sharon epperson has more. >> former engineer ronald tusy is spending his retirement much like he imagined he would. what he didn't plan on was a prolonged legal battle with his former employer, abb, over his 401 k plan. >> it was very difficult to figure out exactly what it was costing you. >> he eventually filed a class action lawsuit, claiming the company failed to comply with federal law, causing plan participants to incur unnecessary and improper fees. >> we spent a year and nine months looking into industry practices and the abb plan and i came away convinced that people were being ripped off for their retirement assets. >> a missouri federal court ruled in favor of tusy, but no one has received a penny. since the case is still on appeal, abb said it could not comment on an open case but did say benefit offerings are reviewed regularly. >> plan sponsor really need to be educated on, well, then who's getting paid? how are they getting paid? >> along with a rise in 401(k) lawsuits over the past several years, 401(k) fees have been declining. but ronald tusy says many companies still ne

senior perm correspondent sharon epperson has more. >> former engineer ronald tusey is spending his retirement much like he imagined he would. what he didn't plan on is a prolonged legal battle over his 401(k). tussey claimed the company failed to comply with federal law, causing plan participants to incur unnecessary and improper fees. >> we spent a year and nine months looking into industry practices, and the abb plan. and i came away convinced that people were being ripped off. for their retirement assets. >> a missouri federal court ruled in favor of tussey. but no one has received a penny. since the case is still on appeal, abb said it could not comment on an open case, but did tell us that, quote, benefit offerings are revd regularly to ensure they remain competitive and compliant as well as cost effective. experts who help companies design 401(k)s, say they need to understand how fees work and explain to participants where the >> plan sponsors really need to be educated on who's getting paid. and how are they getting paid. along with the rise in 401(k) lawsuits over the last several yea

i'm sharon epperson in for becky quick. taking care of mom and dad. when the time comes how to make sure they don't get ripped off and money is safe. >>> being a good mom while building your career. how to ease financial and emotional stress for working moms. >>> got the summer blues? the newest trend in staycation. and why it may not involve a car any more. >>> and the gym that offers a money-back guarantee. it is not cheap but is it worth it? >> i just can't imagine how anyone really can lose coming here. >> "on the money" starts right now. >>> this is "on the money." your money, your life, your future. >>> we begin with the importance of watching out for aging parents. especially when it comes to money americans are financially exploited by sophisticated scammers, care givers and even family members. most cases of elder financial abuse are never reported. but not this time. >> the doctor just said it is okay. it is not cancer. we didn't find anything bad. and i just said, you have no idea what i have just been through. >> carla vividly remembers ma

i'm sharon epperson. thanks so much for watching. >> i'm tyler mathisen. have a great evening, everybody. bring your pokemon go. we'll see you - hi, i'm haylie pomroy. would you like to lose 20 pounds in 28 days? get a great night's sleep and feel energized when you wake up? finally have the health you deserve? people following my fast metabolism food prescription have lost over one million pounds, and even better, are getting really, really healthy. i've created a whole new set of gifts exclusively for you when you become a member of this station. it's called your health empowerment collection. i hope you'll join me right now for my fast metabolism food prescription. you can lose 20 pounds in 28 days. i have seen it time and time again.

sharon epperson has one family in suburban chicago is jumping for joy. >> 11-year-old maddie gillespie is curious and outgoing and loves playing in the backyard. >> maddie is money an amazing kid. >> reporter: her parents are like many two-career couples. busy juggling work and raising three children, including maddie, who was born with downs syndrome and may continue to have special needs as we gets engaged and do what makes maddie happy and with that we have to consider her financial future. >> taking advantage ever a new way to save known as a able account may help. designed for individuals with disibles they are modelled after 529 college saving plans. ohio, tennessee, nebraska and florida have open programs for enrollment so far with several more expected to do so by the end of the year. in most cases, families will be able to choose any state's plan able accounts are available to individuals who have been diagnosed with a qualifying disability before age 26. and they have many advantages. families could contribute up to $14,000 a year and the money goes in post-tax and is withdra

