Investing October 19, 2007

ICI: US Retirement Assets Reached $16.6T in Q107

October 19, 2007 (PLANSPONSOR.com) - The assets individuals in the U.S. have saved for retirement reached $16.6 trillion in the first quarter of 2007, up from $16.4 trillion at the end of 2006, according to new quarterly figures from the Investment Company Institute (ICI).
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class=”normal-1″> According to a press release , this is the first time that ICI has released quarterly figures on retirement savings asset totals.

Individual retirement accounts (IRAs) held the greatest amount of retirement assets in the first quarter, with $4.3 trillion, up from $4.2 trillion at year-end 2006. Mutual funds managed 47% of IRA assets.

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The figures show that 401(k) plans held $2.75 trillion of retirement assets, compared to $4.16 trillion that was placed in all employer-based defined contribution plans. Those amounts are up from $2.7 trillion and $4.08 trillion, respectively.

Mutual funds managed $2.16 trillion in assets in 401(k), 403(b), and other defined contribution plans in the first quarter, up from $2.10 trillion at year-end 2006. Mutual funds manage more than half (52%) of all DC assets.

Lifecycle funds managed $133 billion at the end of the first quarter of 2007, compared to $114 billion at year-end 2006, according to the ICI figures. Lifestyle funds managed $204 billion at the end of March, up from $189 billion at the end of 2006.

Benefits October 18, 2007

Male Employee Claims Sexual Harassment by Female Supervisor

October 18, 2007 (PLANSPONSOR.com) - A former male employee of a Pennsylvania air filtration and purification systems plant filed a sexual harassment suit in federal court that claimed his female supervisor exposed herself to him and called him degrading names and that the company ignored his complaints about the problem.
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According to the 21-page complaint filed in the U.S. District Court for the Middle District of Pennsylvania, Jose Cruz-Gonzales claimed that his supervisor, Tammy Palentay, subjected him to repeated sexual harassment, including pulling down his pants, exposing her breasts to him and calling him “baby bottoms” and “bootylicious.”

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In July 2005, Cruz-Gonzales started working for the Precisionaire, Inc.’s Auburn, Pennsylvania plant, where he worked on the production line, putting air filters in heaters. He said he was subjected to “unwelcome sexual advances, touchings, overtures, and comments” by Palentay about two months after he was hired in September 2005.

Cruz-Gonzales said he complained to his supervisor and the company’s human resources department, but to no avail. He alleges that no action was taken with regard the complaints against Palentay, at which point he filed a Charge of Discrimination with the Pennsylvania Human Relations Commission.

However, Cruz-Gonzales was forced by company officials to resign his job at the plant, because he was allegedly threatening other subordinates of Palentay after they refused to help him with his claim. He had already been warned by higher-ups not to discuss his claims, according to the complaint.

Cruz-Gonzales also claims that his firing was discriminatory and was actually a retaliation because he refused his supervisor’s sexual advances.

He is asking for an award of more than $150,000, which includes front pay, back pay and compensatory and punitive damages.

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