Market Watch

Employers that maintain overfunded pension plans and are looking for ways to fund retiree health and/or group term life should take a fresh look at Section 420 of the Internal Revenue Code ("Section 420"), as amended by a provision tucked away near the end of the massive package of retirement plan changes in SECURE 2.0. Originally set to expire at the end of 2025, the SECURE 2.0 provision extends Section 420 through the end of 2032 and relaxes one of the key requirements to use surplus pension assets to pay retiree health and life insurance benefits for newly created de minimis transfers. We highlight this new option below. Background Section 420 permits a transfer of assets in an overfunded pension plan to a separate health benefits "401(h) account" or an applicable life insurance account, that is part of that plan, to provide the retiree health and/or group term life insurance benefits reasonably estimated to be incurred over a "transfer period" selected by the plan sponsor. The "transfer period" (1) can be limited to the taxable year of the transfer for plans with surplus assets that exceed 125% of the plan’s Code Section 430 funding target and target normal cost […]

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Over 80 prominent Japanese buyers including and trading companies and retail chains/stores are in India to source their requirement from the 112 odd Indian exhibitors displaying their goods at the Upnext India 2023. Representative Image The decline in exports of apparel items from China to Japan provides a huge opportunity for Indian companies to push their shipments in Tokyo, AEPC said on Friday. To tap this opportunity, Apparel Export Promotion Council (AEPC) has organised a two-day buyer-seller meet for international players at its Apparel House in Gurugram . Over 80 prominent Japanese buyers including and trading companies and retail chains/stores are in India to source their requirement from the 112 odd Indian exhibitors displaying their goods at the Upnext India 2023, it added. AEPC Chairman Naren Goenka said: "We hold a strong business opportunity in Japan, reflected by the fact that China, which has been a dominant garment supplier to Japan, has witnessed a decline in the past 5 years giving significant advantage to India". Garment fraternity in both the countries have geared up to increase this trade taking advantage of duty-free access for Indian ready-made garments post Indo-Japan free trade pact, he said. The Indian garment industry is […]

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Garden State Legislators, Franchisees and Franchisors Came Together to Brainstorm Ways to Leverage FIFA’s Quadrennial Event The International Franchise Association’s (IFA) Open for Opportunity Roadshow came to the Garden State this week, marking its 10th official stop around the country. Officially launched at IFA’s Annual Convention last year, Open for Opportunity was created to help people better understand franchising and its value to communities. “Franchisees are small-business owners, each with their own story. They are not a brand name,” said Jeff Hanscom, vice president of state and local government at IFA. “Our goal is to reshape the narrative about the franchise industry.” World Cup 2026 Host City The New Jersey Roadshow kicked off Thursday morning with a lively roundtable discussion at the New Jersey Restaurant & Hospitality Association in Trenton. The topic centered around the 2026 World Cup and the possibilities it presents to franchise business owners. The final match will be at MetLife Stadium in Rutherford, N.J. The meeting allowed franchisors and franchisees to talk with local legislators and share their struggles and stories. The World Cup presents “an opportunity of great reward and risk for franchise owners,” said moderator Mark Bonamo, a New Jersey resident and editor […]

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NaSPUoN-OGPM2030 UNOOSA The United Nations Office for Outer Space Affairs (UNOOSA) and Avio S.p.A. (Avio) have selected a consortium led by the University of Nairobi in Kenya, joined by the University of Arizona from the United States of America and the non-profit organization Space Trust as the first awardee of the ‘Accessing space with Vega C’ programme. The selected team will launch a CubeSat at no cost on board the Vega C rocket. The CubeSat will be used to demonstrate technologies, such as an inflatable antenna. It will build on NaSPUoN (Nanosatellite Platform for the University of Nairobi), a test bed to integrate satellite technologies, designed and developed by students from the University of Nairobi under a grant provided by Kenya Space Agency. The “Accessing space with Vega C” programme is delivered under the Access to Space for All initiative, specifically its Satellite Development Track. The track is dedicated to building capacity for designing, developing, operating, and utilizing satellites with a focus on developing countries. Acting Director of UNOOSA Niklas Hedman said: “We are thrilled that the Access to Space for All initiative keeps delivering unique programmes for the benefit of the UN Member States. Kenya has been strategically […]

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Nothing is more overwhelming to college students than pondering their future after four years of immense fun and unforgettable memories. For many, the word ‘job’ comes to mind. And while the trials and tribulations of pursuing work experience in any type of field are undoubtedly real, employees at the Center for Career Advancement at Bucknell say they are here to assist students’ needs and worries. One exciting project the CCA regularly holds is a Job & Internship Fair, this past one being held on Feb. 7 in Gerhard Fieldhouse. Alison Ordonez, the Director of Employer Relations & Engagement for the CCA, played an integral role in the planning process of the fair—a process that she said took time, effort and a lot of due diligence. “Career fair planning is an entire office wide effort, even more so a campus wide effort,” Ordonez said. The CCA worked very closely with campus partners such as Events Management, Dining Services, Facilities, Print, Publication & Mail (PPM), Athletics and Public Safety, in addition to the three colleges to ensure this event could run smoothly. The planning of the Job & Internship Fair took place nearly nine months ago, as “we take into consideration […]