i'm sharon epperson in for becky quick. pokemon go. why this new craze could be a game-changer in more ways than one. >> it is business, so it generated ret achnd people still like it, i don't see what is wrong with that. >> from steel city to high-tech hub, how my home town is reinventing itself with the help of small business. >> hot summer money mos,ve you should make before the warm weather goes away. >>> and what to do with fido when you go on vacation. don't park up the wrong tree. finding the right pet-sitter. "on the money" >>> this is "on the money," your money, your life, your future. >>> we begin with pokemon go. if you see people glued to their phone while wandering around outside there is a good chance they are trying to catch characters only they could see on their phone. the viral game gets as many as 21 million daily users in the u.s. according to survey monkey and what is all of this craze about? well that is our cover story. >> the pokemon craze of the 90s and early 2000s is back. but playing with cards is so yesterda

i'm sharon epperson. thanks so much for watching. >> i'm tyler mathisen. have a great evening, everybody. bring your pokemon go. we'll see you >>> the following production was produced in high definition. ♪ >>> every single bite. twinkies in there. >> it's like a great big hug in a cold city. >> may parents put chili powder in

it is a win-win. >> for "on the money," i'm sharon epperson. >> a win-win, not just for the gillespiesany families across the country. advocates expect at least seven more states to launch their programs this year. as of now, only oregon has officially given an enrollment date which is this december. >>> up next we're "on the money." ambition and betrayal and billions. a new thriller takes you into the cutthroat world of wall street with a twist. >>> and later, the perfect fine for your summer getaway at a i approve this message. donald trump: i could stand in the middle of 5th avenue and shoot somebody and i wouldn't lose any voters, okay? and you can tell them to go f--- themselves! you know, you could see there was blood coming out of her eyes, blood coming out of her wherever... you gotta see this guy. ahh, i don't know what i said, ahh. "i don't remember." he's going like "i don't remember!" >> it is fast and friendly with no ads or distractions. find classics and preowned and new cars all on list.cars.com. >> you wished upon it all year. and now it is finally here. theer mcedes b

that's the show for today, i'm sharon epperson. thanks so much for joining us. next week, if you're not happy with your company's 401(k), some steps to get it and your retirement savings back on track. we are "on the money." have a great one. we'll see you next weekend. mr. clean gets tough on dirt and grime and grease in just a minute mr. clean will clean your whole house and every room that's in it. floors, doors, walls, halls he's so tough, he cleans'em all grimy tubs and tiles he'll do so your bathroom looks clean as new mr. clean gets tough on stuck-on stuff >>> hi there, we're live. look who decided to join us. here's the stock market and here's your portfolio. and we've got a trade that could help you catch up. we'll explain. plus is disney about to rock the world of cable? some potential interesting moves from espn could change the media landscape and super charge disney's stock. and mike's bet against the market was terribly wrong but still didn't lose any money. >> that's incredible! >> no, it's not. it's just theic

. >>> i'm sharon epperson.nbc news update at this hour. >>> reversing a bankruptcy ruling protecting gm involving ignition switches prompting a series of major recalls in 2014. gm is reviewing the ruling and its impact saying if some cases can proceed, the plaintiffs must still prove their cases. >>> and black lives matter blocked a minnesota freeway bringing the morning rush hour to a screeching halt. demonstrators blocked all lanes with their vehicles and then their bodies. dozens arrested. >>> rescue and search operations continue in southern italy where two passenger trains collided head-on. the death toll from tuesday's crash rising to 27, with dozens more injured. three cars were torn apart from the impact of the collision. >>> and at least 33 people were taken to new york city hospitals after apparently smoking a bad batch of synthetic marijuana. known as k2. emergency crews found several people unkconscious, there have been more than 6,000 k2 related rch room visit in the city. that's our cnbc news upda

sharon epperson, thanks. >> sure. >>> and earnings kicking off this week. revenue disappoints against, sixth straight negative quarter, most since the financial crisis. our next guest says forget about the new headwinds, new issues threatening earnings. the crowd sourced earnings estimates platform, and it's good to see you again. >> good to be here. >> when i thought the earnings recession is over, you tell me it's not? >> sorry. not because investors are particularly inspired by the earnings season that's kicking off tonight. we're still looking for declines on the bottom and top's line, looking for etfs down 3%. revenues better, negative 1% and even though extends the earnings recession. looking at five consecutive quarters. revenue, six consecutive quarters, more than we saw during the recession. >> the issues now? >> throughout 2015, stronger u.s. dollar, oil prices. both stabilized. second half of the year, analysts picked those up. with brexit as well as higher wages. 16 states planning on rising minimum wages throughout 2016. companies that voluntar

