One effect of the ruling is that it’ll now be easier to sue an employer over an expensive 401(k) plan, turning up the legal pressure a notch.
Those expenses matter. A 2012 study by Demos, a New York City-based think tank, found that over a lifetime, 401(k) fees cost a two-earner family with a median income nearly $155,000 — and consume nearly one-third of their investment returns.
Less than 10 years ago Demos and other voting rights groups approached North Carolina after an investigation revealed that the state was failing to meet its obligations under Section 7 of the National Voter Registration Act—a federal law that requires North Carolina provide individuals who apply for public assistance the opportunity to register to vote.
While income is distributed unequally in the country, what few people know is how much more unequally wealth, financial assets and inheritances are distributed.
In the wake of the recent gutting of the Voting Rights Act, partisans were quick to jump on the opportunity to restrict unfavorable voters. Across the country, conservatives in particular have debated fiercely whether to pursue voter suppression to remain competitive in an increasingly diverse electorate.
Credit checks are one of many barriers faced by Black job seekers; and the implicit biases of employers have proved hard to legislate. That's why New York City just joined other cities and states in banning credit checks.
The lack of retirement security for middle-class and low-wage workers is a growing crisis that Washington has refused to address, even though it demands immediate attention.
Federal contracting with private vendors supports about two million low-wage private sector jobs, according to Demos, a national research institute, in their study, "Underwriting Bad Jobs." That is "more than the number of low wage workers at Walmart and McDonald's combined."
The rationale behind the ban is simple: it’s unfair and useless to use a person’s credit history, which is often inaccurate or misleading, when assessing their job qualifications.
"You are in a Catch-22," said Emmanuel Caicedo, a senior campaign strategist with Demos, one member of a coalition of 79 labor and civil rights organizations that formed the NYC Coalition to Stop Credit Checks in Employment.
"You can't pay your bills and so your credit is bad. And then you can't get a job to pay your bills because of your credit."
Life happens. We have children to support. We lose jobs. Marriages fall apart. By the time we near our ‘Golden Years’ the nest-egg we may have envisioned may be a lot smaller than we thought and in many cases, not there at all due to heavy debt loads.
Last week, New York City Comptroller Scott Stringer unveiled a new plan to regulate financial advisers, the first of its kind, that tries to protect the average investor from advisers who don’t have to put their clients’ best interests first.
“Put some mustard on it.” That’s the advice that Chicago McDonald’s worker Brittney Berry allegedly received from her manager after suffering a scalding burn on her arm from the grill used to make eggs. And this was no minor burn – she was eventually taken to the hospital in an ambulance, and had to miss work for six months.