Mass. ports to argue in court against fishing regulations

Posted March 15, 2011, at 8:05 p.m.

BOSTON — The fishing ports of Gloucester and New Bedford have argued in federal court that key parts of new fishing regulations are illegal and should be struck down.

Their lawsuit against federal regulators was filed last year after new rules that saw most of the fleet separate into groups, or “sectors,” that divide an allotted catch.

The idea behind the new system is to give fishermen more autonomy and flexibility, but many small-boat fishermen say their allotments are so low they can’t make a living.

An attorney for the ports argued Tuesday the regulators’ incorrect interpretation is keeping fishermen from catching healthy species they’ve sacrificed to rebuild.

But a federal attorney said there’s short-term pain as cuts help fish stocks rebound but ports will see long-term benefits from a healthy fishery.

Fidelity Investments leaving Marlborough, Mass.

BOSTON — Fidelity Investments is transferring 1,100 jobs to Rhode Island, New Hampshire, Boston and elsewhere as it shuts down operations at its Marlborough facility over the next two years.

Spokeswoman Anne Crowley said Tuesday that most of the workers will be offered a chance to follow their jobs to Smithfield, R.I., Merrimack, N.H., and Boston. A few will be transferred elsewhere in the country.

Crowley says Fidelity has excess office space and needs to consolidate operations after the mutual fund company shed about 8,000 jobs during the economic crisis. The Marlborough campus has not operated at full capacity for a while.

Fidelity plans to sell the Marlborough property.

Fidelity is the nation’s second-largest mutual fund company, surpassed last year by Vanguard Group in the top slot based on fund assets.

Report: Confidence on retirement money at 20-Year Low

NEW YORK — More than a quarter of U.S. workers said they’re “not at all confident” about their ability to afford a comfortable retirement, the highest percentage in two decades, according to an Employee Benefit Research Institute report.

“We’re getting the most pessimistic results we’ve ever seen,” said Jack VanDerhei, EBRI’s research director and co-author of the study released Tuesday.

“Those that are not well-prepared are finally starting to get it. The bad news is they’re not really reacting to it yet,” VanDerhei said in an interview Monday.

“Hopefully this will be something that in the future will generate more savings.”

About 27 percent of workers lacked confidence about their retirement savings, up from 22 percent last year. The increase was driven by those with less than $100,000 in savings, according to the report. The percentage of those with less than $25,000 in savings who are not at all confident about having enough in retirement rose to 43 percent in 2011, up from 19 percent in 2007. For savers with more than $100,000 it was 5 percent, about the same as 2007.

EBRI worked on the study with research firm Mathew Greenwald & Associates. About 1,000 workers and 250 retirees age 25 and older were interviewed by telephone in January for the survey, which EBRI has conducted for 21 years.

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