A quarterly report from the U.S. Department of Labor that measures the growth of employees' compensation (wages and benefits). The index is based on a survey of employer payrolls in the final month of each quarter. The ECI tracks movement in the cost of labor, including wages, fringe benefits and bonuses for employees at all levels of a company. |||The idea behind analyzing ECI is that as wage pressures increase, so does inflation because compensation tends to increase before companies increase prices for consumers. Thus, it is considered inflationary when the ECI has an increasing trend or exhibits a jump that is higher than expected for a given period. In addition, as inflation increases, yields and interest rates also rise, resulting in a decrease in bond prices.
A federal agency that operates under the U.S. Department of Labor. The agency's responsibilities include monitoring and administering information to the U.S. labor market. It is focused on employee development and training, increasing employment opportunities and helping manage local and state unemployment insurance. |||The ETA is by far the most important agency in helping individuals find and retain meaningful work in the United States. Currently, the system is focused on providing employment for the country's highest growing and newest industries. Such a system requires a large investment in education and training for individuals just out of high school. Subsequently, for 2006 the agency was appropriated a budget of $10.63 billion to implement this system and other initiatives.
A unique identification number that is assigned to a business entity so that they can easily be identified by the Internal Revenue Service. The Employer Identification Number is commonly used by employers for the purpose of reporting taxes.Also known as a Federal Tax Identification Number. When it is used to identify a corporation for tax purposes, it is commonly referred to as a Tax Identification Number. |||The EIN is a nine-digit number, and its role is similar to that of the Social Security number. The number includes information about which state the corporation is registered in. EINs can be applied for by phone, online or by mail. The digits of an EIN are formatted as follows: XX-XXXXXXX. Businesses that have changed their ownership structure usually must apply for a new EIN.
The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement assets of Americans by implementing rules that qualified plans must follow to ensure that plan fiduciaries do not misuse plan assets. |||ERISA also: 1. Requires plans to provide participants with important information about plan features and funding. The plan must furnish some information regularly and automatically. Some of this information is available free of charge.2. Sets minimum standards for participation, vesting, benefit accrual and funding. The law defines how long a person may be required to work before becoming eligible to participate in a plan, to accumulate benefits and to have a non-forfeitable right to those benefits. The law also establishes detailed funding rules that require plan sponsors to provide adequate funding for the plan. 3. Requires accountability of plan fiduciaries. ERISA generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan's management or assets, including anyone who provides investment advice to the plan. Fiduciaries who do not follow the principles of conduct may be held responsible for restoring losses to the plan. 4. Gives participants the right to sue for benefits and breaches of fiduciary duty. 5. Guarantees payment of certain benefits if a defined plan is terminated through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation.6. Protects the plan from mismanagement and misuse of assets through its fiduciary provisions. This act was enacted to address irregularities in the administration of certain large pension plans - particularly the Teamsters Pension Fund, which had a rather colorful history involving questionable loans to certain Las Vegas casinos.
A restructuring strategy in which employees buy a majority stake in their own firms. This form of buyout is often done by firms looking for an alternative to a leveraged buyout. Companies being sold can be either healthy companies or ones that are in significant financial distress. |||For small firms, an employee buyout will often focus on the sale of the company's entire assets, while for larger firms, the buyout may be on a subsidiary or division of the company. The official way an employee buyout occurs is through an employee stock ownership plan (ESOP). The buyout is complete when the ESOP owns 51% or more of the company's common shares.
A division of the Department of Labor (DOL) charged with enforcing the rules governing the conduct of plan managers, the investment of plan assets, the reporting and disclosure of plan information, the fiduciary provisions of the law, and workers' benefit rights. |||This is one of the divisions of the U.S. government that acts as a watchdog against the inappropriate activities of pension managers.
A market that exists between companies and financial institutions that is used to raise equity capital for the companies. Some activities that companies operate in the equity capital markets include: overall marketing, distribution and allocation of new issues; initial public offerings, special warrants, and private placements. Along with stocks, the equity capital markets deal with derivative instruments such as futures, options and swaps. |||Equity capital markets are very dependent on the information provided by companies regarding their current financial situations and estimates of future performance. Equity capital market teams from different investments banks are responsible for helping companies execute primary market transactions by managing the structure, syndication, marketing and distribution. The major players within the ECMs are large financial institutions such Goldman Sachs, Citigroup and UBS.
A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full. |||With most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month. The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier.
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