At a recent conference, retirement experts concluded that the lack of an easy drawdown mechanism in 401(k) plans was the major challenge facing the 401(k) system. In 2014, the Treasury Department and the IRS issued guidance that made longevity annuities accessible to 401(k) plans and that enabled target date funds to include annuity contracts either as a default or as a regular investment option. But individual plan sponsors feel under siege by lawsuits and see little payoff to being innovative. At the same time, Congress is unlikely to mandate that annuities be a part of 401(k) arrangements. So we are at a standstill. Millions of Americans — having been told that their retirement plans are automatic
Shares of luxury fashion brand Vince (NYSE: VNCE) tumbled nearly 40 percent Friday, after the company said it has "substantial doubt" about its ability to continue as a going concern for the next 12 months. Its warning comes roughly one month after struggling department store Sears (NASDAQ: SHLD) made the same statement in its annual filing with the Securities and Exchange Commission. A change in accounting regulations that went into effect during the first quarter now requires management teams to assess whether there are "conditions or events" that raise substantial doubt about their company's ability to stay in business for the next year.
Upon the release of BioMarin's orphan drug Brineura, which made headlines for its $702,000-per-year price tag, chairman and CEO JJ Bienaimé said the system will have the final say on whether the sky-high price is fair. "Obviously, the system will have to determine that," he told Cramer on Friday. "I think, hopefully, ... if there is any kind of regulations coming around health care, that they will make sure that those regulations protect innovation and protect innovative biotech companies," Bienaimé said. Finally, Cramer spoke with AGCO Chairman, President and CEO Martin Richenhagen to understand more about how President Donald Trump's protectionist slant might affect the agricultural landscape.