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nese city of Shenzhen on Friday there were no welcome banners, and the red carpet was gone when he laid a wreath to the statute of the former Chinese leader Deng Xiaoping on Saturday, according to footage by Hong Kong-based Phoenix Television.
• It's still unclear whether the tonal change will boost transparency and bring meaningful administrative reforms that many say are needed to sustain China's economic and social development. The son of a communist elder, Xi has also gained a reputation as a nationalist hardliner with earlier comments blasting foreigners for criticizing China's human rights record.
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• IBM is making changes to its employee benefits that may cause other large corporations to follow suit. The technology company will begin making contributions to employees' 401(k) accounts in lump-sum annual payments, rather than at the time of each paycheck. It's a move that will help the company cut retirement plan expenses.
• Employees were notified this week that matching contributions will be made just once annually, on Dec. 31, beginning next year. "This change reflects our continuing commitment to invest in our employee 401(k) plans while maintaining business competitiveness in a challenging economic environment," IBM spokesman Doug Shelton said.
• The end-of-the-year 401(k) match won't be unique to IBM, but experts say the company's move could lead other major employers to consider making less frequent contributions.
• "IBM is one of the world's most influential plan sponsors," said Mike Alfred, CEO of BrightScope Inc., which rates corporate 401(k) plans. It places IBM's among the top 30 plans at large employers. "Everyone in the benefits industry will pay close attention to whatever IBM does."
• Across the country, some 60 million workers participate in 401(k)s, which have become a key source of retirement savings. Most companies match from 3 percent to 6 percent of the amount the employee contributes to the account. Contributions are exempt from income tax, and investment earnings grow tax-free until withdrawal.
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