. >> for "on the money", sharon epperson. advocates expect seven more states to launch their programs this year, as of now, only oregon has officially given an enrollment date which will be this december. >>> we're "on the money", ambition, betrayal and billions, a new thriller into the cut throat world of wall street but with a twist and your perfect wine for your summer getaway at a price you'll like. cheers. mr. clean gets tough on dirt and grime and grease in just a minute mr. clean will clean your whole house and every room that's in it. floors, doors, walls, halls he's so tough, he cleans'em all grimy tubs and tiles he'll do so your bathroom looks clean as new mr. clean gets tough on stuck-on stuff cleans kitchens in a minute. mr. clean will clean your whole house and every room that's in it. mr. clean, mr. clean, mr. clean! >> that was the scene from equity, challenges wall street's glass ceiling. there has never been a female ceo at any of the largest investment banks, equity is a thriller written by and directing by

sharon epperson joins us now with more on this whole phenomenon. sharon. >> well, becky, for people who are five to ten years away from retiring, it could be especially vulnerable for them. because unlike younger workers, they don't have several decades to recover the money lost when stocks take a big fall. and if you are nearing retirement, it may be time to think about making changes that will protect your nest egg. >> 63-year-old michelle jeggy has plan planning for retirement, putting her money into stocks for decade. >> i've been a big investor. that is the way to grow. it is a rocky road, but that is the way to grow. >> now jeggy, who runs her own insurance business in suburban new jersey, is in the danger zone. the last five to ten years before retirement could make or break your financial future, especially if you leave your hard-earned money exposed to too much risk. >> i've always invested at least 30% of my money, if not more. >> but an unexpected financial crisis could wreak havoc on investments. think about 2008 when the average u.s. wo

. >>> i'm sharon epperson. here's your cnbc news update for this hour. appearing before the house judiciary committee attorney general loretta lynch declined to answer questions on the probe into hillary clinton's e-mails, saying it would be inappropriate for her to comment. she was then asked why she did not recuse herself. >> the matter was handled like any other matter. it was reviewed through the chain by those independent career agents and prosecutors. and in considering the matter there was no connection, there was no need for a recusal or independent prosecutor. >> hillary clinton is vetting james stavridis, retired four-star admiral served nato as possible running mate. stavridis currently the deen at fletcher university. he oversaw operations in the middle east, afghanistan, libya and syria. >>> starbucks is increasing prices on some of its beverages. select sizes of brewed coffee will rise 10 to 20 cents while espresso and tea latte will increase by 10 to 30 cents. this comes a day after it would boost the base pay of all employees in the u.s.

i'm sharon epperson. thank you for joining us. next week, summer wines. thou find a bargain to go with your barbecue. each week, keep it here. we are on the money. have a great one. we'll see you next weekend. >>> the guys are getting ready for the big show. here is a look at what's coming up. >>> yeah. that's what the charts say biotech is about to do. and we'll tell you the one stock traders think could lead the way. plus -- worried about apple shares? don't. because we have a really cheap way to profit from the tech giant's earnings. we'll explain. and -- something very strange i

back to you, melissa. >>> sharon epperson, thank you. get to dom chu for a market flash. >> amazon.com shares in today's record day for amazon and for the s&p 500 overall, amazon has now taken over the number five spot in terms of overall market value in the s&p 500 with a $356 billion -- $456 billion valuation with the overall company. the reason that's important because it overtakes berkshire hathaway, the scope is whether or not these markets can stay at record highs with leadership coming from places like amazon.com. remember, we've talked so much, melissa, guys, about what's happening with the overall markets and the fact telecommunication stocks and utility stocks have led the way higher during this particular run. meanwhile, last year we saw a lot of the growthier names, the facebooks, netflixs, amazons of the world do that kind of heavy lifting. we'll see if this time around this kind of momentum can be sustained. of course there are a lot of nay sayers out there that say amazon has come very far very quickly, guys. >> that and a

