000 on June 11, 1981. At that time eggs cost $0.85 a dozen, gas was $1.35 a gallon, and electricity sold for $32 per 500 kWh. The Dow Jones climbed to 5,000 on November 21, 1995. Eggs were selling for $0.88, gas for $1.19, and power at $50 per kWh. The Dow reached 10,000 on March 29, 1999. Eggs reached $1.00, gas was a measly $0.99, and electricity cost $45 for 500 kWh. If I had $1.00 on the day the Dow hit 1,000 in 1981 (and I'm pretty sure I had at least one), that same dollar would buy $2.26 worth of goods today.If I'd put that same $1.00 in the market, I'd have $13.00 today. Duh.So why aren't I rich? A pension instead of a 401K.
2007 Retirement Confidence Survey: Americans Experience Retirement ...
WASHINGTON, April 11 /PRNewswire-USNewswire/ -- A large percentage of American workers recognize the U.S. retirement system is undergoing major changes, but many are not adapting in ways that are likely to leave them well- positioned for a comfortable retirement, according to the 17th annual Retirement Confidence Survey (RCS). The survey, released today, is sponsored by the nonpartisan Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates, a survey research firm. Highlights include: "We have known for decades that major changes were taking place in the U.S. retirement system," said Jack VanDerhei, a Temple University professor, EBRI fellow, and co-author of the 2007 Retirement Confidence Survey. "This year, we found that a substantial number of workers realize that the shift from traditional pensions to 401(k) plans affects them personally.
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