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Industry executive wins French Legion of Honor for diversity efforts

New York City moves forward on auto IRA program for small businesses

New York City moves forward on auto IRA program for small businesses Getty Images The New York City Council on Thursday voted to approve a new city-sponsored retirement plan for small businesses without a retirement plan and self-employed individuals. The council voted 45-3 in favor of the measure, which creates the auto-IRA program. The proposed plan would establish an automatic default employee contribution rate of 5% of wages, up to the annual IRA maximum of $6,000 below age 50 and $7,000 for ages 50 and above. Small businesses with five or more employees that do not currently sponsor a retirement plan, as well as self-employed individuals, would be eligible to participate in the program. The Retirement Security Plan would also be portable and employers would not provide any contributions.

Palladium Equity Partners adds managing director

Palladium Equity Partners adds managing director Palladium Equity Partners adds managing director Deborah Gallegos joined middle-market private equity manager Palladium Equity Partners as a managing director. She will have broad responsibilities in the position, a spokesman said in an email. The position is new. Ms. Gallegos will report to Marcos Rodriguez, chairman and CEO. Previously, Ms. Gallegos was senior investment manager at CSAA Insurance Group, and has also served in the past as director of manager research at investment consultant Strategic Investment Solutions and CIO of the $228.7 billion New York City Retirement Systems in 2005 and 2006. Palladium Equity Partners has nearly $3 billion in assets under management.

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