sharon epperson has details. >> bill, three people are dead after a shooting at a michigan courthousehwestern michigan, the berrien county courthouse. following a briefs by the berrien county sheriff, he says two bail lifsz were killed, a deputy shave was wouldn'ted, and the suspect was killed in the courthouse shooting. this is an area of michigan in the extreme southwestern part of the state. writer gathering new facts from the berrien county sheriff's department. we have learn that -- two bail lives that were killed, and the third person killed was the suspect in the courthouse shooting. back to you, sarah. >> thank you, sharon. we know you'll stale on top of the details, and of course we'll bring you anything as this story develops. a tough transition. we're talking about the markets here. jas jason, we have not ahead from you yet. >> people are still buying them. >> profits and interest rates, if you're discounting future catch flows by negative real interest rates, the p.e. goes higher. it's fundamental in that regard. i don't think that things have changed all that much. i'm no

. >>> i'm sharon epperson and here is your cnn update. a tribunal ruling china has no basis for the vast claims in the south china sea, and has aggravated the regional dispute by reconstructing expensive islands. china rejected the arbitration findings, and has no tribunal to force. and after two training collided head on in italy. the trains were on a single track, and rescue workers pulling victims from the rubble. a suicide car bombing ripped through an outdoor market in baghdad killing a dozen people and injuring 32 more. an excessive-laden pickup truck exploded during the morning rush. no one claimed responsibility. >>> and the fbi is closing the books on one of the biggest crime mysteries of modern time n. november of 1971, dan cooper sky jacked a northwest orient plane, demanded $200,000 and a par su parachute and leapt out of the plane. back to you, sara. >> sharon epperson, thank you very much. >>> keeping an eye on your market and the record highs for the s&p, getting a lot of fed speak today and this week. also the imf just rel

let's get to sharon epperson. sharon? >> here's what's happening at this hour. closing arguments began today in the bench trial to have the fourth baltimore officer charged in the death of freddie gray. lieutenant brian rice facing manslaughter and reckless endangerment charges. he is the highest ranking officer of the six who were charged in the case. >>> hundreds of migrants were rescued off the libyan coast and brought to sicily this morning, according to the international organization for migration, more than 227,000 migrants and refugees have entered europe this year. nearly 5.5 million bottles of liquid plumber clog removing products are being recalled, because they fail to meet child resistant closure requirements. clorox has received eight reports of the caps not working and more than 220 reports of the bottles leaking. >>> and phil mickelson just completed one of the greatest rounds in major championship history, shooting a 63 in the first round of the british open. and he would have set the record if this has 15 slip birdie putt didn't lip out of the 1

built for business. >>> i'm sharon epperson. here's your cnbc news update at this hour.utside 10 downing street, theresa may making her first statement as the new british prime minister, pledging to forge a new role for the country following its decision to leave the european union. >> i know because we're great britain that we will rise to the challenge. as we leave the european union, we will forge a bold, new, positive role for ourselves in the world. and we will make britain a country that works not for a privileged few but for every one of us. >> donald trump meeting with indiana governor mike pence this morning at the governor's residence in indianapolis. pence is in the running to be trump's v.p. pick. trump's three adult children all took part in the meeting. the two men waved briefly to the camera following their hour-long conversation. >>> striking atlantic city casino workers taking their protests to new york city. dozens of workers from the taj mahal casino protesting outside the offices of carl icahn and donald trump. they claim the two profited from the taj

