Compliance August 31, 2006

TSA Exempt from Veterans Preference Rules

August 31, 2006 (PLANSPONSOR.com) - The US District Court for the District of Columbia has ruled the Transportation Security Administration (TSA) did not violate the Aviation and Transportation Security Act or the Veterans Preference Act when it cut the jobs of airport security screeners.
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The District Judge said in her decision that the Aviation and Transportation Security Act exempts the TSA from having to follow traditional layoff procedures and veterans preference rules when it comes to screeners, according to the Federal Times. The TSA issued a reduction-in-force of 3,000 airport security screeners in 2003.

The American Federation of Government Employees (AFGE) filed the lawsuit in 2003 on behalf of five laid off screeners, according to the Federal Times. The union claimed TSA ignored proper personnel management provisions; did not take military service, tenure or efficiency ratings into account when deciding who would be laid off; and targeted union activists and screeners older than 40.

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The court dismissed the first two counts but let stand the count that alleged union activists were targeted. AFGE National President John Gage said the union will continue to pursue that claim.

Investing August 30, 2006

July Fund Assets Tick Upward

August 30, 2006 (PLANSPONSOR.com) - The combined assets of the nation's mutual funds edged up by $40.3 billion, or 0.4%, to $9.377 trillion in July, according to the Investment Company Institute's (ICI) latest data.
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class=”normal-1″> According to an ICI news release , long-term funds – stock, bond, and hybrid funds – had a net inflow of $3.7 billion in July after a $9.45 billion June outflow.

class=”normal-1″> Stock funds enjoyed a $585 million inflow in July, compared with an outflow of $8.6 billion in June. Among stock offerings, world equity funds saw an inflow of $4.84 billion for the month, much greater than the $818 million June influx. Funds that invest primarily in the US had an outflow of $4.26 billion in July after reporting an outflow of $9.42 billion in June.

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class=”normal-1″> Hybrid funds posted an $87 million outflow in July, compared with a June outflow of $489 million, ICI said.

class=”normal-1″> Moving on to bond funds, ICI data shows an inflow of $3.2 billion in July, compared to an outflow of $362 million in June. Taxable bond funds had an inflow of $2.86 billion for the month versus an outflow of $645 million in June.

class=”normal-1″> Money market funds had an inflow of $26.84 billion in July, compared with an inflow of $19.79 billion in June.

 

 

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