A top Virginia lawmaker is challenging the U.S. Navy over its refusal to delay the layoff date for some 172 sailors so that they could meet their 15-year service mark, making them eligible for retirement pay.

Rep. Scott Rigell, R-Va., sent a letter last month to the chief of naval personnel, asking that the Sept. 1, 2012, layoff date be extended another year so that sailors close to meeting the 15-year mark could receive the maximum retirement benefits allowed to them under the law.

The Navy announced in 2011 that it was establishing "enlisted retention boards" to determine which sailors could stay and which sailors must be "involuntarily separated" -- or laid off. The Navy had determined that it was overmanned in about 31 of its 84 "ratings," or jobs, and that 2,947 sailors would need to be let go in order to allow others to be promoted. Of that number, 172 sailors would have made 15 years of service if the Sept. 1, 2012, date were extended another year, a Navy source confirmed to FoxNews.com.

The Navy then reviewed the records of sailors who had served between seven and 15 years -- ranging in rank from first class petty officers to senior chief petty officers -- and made their selection. The Navy claims that during this time, it offered affected sailors the opportunity to convert to another rating in an attempt to keep them from getting laid off. It also says it offered comprehensive assistance to those selected for termination, like contracting with an outside firm to help them find civilian jobs.

But the Navy's handling of the matter did not sit well with Rigell, whose district includes Virginia's Hampton Roads area and who serves on the House Armed Services Committee.

Rigell penned a letter June 11 to Chief of Naval Personnel Vice Adm. Scott Van Buskirk, requesting that the Navy extend Temporary Early Retirement Authority, or TERA, to sailors who make the 15-year mark by Sept. 30, 2013.

"These sailors and their families endure unique and extraordinary demands and make significant sacrifices over the course of their careers," Rigell wrote. "They are vital to our military readiness and should be given the opportunity to reach 15 years of service before being involuntary separated."

Buskirk rejected Rigell's request, saying in a June 27 reply that, "We evaluated whether individual exceptions should be granted, but determined that permitting sailors to remain beyond the cutoff date would adversely impact ongoing efforts to properly balance the Navys force profile, stabilize enlisted advancement opportunity, and improve overall fleet readiness."

"Additionally, granting exception for those who have not yet separated would create an inequity for those who have already separated," Buskirk wrote.

The law has long required sailors to serve 20 years before they could receive retirement benefits amounting to 50 percent of their base pay. In December 2011, however, Obama signed into law the National Defense Authorization Act, which gave the Department of Defense the power to reinstate TERA, which is a "temporary, voluntary program that offers voluntary early retirement at a reduced monthly retirement pay to eligible members with 15 to 20 years of active service," according to the Navy's website. Under TERA, members of the Navy, Air Force and Army who have served between 15 and 20 years can receive retirement pay that is calculated using a multi-step formula.

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Lawmaker Fights Navy to Get Sailors Retirement Pay

Lionel WIJESIRI

Human Resources Senior Minister, D. E. W. Gunasekera, recently spoke about the social security system in Sri Lanka. He said that the National Human Resources and Employment policy is now under submission at the Cabinet of Ministers and many issues on social protection and labour strategies have been addressed. Speaking on the retirement benefit schemes, he said, We must reconsider the feasibility of establishing a pension scheme for the workers in the formal private sector. The abortive private sector pension fund needed a much more critical study, analysis and assessment by professional actuaries. He also highlighted the need for a security scheme for informal sector.

Senior Minister D.E.W. Gunasekera

Fund management has become a controversial issue today, he continued, "We have to consider seriously whether we have reached the point of diminishing returns in so far as the management of EPF and ETF is concerned. While we should appreciate the concerns of the workers and their sensitiveness to changes, it is equally important to consider the long term sustainability of these funds," he said.

