By Dialogo March 19, 2013 [Tico Times (Costa Rica), 17/01/2013; Hoy (Ecuador), 18/03/2013; Ecuavisa (Ecuador), 18/03/2013] PUNTA BURICA, Costa Rica – Two Ecuadorans and two Costa Ricans were arrested after Costa Rican authorities allegedly found an unspecified amount of cocaine on the suspects’ boat on March 18. Coast Guard officers stopped the vessel in the Southern Pacific Ocean near the border with Panama. Drug Control Police agents allegedly found the cocaine stashed in the 10-meter-long boat’s double lining. “[Narco-traffickers] use small speedboats aboard larger boats, usually fishing boats, and at a certain point on the route, they transfer small amounts [of cocaine] into the smaller boats,” Mauricio Boraschi, Costa Rica’s national anti-drug commissioner, told reporters. Boraschi added Coast Guards from Costa Rica, Panama, Ecuador and Colombia are searching for fishing boats carrying narcotics in the Punta Burica area. Nearly 90% of the cocaine that reaches the United States comes through Mexico and Central America, according to the United Nations International Narcotics Control Board. Costa Rica is among 14 nations involved in Operation Martillo, a coordinated effort to stem drug trafficking along the Central American isthmus by working with governments in the region and Europe.
continue reading » Plan design restrictions. Some new hires are required to finish a year of service before they become eligible to join the employer-sponsored 401(k) plan. According to Investment News, the U.S. Government Accountability Office estimated that being ineligible to save in a new employer’s plan for a year may result in $411,439 less in retirement savings. Sponsored by CUNA Mutual Retirement SolutionsEven as highly paid employees, credit union executives can face three challenges to saving enough to fund their retirements:401(k) limits. The IRS imposes a limit of $18,000 for 401(k) plans. This may prevent highly compensated employees from saving enough to have a retirement income near the 60 percent of their final salaries that is recommended to avoid a drop in their standard of living. 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Non-discrimination test failures. Non-safe harbor 401(k) plans require annual testing to prove they don’t unfairly favor highly compensated employees. Failing this non-discrimination test can result in higher income taxes and fewer retirement savings for affected employees. According to judydiamond.com, $820 million in 401(k) contributions had to be returned to highly compensated employees in 2015 when over 54,000 401(k) plans failed non-discrimination testing. The affected executives then had to pay income tax on their returned contributions.