New 401(k) Transparency Rules

Does your 401(k) plan subtract administrative fees from your investment fund? Sometimes employers pay these fees. When the individual plan participant pays, the charges can take a bite out of your retirement nest egg.

Beginning July 1, 2012 the Department of Labor requires transparency in 401(k)-type employer sponsored pension plan reporting. Plan participants can expect to receive a fee disclosure statement by August 30.

The reader-friendly report will provide plan-related and investment-related information including administrative and individual expenses. The source link maps to the DOL website for additional information. 

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Transparency
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Honda Civic Recall

Honda is recalling certain Civic 2012 model year vehicles due to a potential driveshaft assembly issue that could lead to loss of engine power. Honda dealers will inspect affected cars and make necessary repairs. The recall will begin this month. Source

Chrysler Recall

Chrysler is recalling certain 2011-2012 model year Dodge Charger and Chrysler 300 vehicles due to a potential flaw in the antilock brake system. The manufacturer will notify affected owners. Check the source link for the NHTSA report. Source

Do You Really Need that Insurance?

How much do you pay for insurance that you really don’t need? It’s unnecessary if you can financially absorb the loss on your own according to one expert. His rule of thumb is to buy insurance only to cover potential losses you cannot afford.

Consumer Reports compiled a list of certain types of insurance policies that you probably don’t need. For example: Why purchase ID theft insurance when this is already covered by federal protection? Check the source link for other types of insurance not recommended. Source

Bee Gees Robin Gibb is in a Coma

Bee Gees founder Robin Gibb has pneumonia and is in a coma as confirmed on his website. Details of his medical diagnosis have not been disclosed; but Gibb reportedly told the BBC that he had a growth removed from his colon.

Traffic from adoring fans crashed Robin Gibb’s website. However, an html provides news of his condition. The source link maps to that page plus the singer’s Facebook page.

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RobinGibb.com
Facebook

April 17 is Tax Freedom Day

April 17 is the deadline to file your income tax return if you owe any money. Tomorrow is also Tax Freedom Day. That’s how long the average American works each year to pay off the portion of your income that goes to taxes.

Tax Freedom Day varies from state-to-state due to the variance of state and local government’s  income tax. Residents in some states satisfy their tax debt labor sooner. New York State has one of the latest freedom dates. Ours is May 1. Check the source link for your date. Source

Ford Focus Recall

Ford is recalling certain model year 2012 Focus vehicles due to potential windshield wiper defects that could impair visibility. Ford will notify owners and make necessary inspections and corrections at no charge. The recall will begin on or about May 21, 2012. Source

Wendy’s Bumps Burger King from #2 Spot

Wendy’s is the second-largest US hamburger chain, bumping Burger King from the #2 spot. Wendy’s US sales were $8.5 billion in 2011 compared to $8.4 billion for Burger King. McDonald’s is still No. 1. with 2011 sales at $34.2 billion. Data is provided by Technomic. Source

Goodyear Tire Recall

Goodyear Tire & Rubber Company is recalling certain Wrangler Silent Armor tires due to potential defects that could result in auto accidents. The recall is expected to begin on or before March 22. Goodyear will notify affected owners. The source link maps to the official notice in the NHTSA recall listings. Source

Honda Odyssey Recall

American Honda Motor Co. will recall certain 2008-2009 model year Odyssey vehicles due to a manufacturing flaw in the gas-filled struts. The recall is expected to begin on or around March 13, 2012. Honda will notify affected owners. The source link maps to the press release in the NHTSA recall listings. Source

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