Human Resources Senior Minister is in the right track. Time has come to recognize that our present social security retirement policy needs to adjust to the changing economic, demographic and social environments. It is also a good idea that the government has begun to make extensive policy analysis and is planning to set up major policy reforms geared towards finding a new balance for social security retirement schemes.

Sri Lanka is currently fortunate to have an extensive social security retirement benefit system with a conceptually modern social assistance scheme. In addition to the universal health care system covering 100 percent of the population extending from birth to death, the country has comprehensive scheme of pensions for public servants, farmers, fisheries and self-employed, and the EPF, ETF and payment of gratuity for private sector workers. The writer believes that, recognizing the changing conditions, improvements are necessary with respect to the targeting and the adequacy of retirement benefits levels, quality and cost effectiveness of the public health care for the old, the personnel coverage of the income security schemes and the adequacy of benefits provided by the provident funds.

As the experience of the developed countries has shown, the presence of a reasonable social safety net for all individuals and households enlarges and strengthens the labour force of a country, adds to its capacity to promote growth and to accept change, and underpins a greater degree of political and social stability. Furthermore, entitlement to adequate levels of social protection is recognized explicitly in the several international declarations dealing with the matter and in the various international labour standards on social security and related issues.

For the world as a whole, three types of countries can be distinguished. In most developed countries and some countries in central and Eastern Europe, full personal coverage has been reached for some benefits, but not for others. In these countries, the extension of coverage can probably be achieved within existing structures. Most of these countries are contemplating new architecture for the financing of pension outlays. They are presently giving careful thought for the development of a new consensus. However, the overwhelming majority of the worlds population, belonging to lower-income developing countries, is without some form of income security in old age or disability.

In many middle-income developing countries, where retirement benefit coverage does not exceed 50 percent, extension of social security coverage will have to be achieved by a combination of adapting existing social security structures and experimenting with new schemes. Sri Lanka belongs to the third category.

Two main problems are at the heart of the issues facing social security retirement schemes in almost all countries of the world. These are questions of coverage and governance.

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‘Retirement is the beginning of a journey, not an end’

RADNOR, Pa., July 11, 2012 /PRNewswire/ -- There is new hope that Americans will be better prepared for retirement, thanks to automatic features offered through employer-sponsored retirement plans, according to a study just released from Lincoln Financial Group and Retirement Made Simpler. Part of the Lincoln Retirement Power research series, the survey explored plan sponsors' perspective on the value of automatic retirement plan features including automatic enrollment, automatic escalation and qualified default investment alternatives (QDIAs). The study found that 94% of plan sponsors recognize the success of automatic enrollment features in helping them address their plan-related goals and that these features drive higher participation and deferral rates along with better investment performance.

Other key findings include:

"Our Lincoln Retirement Power survey confirms what we intuitively believe. Automatic features are highly effective," said Chuck Cornelio, President, Retirement Plan Services, Lincoln Financial Group. "Employers who offer these features in their plans will help Americans take charge of their retirement. But just like any other plan design innovation, auto solutions do not mean you can simply set it and forget it. Employees need personalized and outcomes-based communication and education to meet their goals and boost their retirement readiness."

Despite these impressive results, according to the Plan Sponsor Council of America,[2] less than half of plan sponsors have adopted auto escalation and enrollment to date. The Lincoln Retirement Power study uncovered that while new communication channels have emerged since the advent of auto features, they have not kept pace with cultural and generational shifts or the evolution of plan design. Only 51% of sponsors say they offer customized communication and only half (50%) have revamped communication materials since the introduction of auto features.

Plan sponsors agree that employee communication must shift significantly when automatic features are adopted. That means moving away from education that is technical in nature - such as how to enroll or the investments offered - to engaging participants in a more meaningful discussion about their individual savings behaviors and strategies such as their future monthly retirement income, spending power and projected retirement lifestyle.

"Conversations need to be more personalized and address each employee's specific needs, goals and lifestyles," said Cornelio. "It's time to take a more proactive approach to how we plan for retirement, with more focus on the connection between our future goals and what it will take to get there."