. >>> let's get to sharon epperson. >> hey, kelly, here is what is happening at this hour.pointed britain's new foreign secretary. one of the leaders of the campaign it leave the european union. he will not be responsible for leading britain's eu exit talks. treasury secretary jack lou in brussels today meeting with the agency's vice president and says britain's exit from the eu should take place in a smooth, pragmatic and transparent manner. defying the south china sea, china tested two new airports on reclaimed land in the disputed island. two chinese passenger aircraft are seen landing at the airport. and amazon says its second annual prime day was its biggest day ever. it says orders were 60% higher worldwide than a year ago and 50% higher in the u.s. the top seller of the day, fire tv stick, which was on sale for 25 bucks. that's cnbc news update at this hour. back to you, kelly. >> i didn't pick one up myself. >> i did not either. but i know someone who did. >> nor did i get the motion activated glow in the dark toilet that i just can't get over. >> unbelievable. >> s

. >> i'm sharon epperson and here's your news update at this hour.pected recruiter for the militant group alshaba killed four police officers and he is now holding other prisoners as hostages in the police station. fbi director james comey telling a panel of lawmakers on capitol hill that his agency arrested four people within the last month to disrupt islamic plots. at the same hearing the national counter terrorism director said isis's ability to carrie out attacks in iraq and syria has not diminished even as it moves ground militarily. >> the supreme court justice ginsburg regrets her ill advised public criticism of donald trump. in a statement she said judges should avoid commenting on a candidate for public office. >> french leaders along with john kerry marking the bastille day in paris. it marked the beginning of the french revolution. that's our cnbc news update at this hour. let's get back to squawk alley. >> thank you, sharon. simon hobbs and countdown to the close in europe which happened about 60 seconds ago. >> solid gains in west europe

. >> sharon epperson, thanks. >>> and "call of the day" is airlines. sector we've spoken about, pete, on many different occasions. most recently for its underperformance. i wonder if now the tide will turn? upgrade at deutsche bank on american, united, delta. >> united news out as well in terms of revenue not as bad as people expected last quarter. >> right. the first catalyst. >> and that's the catalyst. look at these names and wonder for how long will peep wait? talk about valuation. get tired of talking about that. almost like the financials. we watched oil move from $30 to $50. always the head wind. people are looking at these names especially it's the regionals as well as the big three. if you look at southwest tlashs is loved, seems like, by the street. over at american and delta and united, not as much love but starting to get that sense that maybe people will lg to say, at this levels this is just gotten too cheap. >> joe, a reboot here? >> to pete's point, we talked about this last week. southwest is only down 2% year to date. the best perform

i'm sharon epperson

i'm sharon epperson

with the market up 130 points in record territory, it's time for a cnbc news update with sharon epperson>> here's what's happening. in dallas, president obama is paying tribute to the five slain police officers. he said despite the recent shootings, america is not as divided as it seems. >> dallas, i'm here to say we must reject such despair. i'm here to insist we must not be divided as we seem. i say that, because i know america. i know how far we have come against impossible odds. >> at least 22 people were killed and 43 injured when two italian commuter trains collided head on in the southern region of, at least two people were pulled alive as the recent cube operation took place. >>> a tanker crash and fire took place on a bridge over tampa. the truck was carrying 4,000 gallon of diesel fuel, and it had mechanical issues which caused it to crash. >>> the brazilian health minister says the chance of being infected by the zika virus in rio is less than 1 in 500,000. he spoke at the launch of a new mobile phone app, which encouraging people to upload to the sism a description of how the

our senior financial personal finance correspondent, sharon epperson, joins us now.s. >> more and more employers are starting to add what is called a roth 401(k). financial advisers that we've talked to say many employees still don't know how they work. so, here's the 411 on these 401(k)s. you should know this already, but we're going to review. a traditional 401(k) lets you fund your retirement account with pre-tax dollars, paying taxes when you take the money out. now, with a roth 401(k), you pay taxes on your contributions up-front, meaning your money gets to grow tax-free and it can be withdrawn tax-free in retirement, too. that probably sounds a bit like a roth i.r.a., right? but a roth i.r.a. contributions are limited to just $5,500 a year or $6500 if you're 50 or older. with a roth 401(k), you can put up to $18,000 in that account this year or $24,000 if you're 50 or older. so being able to stash away a lot more money that you can then take out tax-free in retirement is one of the biggest benefits of a roth 401(k). and there's a lot more about this on cnbc.com