California has, once again, taken a bold move that is making the rest of the country take notice. We are clear-cutting the path for supplemental retirement savings.
More than half the employees who are offered a company-sponsored retirement savings plan, such as a 401(k), do not participate. As if that weren’t bad enough, 33 percent of Americans do not have any type of retirement savings at all.
Although the Department of Labor has “strongly disagreed,” that did not stop a federal judge in Texas from issuing an injunction to halt the new federal overtime rules that were to kick in on Dec. 1.
The injunction is a temporary suspension to the regulation. The judge will still need to make an official ruling, however it seems he has already “showed his hand” and is likely to uphold his original decision.