The good news is that automated models are helping more people take steps to save for retirement. The strong combination of auto solutions plus outcomes-focused communication has the power to motivate people, in a positive way, to take an active role in their retirement readiness."

For more information on the Retirement Power study, visit http://www.lfg.com/retirementpower.

Survey Methodology The Lincoln Retirement Power Automatic Features Study is based on research conducted by Brightwork Partners, LLC for Lincoln Financial and Retirement Made Simpler. Researchers administered the survey by phone from February 8, 2012 to March 8, 2012. The research explored automatic retirement plan features from the perspective of 201 executives responsible for managing 401(k) and 403(b) retirement plans with assets of $10 million or more. Respondents had to have implemented at least one automatic feature, including: qualified default investment alternatives (QDIAs), automatic enrollment and/or automatic escalation. The survey sample is nationally representative of all 401(k) and 403(b) retirement plans with assets of $10 million or more offering at least one automatic feature (approximately 12,000 plans). To learn more about the Automatic Features Study, visit http://www.lfg.com/retirementpower.

About Retirement Made SimplerRetirement Made Simpler is a coalition formed by AARP, the Financial Industry Regulatory Authority (FINRA) and the Retirement Security Project (RSP). The coalition was created specifically to inspire and support employers who want to help their employees save more for retirement. By providing companies with the tools and information they need to automate their retirement plans, more Americans will achieve a safe and secure retirement. For more information, visit http://www.RetirementMadeSimpler.org.

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New Study Affirms Auto Solutions Boost Retirement Readiness

DES MOINES, Iowa--(BUSINESS WIRE)--

When it comes to boosting retirement savingsand ultimately retirement incomegood old fashioned face-to-face education is proving to make a significant difference.

According to a new analysis from the Principal Financial Group, employees who attend personalized, one-on-one sessions at the worksite take more positive actions including participating more and saving more.

Analysis shows that, over time, the higher deferral rate combined with the commitment to increase savings among those who attended one-on-one meetings could mean an additional $242,000 at retirementbased solely on employee deferrals. That could translate into an extra $905 more a month in retirement income1, which is 69 percent higher than participants who didnt have one-on-one education.

We know from face-to-face educational meetings that retirement savers benefit from hearing a person explain how the retirement plan works rather than having to shuffle through documents by themselves, said Barrie Christman, vice president, individual investor services at The Principal. Take it a step further with personalized one-on-one meetings on company time and significantly higher numbers of participants are taking actions that can help get them to the 11-15 percent contribution rangeincluding employer matchthat we believe is needed over the course of a career to have sufficient retirement income.

One-on-one adds up to greater savings

The analysis of participants covered by retirement plans2 through The Principal, who attended a one-on-one meeting in 2011, found that 92 percent agreed to take a positive action and 80 percent completed the action. The top actions were to increase savings rates now and commit to continue to increase them in the future:

Even a small increase in savings can make a big difference in retirement security over time, especially when there is a commitment to keep increasing contributions, said Christman. While plan designautomatic savings features, higher default rates and employer match plays a critical role in empowering participants to save effectively, face-to-face education is a key tool in the retirement readiness toolbox.

The Principal rolled out its unique program of one-on-one meetings at the worksite in 2006. The salaried professionals have conducted more than 340,000 individual meetings since then.

The personalized meetings identify gaps in retirement planning, show how employer-sponsored benefits fit with personal financial needs and help individuals develop a personalized action plan.

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Face-to-Face Education Drives Better Retirement Savings Behavior

WASHINGTON One of the nations most secretive intelligence agencies is pressuring its polygraphers to obtain intimate details of the private lives of thousands of job applicants and employees, pushing the ethical and legal boundaries of a program thats designed instead to catch spies and terrorists.

