Compliance December 21, 2011

Court Allows Accused Killer to Use 401(k) Assets for Attorney

A Wisconsin man accused of murdering his wife will be able to hire an attorney using funds from his 401(k). 
Reported by

Fond du Lac County Circuit Court Judge Richard Nuss ruled Jason E. Anderson is allowed to withdraw approximately $37,000 from his 401(k) savings plan to help pay for representation, according to the Fond du Lac Reporter. Earlier this month, another judge restrained Anderson from using part of the couple’s marital estate to hire a private attorney.  

Anderson’s wife, Nicole, was found dead from a single gunshot wound to the temple on November 8 at the couple’s home. A document filed by attorney Robin Shellow, whom Anderson intends to hire, claims Anderson stated on the night of Nicole’s death, he thought he heard an intruder and armed himself with a handgun. According to the statement, the handgun accidentally discharged when the trigger guard was knocked against some furniture, and the recoil caused Anderson to almost fall and for the gun to be fired a second time.  

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The next step in the Jason Anderson case will be a preliminary hearing scheduled for January 6, the news report said.  

Data & Research December 21, 2011

Nearly Half of Americans Feel Unprepared for Retirement

Forty-eight percent of Americans do not feel prepared for retirement.   
Reported by

According to ING’s Retirement Revealed survey, despite this fact, 75% of respondents that are employed full-time and have an annual income of $40,000 or more, are contributing to their workplace retirement plan.

The survey also found 71% of respondents say they do not have a formal investment plan in place to help them reach their financial goals.

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Other key findings from the study include:

•  Three-quarters of respondents currently contribute to an employer-sponsored plan, with an average of $69,000 saved in the plan;

•  Most people with employer-sponsored plans contribute a set amount per paycheck, either a percentage (average: 8.4%) of a dollar amount (average $220).

•  Seventy-two percent are receiving the full employer match;

•  Fifty-eight percent of respondents are currently save money outside of an employer-sponsored retirement plan, with average savings of $46,000;

•  Only 43% of respondents have calculated how much money they will need to maintain their lifestyle in retirement;

•  Only 36% of respondents spend a lot or some time thinking about retirement;  

•  Forty-seven percent of respondents rely on their own research, the Internet or other media for financial advice;

•  Twenty-four percent say they rely on financial advisers;

•  Twenty-nine percent have a formal investment plan; and

•  Thirty-two percent have six months of emergency cash reserves.

“Most consumers today face a number of competing financial priorities. But one thing they should not lose sight of is the importance of properly preparing for their retirement,” said Maliz Beams, CEO of ING U.S. Retirement. “The good news is that more people are becoming aware of what it takes to reach their goals.”

The Retirement Revealed study was conducted via an online survey of 4,050 adult respondents between the ages of 25 and 69 by ORC International.

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