Around the State - November 2009

Around the State

Nearly Half of U.S. Companies Now Auto-Enroll Workers into 401(k) Plans

According to Watson Wyatt Worldwide, a recent study found that 47 percent of surveyed companies now auto-enroll employees into their defined contribution plan.  Additionally, one-third of those that don’t auto-enroll employees are beginning to consider auto-enrollment.  This trend could mean that defined contribution plans emerge stronger from the current economic crisis.

BIGD Changes Name to eHydrogen Solutions

BIGD is set to acquire new technology assets and is changing its name to eHydrogen Solutions.  The company will move further into the hydrogen fuel injection systems industry.  This technology significantly reduces emissions in both gas and diesel cars while simultaneously reducing fuel consumption by at least 10 percent.

Stratus Building Solutions Enters Nevada Market

Stratus Building Solutions, a building services and maintenance franchise, has established operations in Nevada.  The company expects to create 50 unit franchises and over 100 new jobs by the end of 2010.

Wells Fargo Aims to Decrease Greenhouse Gas Emissions

Wells Fargo has announced its goal to decrease greenhouse gas emissions by 20% by 2018.  The company will take measures such as utilizing more video conferencing to reduce air travel, investing in renewable energy projects, encouraging customers to use online-only statements and building LEED certified banking stores.

Inflation Has Little Effect on Tax Rates and Benefits in 2010

According to the Internal Revenue Service (IRS), tax rate brackets and various tax benefits will remain, for the most part, unchanged in 2010 due to inflation.  Because recent inflation factors have been minimal, many benefits will remain unchanged or change only slightly for 2010.  

Teen Unemployment at Record High

Recently released unemployment numbers from the Bureau of Labor Statistics show teen unemployment is now at 25.9 percent.  Since last year, teen unemployment has increased by 33 percent, which is the highest unemployment rate since recordkeeping began in 1948.  The overall U.S. jobless rate is at 9.8 percent, the highest point since 1983.