The National Reconnaissance Office is so intent on extracting confessions of personal or illicit behavior that officials have admonished polygraphers who refused to go after them and rewarded those who did, sometimes with cash bonuses, a McClatchy Newspapers investigation found.

The disclosures include a wide range of behavior and private thoughts such as drug use, child abuse, suicide attempts, depression and sexual deviancy. The agency, which oversees the nations spy satellites, records the sessions that were required for security clearances and stores them in a database.

Even though its aggressively collecting the private disclosures, when people confess to serious crimes such as child molestation theyre not always arrested or prosecuted.

Youve got to wonder what the point of all of this is if were not even going after child molesters, said Mark Phillips, a veteran polygrapher who resigned from the agency in late May after, he says, he was retaliated against for resisting abusive techniques. This is bureaucracy run amok. These practices violate the rights of Americans, and its not even for a good reason.

The agency refused to answer McClatchys questions about its practices. However, its acknowledged in internal documents that its not supposed to directly ask more personal questions but says it legally collects the information when people spontaneously confess, often at the beginning of the polygraph test.

After a legal review of Phillips assertions, the agencys assistant general counsel, Mark Land, concluded in April that it did nothing wrong. My opinion, based on all of the facts, is that managements action is legally supportable and corrective action is not required, he wrote.

But McClatchys review of hundreds of documents including internal policy documents, memos and agency emails indicates that the National Reconnaissance Office is pushing ethical and possibly legal limits by:

Various national security experts, including those who support the use of polygraph in general for security screening, said they were disturbed by what McClatchy found, especially considering that the number of polygraph screenings has spiked in the last decade.

Theres a narrow jurisdiction for a polygraph program, which is to promote security, said Steven Aftergood, a senior analyst with the Federation of American Scientists, a nonpartisan research center that tracks intelligence policies. When agencies exceed their authority, they not only violate the privacy of employees, they corrupt the entire process.

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US spy agency accused of illegally collecting personal data from applicants, employees

ATLANTA, Ga., July 11, 2012 (GLOBE NEWSWIRE) -- via PRWEB - RH Laboratories and California Exotic Novelties (CEN) have announced a partnership that will bring select products from Dr. Laura Berman's line of personal massagers to retailers in the food, drug, and mass merchandiser channels for the family planning set.

Dr. Laura Berman is a world-renowned sex and relationship expert. She's published several best-selling books, and has appeared on many network shows including The O'Reilly Factor, The Talk, and The Dr. Oz Show. Her advice has been featured in The New York Times, USA Today, and nearly every women's magazine. Berman also has her own show, In The Bedroom, on the Oprah Winfrey Network.

Dr. Berman collaborated with the CEN team to design and develop every product in her line, drawing on her vast knowledge and experience with real-life clients. RH Labs will penetrate the market with three of Berman's best-selling products. The products will be sold in retailer's family planning section, alongside condoms and lubricants.

"Dr. Berman's line is unique in that it's the first publicly endorsed line of personal massagers," says Joshua Maurice, President of RH Labs. "There's nobody else in the world with her reputation or her expertise, so her support gives these products a huge competitive edge over other brands in the marketplace."

The products are expected to hit shelves beginning in the third quarter of this year.

About RH Laboratories

RH Laboratories manufactures RockHard Weekend, an all-natural male sexual performance enhancer as well as Pandora, an all-natural sexual enhancer for women. RH Laboratories is constantly using innovative techniques to promote their products not only as supplements but also as a lifestyle. In addition to the products RH Labs manufactures, they are the exclusive distributor of Forgiven, the world's first alcohol metabolizer.

This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/RHLabs/DrBermanLine/prweb9683243.htm

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RH Laboratories Named Exclusive Distributor of Dr. Laura Berman's Personal Massagers for Food, Drug and Mass Channels

The scoop: MyCloud Mini personal cloud server, by Akitio, about $104

What is it? The MyCloud Mini is a network-attached storage device (without the actual storage - you have to install either a 2.5-inch internal HDD or attach a USB external storage drive) that connects to a router to provide file storage that can be accessed via the cloud, either through a browser or mobile device. Once connected, the browser-based software includes the ability to share content to friends (or via social networks), as well as stream content (photos, music, videos) from across the Internet (aka the "cloud").

