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Liz Weston: Does a 401(k) employer match tempt you to cash out?

Published Fri, 07 Feb 2025 08:58:09 GMT

Many companies try to help their workers to save for retirement. Employers often offer 401(k)s, company matches and automatic enrollment to encourage saving.Much of that effort goes to waste, though, when employees leave. A study published last year in Marketing Science, a peer-reviewed research journal, found more than 40% of departing workers cashed out at least part of their 401(k)s, and most of those drained every dime.What’s more, employers may bear at least some of the blame, according to researchers Yanwen Wang of the University of British Columbia, Muxin Zhai of Texas State University and John Lynch Jr. of the University of Colorado.The study, titled “Cashing Out Retirement Savings at Job Separation,” suggests generous company matches can make cashing out more tempting.CASH-OUTS DRAIN FUTURE RETIREMENT SECURITYThe researchers examined records of 162,360 employees who left jobs at 28 employers between 2014 and 2016. Of the 41.4% who cashed out retirement savings, about 64% to...

At least 3 workers are dead after scaffolding fell down a shaft at a building site in Germany

Published Fri, 07 Feb 2025 08:58:09 GMT

BERLIN (AP) — At least three construction workers died when scaffolding fell down an elevator shaft inside a building site in Hamburg on Monday, German authorities said. Several others were believed to be missing under the wreckage.The fire service in Germany’s second-biggest city said that the building site was evacuated following the accident, German news agency dpa reported. Between 1,300 and 1,500 workers were on site at the time.The scaffolding appeared to have been eight floors above the ground before the collapse, and firefighters said the rescue effort was difficult. Officials initially reported that five people died. They said later Monday that they were sure of three deaths.The accident happened in the Ueberseequartier, part of the port city’s HafenCity district on the Elbe river that is being redeveloped with office and residential buildings, hotels and shops.The Associated Press

Monday Forecast: Sunny, freeze warning, low 40s

Published Fri, 07 Feb 2025 08:58:09 GMT

Monday: Mainly sunny, freeze warning until 9am, NW 10-15 G25. High: 41Monday Night: Mainly clear, hard freeze, SSW 0-5. Low: 29Chicago Weather | Tom Skilling and the WGN Weather Center's Forecast (wgntv.com)Tuesday: Mostly cloudy, snow showers, cold, WNW 10-15 G25. 38

Candy prices called 'outrageous' as Halloween looms

Published Fri, 07 Feb 2025 08:58:09 GMT

Spooked by the high price of Halloween candy? There’s not much relief in sight.For the second year in a row, U.S. shoppers are seeing double-digit inflation in the candy aisle. Candy and gum prices are up an average of 13% this month compared to last October, more than double the 6% increase in all grocery prices, according to Datasembly, a retail price tracker. That’s on top of a 14% increase in candy and gum prices in October 2022.“The price of candy has gotten to be outrageous,” said Jessica Weathers, a small business owner in Shiloh, Illinois. “It doesn’t make sense to me to spend $100 on candy.”Weathers said she usually buys plenty of candy for trick-or-treaters and events at school and church. But this year, she only bought two bags and plans to turn off her porch light on Halloween when she runs out.Other consumers are changing what they buy. Numerator, a market research firm, said its surveys show about one-third of U.S. consumers plan to trade down to value or store brands ...

City announces plan to keep asylum seekers warm as temps drop

Published Fri, 07 Feb 2025 08:58:09 GMT

CHICAGO -- As cold weather approaches, the city has announced a plan to keep asylum seekers warm. Over the weekend Mayor Brandon Johnson announced the plan which includes the deployment of warming buses at designated locations -- on top of providing essential items like coats and blankets. The city will also partner with faith-based leaders to establish emergency staging areas and shelters. Since August 2022, more than 19,000 asylum seekers have arrived in the city. With shelters at capacity, the overflow of new arrivals can be seen at area police stations where many are currently located and relying on tents for shelter. Herbert throws for 3 touchdowns, Chargers get back on track with 30-13 victory over Bears The city will collaborate with external partners, volunteers and mutual aid grounds to provide blankets, coats and other neccesities. Warming buses will be provided by the CTA at the landing location and 16 police district locations.In the announcement, the mayor said they a...

