Break from the Grind October 19, 2017

A Little Friday File Fun

And now it's time for FRIDAY FILES!
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In Redford Township, Michigan, a wanted man posted negative messages on the police department’s Facebook page. The police threatened to ban him from the page. But, the next post from him said if the police department got 1,000 shares with their next post, he would turn himself in (he had probation violations) and bring donuts. The next post by the police department got around 4,200 shares, and the man showed up at the police station with a bag of donuts and a bagel. He told TV station WXYZ, “cops like doughnuts,” and he wanted to reward them for any inconvenience.

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In Franklin County, Ohio, a man who pleaded guilty to a charge at a court hearing swore he was penniless and couldn’t pay his fine. However, deputies taking him to be processed for his six-year prison sentence then found he had $4,060 on him, according to the Associated Press. When the judge learned that, he gave the man the maximum fine of $20,000, plus court costs. About half the discovered cash was ordered to go to his attorney, who’d been shorted on his fees. The rest was applied toward the fine.

In West Palm Beach, Florida, a cadet in the Palm Beach County Sheriff’s Office decided to take his Sheriff’s Lieutenant father’s patrol car for a ride. Local news outlets say he used the car to pull over his ex-girlfriend and her new boyfriend. The patrol car was later found parked outside the home of the cadet’s friend. The cadet was ordered to stay away from the couple and faces multiple charges, including impersonating a law enforcement officer. He has been fired.

In Brockton, Massachusetts, while most armed robberies are very scary and demand huge amounts, this was not so at the Brockton Market and Deli. Two young men entered the establishment and only demanded $1 before fleeing, according to the Associated Press.
An unusual customer for the ice cream truck.

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Chickens have a different way of bobbing for apples than we do.

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Is this elephant actually trying to figure out how to put a sandal on its foot?

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In the U.S., Orkin released its Top 50 Rattiest Cities list. For the third consecutive ranking, Chicago takes the top spot. The metro regions are ranked by the number of rodent treatments the company performed from September 15, 2016, through September 15, 2017. This ranking includes both residential and commercial treatments. See if your city is on the list.
Data and Research October 19, 2017

GAO Calls on Congress to Improve Retirement Security in America

According to the GAO report, the three pillars of the current retirement system in the United States are anticipated to be unable to ensure adequate benefits for a growing number of Americans due, in part, to the financial risks associated with certain federal programs.

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The Government Accountability Office (GAO) has examined challenges to retirement security for Americans, drawing from prior work and others’ research, as well as insights from a panel of retirement experts about how to better ensure a secure and adequate retirement, with dignity, for all.

In a report, the GAO notes that fundamental changes have occurred over the past 40 years to the nation’s current retirement system. In particular, it says there has been a marked shift away from employers offering traditional defined benefit (DB) pension plans to defined contribution (DC) plans, such as 401(k)s and 403(b)s, as the primary type of retirement plan. “This shift to DC plans has increased the risks and responsibilities for individuals in planning and managing their retirement,” GAO says.

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The agency also notes that economic and societal trends—such as increases in debt and health care costs—can impede individuals’ ability to save for retirement.

According to the GAO report, the three pillars of the current retirement system in the United States are anticipated to be unable to ensure adequate benefits for a growing number of Americans due, in part, to the financial risks associated with certain federal programs. GAO notes that Social Security’s retirement program is projected to be unable to pay full benefits as soon as 2035. Long-term fiscal projections show that, absent fiscal policy changes, the federal government is on an unsustainable path, largely due to spending increases driven by the growing gap between federal revenues and health care programs, demographic changes, and net interest on the public debt.

In addition, the report notes that the Pension Benefit Guaranty Corporation (PBGC) has reported that its multiemployer plan program is likely to run out of money by 2025.

GAO adds that individual savings and savings in DC plans are inadequate to fund a secure retirement.

According to the report, it has been nearly 40 years since a federal commission has conducted a comprehensive evaluation of the nation’s approach to financing retirement.  A panel of retirement experts convened by GAO in November 2016 agreed that there is a need for a new comprehensive evaluation. GAO says the experiences of other countries can also provide useful insights for ways to improve the system.

“Congress should consider establishing an independent commission to comprehensively examine the U.S. retirement system and make recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security,” the agency concludes.

The full GAO report may be downloaded from here.

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