Why it's cool: If you plan to use this as a centralized storage unit for your personal content that can be accessed by multiple devices within a home network, the MyCloud Mini can handle this task. Connecting to the device is quite easy through a browser - just login to myakitio.com and type in the name of your server (initially, you type in the media access control address, but then you can change it) in order to connect. The interface via the browser is very Mac-like, with colorful icons and easy-to-understand locations for accessing content stored on the drive.

You can also connect to the MyCloud Mini via mobile app - I tried the iOS app on the iPhone, but there's also an Android app available. The app makes accessing the unit easier - you don't have to remember the Web address, and once you login initially, you can have the device remember your password and have it go right to the file area. The app also adds some additional functionality - for example, a camera app lets you take photos with the iPhone and store the images directly to the MyCloud Mini - saving space on the iPhone.

Likewise, a Voice Memo app lets you record audio with the phone and save the audio file (.AIF format) to the cloud server. In addition, you can also easily download files from the server to the mobile phone at the push of a button. Akitio has done a really good job with the mobile app.

Some caveats: With network-attached storage (NAS) functionality built directly into new wireless home routers, it might be easier to attach an external drive to the router in order to access the same functionality. I found it annoying that I needed to attach my own storage to the unit - there are home NAS units that already have storage built in. Streaming media content from the MyCloud Mini, even over the local wireless network, was tedious - I never got videos to play correctly (it would start and then just stop), and even streaming music had lag and burps. While I didn't attach other devices to the network, such as a TV or Xbox, I'd be afraid that those devices would have similar problems.

The instruction guide and setup manual are also very sparse - casual users are likely to be frustrated quickly, although IT pros might be able to get through all of the features without too much pain. There's some really good potential here - the software and mobile apps shine, but the streaming speed over a local network and the cloud needs to be improved. If Akitio can bundle this with a hard drive and make those performance improvements, consumers might be impressed with a device that can provide them with centralized storage for their media content.

Grade: 2.5 stars (out of five)

The scoop: MovieNite streaming media player, by D-Link, about $80.

What is it? Like similar units from Roku and Western Digital, the D-Link MovieNite box connects to your TV and Internet connection, providing you with access to Internet movies, music and TV services, including Netflix, Pandora, YouTube and Vudu.

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Personal cloud server needs work; MovieNite streams movies & more

By: Marisa Taylor | McClatchy Newspapers Published: July 11, 2012 Updated: July 11, 2012 - 7:40 AM

One of the nations most secretive intelligence agencies is pressuring its polygraphers to obtain intimate details of the private lives of thousands of job applicants and employees, pushing the ethical and legal boundaries of a program thats designed instead to catch spies and terrorists.

The National Reconnaissance Office is so intent on extracting confessions of personal or illicit behavior that officials have admonished polygraphers who refused to go after them and rewarded those who did, sometimes with cash bonuses, a McClatchy investigation found.

The disclosures include a wide range of behavior and private thoughts such as drug use, child abuse, suicide attempts, depression and sexual deviancy. The agency, which oversees the nations spy satellites, records the sessions that were required for security clearances and stores them in a database.

Even though its aggressively collecting the private disclosures, when people confess to serious crimes such as child molestation theyre not always arrested or prosecuted.

Youve got to wonder what the point of all of this is if were not even going after child molesters, said Mark Phillips, a veteran polygrapher who resigned from the agency in late May after, he says, he was retaliated against for resisting abusive techniques. This is bureaucracy run amok. These practices violate the rights of Americans, and its not even for a good reason.