Local organization aims to decrease opioid overdoses in Austin

Published Fri, 07 Feb 2025 08:58:09 GMT

AUSTIN (KXAN) -- The City of Austin entered into an agreement with Communities for Recovery, a local recovery community organization, to provide some funding to increase outreach and lower the amount of opioid overdoses in the city. On Oct. 19, the council voted to provide $250,000 to Communities for Recovery for a one-year contract, with an option to extend the contract by one year for another $250,000. That money will be used to hire more peer coaches at the center, according to Darrin Acker, the executive director of Communities for Recovery. "It's very important," district 6 council member Mackenzie Kelly said after the vote. "It's going to be providing much needed peer recovery counseling services for community intervention."Communities for Recovery Communities for Recovery started in 2004 and was strictly volunteer-based. In 2012, the organization switched to peer recovery coaching and now has 36 people working at the center.It uses what is called "assertive outreach" to meet ...

Sahan Journal founder Mukhtar Ibrahim to step down

Published Fri, 07 Feb 2025 08:58:09 GMT

Mukhtar Ibrahim, a Somali immigrant who moved to Minnesota at age 17 and later reported for Minnesota Public Radio and the Star Tribune, will step down from his leadership roles at the Sahan Journal, the online news journal he launched to widespread acclaim less than five years ago.Ibrahim, in a written announcement from Sahan, attributed the decision to exit the nonprofit news organization in part to the recent birth of his fourth child. He said that Sahan, which operates without a paywall or subscription requirement, had achieved strong financial stability and a healthy organizational culture.Mukhtar Ibrahim (Courtesy photo)“My family situation has changed since founding Sahan in 2019,” wrote Ibrahim, 35, a former Bush Foundation fellow who has served as the digital news journal’s founder, publisher, chief executive officer and chief fundraiser.“I have four young kids, and I’ve been presenting on nonprofit journalism in other places across the country,” sai...

Bryce Borca’s parents says son’s disappearance in Eagan has been ‘hardest year of our lives’

Published Fri, 07 Feb 2025 08:58:09 GMT

One year since Bryce Borca went missing in Eagan, his parents are opening up about their pain in a letter that includes a message to their son.“Bryce, we love you more than life itself. We miss you in every way. We miss that smile. We miss your sweetness, your kindness and your ability to make everyone around you feel better,” they wrote.Bryce Borca (Courtesy of the family)Borca, who was 23 at the time, was last seen on Oct. 30, 2022. His last known location was Fort Snelling State Park at the end of Yankee Doodle Road in Eagan. He was trying to walk home after a night out with friends and hasn’t been found.“It’s been one year since we lost our sweet Bryce,” parents Troy and Carina Borca wrote in a letter posted late Sunday. “One year. Some days it feels like 10 years and other days it feels like 10 weeks.”They thanked Eagan police, county and state authorities and search groups “that continue to help us find answers. … We pray a...

St. Louis City rocked by weekend violence

Published Fri, 07 Feb 2025 08:58:09 GMT

ST. LOUIS - Another violent weekend that saw several people killed and others assaulted shook St. Louis City.Police responded to the call at Leahy Avenue and North Kingshighway Boulevard around 2:40 a.m. Upon arrival, they found an adult male shot outside in the middle of the street. He was pronounced dead at the scene. So far, no name or age of the victim has been released just yet. The investigation is still in its early stages. The homicide there is just the latest of multiple murders over the weekend in the area.Just after 12:30 a.m. Saturday, St. Louis Police rushed to the 4300 block of Beck on a shooting call. When they arrived, they found 32-year-old Stephen Robinson shot inside a kitchen in a home. Investigators told FOX 2 that Robinson was suffering from multiple gunshot wounds. He was pronounced dead at the scene. St. Louis County woman receives unpaid unemployment benefits after FOX 2 highlights case Police revealed that the suspect in the case, a 48-year-old man, remai...

Driver crashes into parked cars in south St. Louis City

Published Fri, 07 Feb 2025 08:58:09 GMT

ST. LOUIS - A dramatic crash shakes up and wakes up a quiet neighborhood in south St. Louis.The car that hit two parked cars is no longer there, but there is damage left behind. We're told the noise from the crash was so loud that it woke up the owner of a red Subaru nearby. A grey Nissan Altima was badly damaged as well. There's also glass and debris all over the street.The crash happened shortly after 1:30 a.m. on Arkansas Avenue, just off Magnolia Avenue. It appears a Chrysler 300 with Illinois plates lost control, crashing into the two parked cars. Leaving the Chrysler 300 flipped on its top. St. Louis County woman receives unpaid unemployment benefits after FOX 2 highlights case Dispatchers were called Monday morning, but no one was able to provide further information. It's unclear what led to the driver of the Chrysler losing control and crashing into the parked cars. So far, no injuries have been revealed. FOX 2 will update this story with more information as it becomes ava...