The U.S. Marine Corps is expected to graduate its first ever female infantry officer. The Washington Post reports the woman is a lieutenant and completed a three-week combat exercise. The exercise was the final graded requirement in a 13-week course. According to the Washington Post about 25 percent of students don’t finish the course and the woman was the first to complete it of the three dozen women who tried.
Companies and organizations are weighing in on the potential delay of the Department of Labor’s fiduciary rule through public comment letters. The DOL will look over the public comments before making a decision to delay the rule’s second phase for 18-months from January 1, 2018 to July 1, 2019.
Most letters are of course, in support of the proposed delay. The National Association of Fixed Annuities said it strongly supports the delay, stating it’ll give the DOL time to consider possible changes to the rule and to protect those affected by the rule from wasting resources on compliance protocols that may be revised or repealed.
Vanguard also said it supports the delay. Vanguard said in its letter, “the proposed delay should help allow financial institutions a realistic time frame to evaluate investment services in accordance with the BIC Exemption, and, if necessary, to implement and test systems and procedures to comply with the BIC Exemption...”
At least one group is against the proposed delay. A company called Financial Engines said in their comment letter that a delay “would inject additional uncertainty into the market, which could result in the imposition of costs on the industry and investors” and “many in the industry have already taken significant steps towards compliance.”
Americans appear to have a negative outlook on their retirement, according to an annual Nationwide survey.
21 percent of future retirees said life in retirement will be better and 28 percent of recent retirees said life is worse in retirement. So what’s the reason? The survey found 82 percent of recent retirees said income is the reason why life is worse in retirement. While 76 percent of those who have been retired for 10 or more years said cost of living is why life is worse in retirement.
78 percent of future retirees are worried the Social Security program will run out of funds in their lifetime, as compared with 63 percent of recent retirees and 56 percent of 10+ retirees. In fact, future retirees who currently work with a financial adviser are more likely than recent and 10+ retirees to have received advice on Social Security from their financial adviser.
The state of California is suing the Trump administration over its plans to build a border wall. California’s attorney general made the announcement in front of border fencing near San Diego. The lawsuit aims to block construction in San Diego and Imperial counties. The suit filed in San Diego federal alleges the border wall violates federal statutes, mostly environmental protection laws.
President Trump is currently in talks with Congress to figure out how to pay for the wall.
Billboards featuring First Lady Melania Trump delivering a speech in front of an American flag with the words “just imagine how far you can go with a little bit of English” were taken down after she threatened a lawsuit. The billboards were for private English school, American Institute.
Melania Trump’s lawyer told the Associated Press the school said they violated the law and her legal team planned to explore further legal steps. A spokeswoman for the school apologized and said the billboards were meant to show the first lady as a role model.