The agency refused to answer McClatchys questions about its practices. However, its acknowledged in internal documents that its not supposed to directly ask more personal questions but says it legally collects the information when people spontaneously confess, often at the beginning of the polygraph test.

After a legal review of Phillips assertions, the agencys assistant general counsel Mark Land concluded in April that it did nothing wrong. My opinion, based on all of the facts, is that managements action is legally supportable and corrective action is not required, he wrote.

But McClatchys review of hundreds of documents including internal policy documents, memos and agency emails indicates that the National Reconnaissance Office is pushing ethical and possibly legal limits by:

Establishing a system that tracks the number of personal confessions, which then are used in polygraphers annual performance reviews.

Originally posted here:
National Reconnaissance Office accused of illegally collecting personal data

The managers for the world's largest bond fund have some explaining to do.

The newly minted PIMCO Total Return ETF (exchange traded fund) outperformed the PIMCO Total Return mutual fund over the last four months by more than 3 percent. The outperformance by the ETF has created a stir because both investment vehicles have the same manager and an identical investment strategy.

The flagship fund for the Pacific Investment Management Co., better known as PIMCO, is the 25-year-old Total Return Fund, which is a bond mutual fund with $263 billion under management as of July 9, 2012. In late February, PIMCO created an exchange-traded fund, the PIMCO Total Return ETF, which has the same strategy and manager as its older and much larger sibling, but that's where the similarities end.

The performance of the two funds highlights the structural differences in ETFs and mutual funds and also how fund size and age can play a role in performance. As of July 9, 2012, the Total Return ETF has only $1.8 billion under management, a fraction of its mutual fund equivalent.

In an article by Bloomberg Businessweek, fixed income manager with DoubleLine Capital, Bonnie Baha, when referring to PIMCO's performance was quoted as saying that "it is very difficult to beat the market when you are the market." She goes on to say, "Once you get to a certain size, your ability to add value is constrained almost by definition."

Baha added, "If you believe in the efficient-market theory, the bigger you get the more difficult it is to add value because your choices are more limited."

While Baha's statement may be conventional wisdom for equity mutual funds, bond funds generally aren't thought to have the same issues. The size of the credit market is much larger than the equity markets. According to the Securities Industry and Financial Association, the size of the U.S. bond market is just under $37 trillion to date, making the Total Return Mutual fund's holdings a fraction of the market.

So why were the returns so different?

For starters, the ETF holds about 300 securities and the mutual fund holds more than 19,000. The mutual fund uses derivatives to simulate an investment holding or to hedge its losses, while ETFs are not allowed to use certain derivatives.

According to a recent Financial Times article, PIMCO's Total Return mutual fund holds credit default swaps which serve as an insurance policy against certain bonds if they default. The cost of the credit default swap acts as a drag against performance relative to the ETF, which can't hold such instruments. If the credit market begins to undergo defaults, it is possible the unhedged Total Return ETF would see greater losses than its mutual fund equivalent.

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Personal Finance: PIMCO returns differ from similar accounts

By Sam Dunn

PUBLISHED: 17:56 EST, 10 July 2012 | UPDATED: 04:48 EST, 11 July 2012

How do you fancy having your own fund manager to try to boost your long-term savings?

They would keep a close eye on where you are invested, sell funds that were failing and buy new ones that are about to soar.

It sounds ideal and it ispossible. Increasing numbers of investors are turning to a fund of funds, a type of investment where one fund manager picks a whole range of funds for you based on how much risk you are willing totake.

Filtering down: How 'funds of funds' investments work to spread your risk

Typically, the money is invested in between 10 and 30 other investment funds these in turn invest in 20 to 30 other companies.

These type of funds helpyou take less riskbecause your cash is spread across a greater number of funds and companies.

So if one funds performance starts to fall off a cliff, you should, in theory at least, be able to rely on some of the others to prop it up.

Of course, the fund manager isnt actually working just for you but you and a host of other like-minded investors.

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Will a personal fund manager be worth the extra expense?