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On Thursday, Chaffee County Youth Alliance (CCYA), a community-based prevention program promoting positive youth development, announced its sixth annual mini-grant application for community organizations working with youth across Chaffee County. CCYA plans to distribute a total of $7,500, ranging from $1,000-$2,500 per grant award to support projects and programs focused on positive youth development (PYD) in Chaffee County. Grant applications are now open and may be requested by email by contacting Dibby Olson at dolson@chaffeecounty.org , or accessing the application form at bit.ly/CCYAMinigrant2023 . Grant parameters: Application deadline: 5:00 p.m. MST March 31, 2023 Decision date by committee: April 6, 2023 Award notifications: April 8, 2023 Award expenditure deadline: June 30, 2023 Projects must demonstrate that they are created, designed, and led by youth in Chaffee County End-of-project report required If the grant application is for an existing program, the proposed project/program must demonstrate a component authentically created and led by youth. Organizations that received mini-grants previously can be considered again as long as the proposed project/program meets grant requirements. Grant awards will be equally considered between Buena Vista and Salida. Positive Youth Development is: “an intentional, prosocial approach that engages youth… in a manner that is productive and […]

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© Reuters Analysts positive on NVIDIA’s (NVDA) ChatGPY, AI opportunity With the buzz of ChatGPT and other AI chatbots, analysts have speculated that it could benefit Nvidia (NASDAQ: NVDA ), and while Morgan Stanley analysts agree, they said in a research note that several reports have incorrectly characterized the direct opportunity for the company "in particular the revenue from Chat GPT inference." Nvidia shares are down more than 5% so far on Friday. "We think that GPT 5 is currently being trained on 25k GPUs – $225 mm or so of NVIDIA hardware – and the inference costs are likely much lower than some of the numbers we have seen," wrote the analysts. " Further, reducing inference costs will be critical in resolving the ‘cost of search’ debate from cloud titans." The analysts have an Equal-Weight rating and a $175 price target on Nvidia. However, they did state that deep learning for natural language was part of the firm’s Nvidia upgrade in 2018 "as deep learning activity was growing beyond vision applications into large language transformers." Elsewhere, Jefferies analysts raised the firm’s price target on Nvidia to 275 $225, maintaining a Buy rating on the stock. The analysts state […]

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CNN — Yahoo said Thursday that it will cut 20% of its total workforce by the end of this year as it restructures its advertising unit, just the latest example of the layoffs spreading throughout the tech and media industries. A Yahoo spokesperson told CNN that the company’s legacy ad tech division, Yahoo for Business, will be overhauled and transformed into a new division called Yahoo Advertising. As part of that change, Yahoo plans to cut nearly 50% of the division this year, “including nearly 1,000 employees this week,” the spokesperson said. “These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long run, while enabling Yahoo to deliver better value to our customers and partners,” the spokesperson said in a statement. Axios, which was first to report the news, said the job cuts will impact more than 1,600 people in total. Yahoo did not immediately respond to a request for comment on the matter. Yahoo CEO Jim Lanzone told Axios in an interview that these changes will be “tremendously beneficial for the profitability of Yahoo overall,” and will allow the company “to go on offense” and invest more in […]

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Kotler said that every significant move the state makes will also be scrutinized by foreign investors. The logo of Bank Hapoalim, Israel’s biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016. Dov Kotler, Bank HaPoalim CEO, warned of the consequences of the proposed judicial reforms on the business market in a viral social media post late last month. Kotler said that every significant move the state makes will also be scrutinized by foreign investors . Yes, Israeli citizens own lots of property and companies, but these are also owned by important foreign investors. Over 50,000 people viewed the post, which received hundreds of comments. He warned about the business consequences that may follow the proposed reform and the impact of developments regarding the "legal revolution" on the largest bank in Israel, whose branches are spread all over the country. In the post, Kotler called not to take unilateral measures and explained his position in detail. He stated that he thought it was appropriate to write a personal post, both as a citizen and as a CEO who manages thousands of employees. Kotler said he heads an organization where partnership is a central value […]

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A new BJ’s Wholesale Club will open next week in Davenport, just west of ChampionsGate in the 100-acre Posner Park mixed-use development. Peter Frangie , vice president for corporate communications for Marlborough, Massachusetts-based BJ’s Wholesale Club Holdings Inc. (NYSE: BJ), confirmed to Orlando Business Journal the new store will open Friday, Feb. 17 and will employ 150 workers. Why this matters: In addition to the jobs the new BJ’s Wholesale Club location has created, its opening may drive additional foot traffic and attract further investment to the area around Posner Park and ChampionsGate. BJ Wholesale Club’s job listings online currently reveal at least two positions for opticians the popular wholesaler still is looking to fill at the new Davenport location which, at 6360 Grandview Parkway, fronts Interstate 4 near its interchange with U.S. 27 in Orlando’s Four Corners region. BJ’s Wholesale Club Inc. bought the 11-acre property $5 million in April 2022 from City Center Property Holdings LLC, an entity related to Stamford, Connecticut-based Westport Capital Partners LLC, Polk County records show. The Davenport store joins a new BJ’s in McDonough, Georgia, outside of Atlanta, in opening this month, and the wholesale club will open its first Tennessee store […]

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