Each facility - Montereau, Tulsa Jewish Retirement and Health Care Center and Baptist Village of Owasso - will argue before the board that it should be exempt from paying property taxes because it is a nonprofit continuum-of-care facility, according to protests filed with the Tulsa County Clerk's Office.

State law defines a continuum-of-care facility as a home, establishment or institution providing nursing facility services. These include services at assisted living centers and adult day care centers.

A hearing before the equalization board is the second step in the formal appeals process available to all taxpayers. The first step is an informal hearing at the Assessor's Office.

Montereau, Tulsa Jewish Retirement and Health Care Center and Baptist Village of Owasso each participated in the informal hearing process, and the original assessments were reduced.

Before filing their protest with the Board of Equalization, Montereau and Tulsa Jewish Retirement and Health Care Center each took the unusual step of filing petitions in Tulsa County District Court, asking the court to order Assessor Ken Yazel to classify their properties as tax-exempt, as the Assessor's Office has done in years past.

At a court hearing last week, Tulsa County District Judge Mary Fitzgerald denied Montereau's request, saying the court did not have jurisdiction to take such action.

"The Legislature is clear ... in saying that proceedings before the county assessor and the boards of equalization and appeals therefrom shall be the sole method by which assessments or equalizations shall be corrected or taxes abated," Fitzgerald said, adding that "it is not up to this court to circumvent the administrative processes that are set out."

Immediately after Fitzgerald's ruling, Tulsa Jewish Retirement and Health Care Center filed its protest with the Board of Equalization and dropped its suit against the Assessor's Office.

The Board of Equalization on Wednesday will be asked to address two issues: whether all of the property at the continuum-of-care facilities should be exempt from paying property taxes and, if not, how much the assessment should be on the properties.

The equalization board is made up of three members: Ted Kachel, Warren Morris and Ruth Gaines. The Tulsa County commissioners, the Oklahoma Tax Commission and a district judge or a majority of the Tulsa County district judges each appoint one member.

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Retirement communities take tax dispute to Board of Equalization

Buying a vineyard, riding a motorcycle cross-country, and brewing truly fantastic coffee were among the many in-retirement splurges Morningstar.com readers cited in a recent thread in the Investing During Retirement forum of Morningstar.com's Discuss boards. In addition to asking posters to cite their biggest in-retirement splurge, I also asked them to note how they had planned for the additional expense and whether it had been worth their while.

Perhaps not surprisingly, given that there's a robust contingent of frugal types on our website, some readers noted that they were more inclined to spend extra cash on must-haves rather than nice-to-haves. But others readily shared tales of deploying cash toward indulgences big and small and noted that they'd happily do it all over again if they could. Still others waxed philosophical, urging their fellow retirees to splurge before it's too late and to consider nonfinancial splurges as well as those that require a large cash outlay.

To read the complete thread--an especially rollicking one complete with mentions of llamas, pro baseball players, and hot rods--or to chime in with your own in-retirement splurge, click here (http://socialize.morningstar.com/NewSocialize/forums/p/306023/3256725.aspx#3256725).

'A Sit-Down Mexican Restaurant Instead of Taco Bell'At least a few posters weren't at all down with the notion of splurging, period. Truthteller's post hinted at the very difficult market environment that has confronted today's retirees. "Splurge? Are you kidding me? I retired in Spring 2008. Fixed-income yield was stolen by the Federal Reserve and Treasury Department later that same year. It hasn't come back, and won't for a long time. I'm living on less than half of what I expected to live on. Splurge? Yeah, it's called buying groceries."

Cats22 wrote simply, "We're not big 'splurgers': never have been and never will be."

FidlStix, in what I'm pretty sure is a tongue-in-cheek post, wrote, "Our biggest splurge is occasionally going to a sit-down Mexican restaurant instead of Taco Bell when we eat out."

Paulbrown noted that not splurging can provide its own gift: peace of mind. "I can't really find anything I splurged on. I just have a frugal wife who keeps me in line. Nice being comfortable at ages 76 and 78."

For other posters, what splurges they have made have been strictly utilitarian. LuckyDogwrote, "I guess that this sounds very practical, but our 'big splurge' last year was that we stopped heating the house with wood, bought a new furnace, new house windows, and a concrete floor for the barn. Life is good."

Rescarr, meanwhile, "tore up and changed out two bathrooms. The work was done by myself with the assistance of another craftsman. And the money came out of a home equity loan which was paid off rather quickly with no effect on my retirement pensions or my portfolio."

'Moral: Make Hay While the Sun Shines!'Other posters defined "splurge" more conventionally. Travel, either snowbirding or visiting exotic locales overseas, topped many posters' lists of their biggest in-retirement splurges.

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What Have You Splurged on in Retirement

GRAND FORKS, ND--(Marketwire -06/14/12)- Alerus Retirement Solutions, a division of Alerus Financial, N.A., introduces a mobile app, available for both iPhone and Android devices. With the Alerus Retirement Solutions mobile application, retirement plan participants receive fast and secure inquiry access to their account information. The app allows Alerus Retirement Solutions to build a closer relationship with the participants on a day to day basis. Participants can view account activity, current balance by investment and source, rate of return, and recent contribution information. "We are excited to offer this on-the-go solution for our growing population of mobile plan participants," said Brian Overby, president of Alerus Retirement Solutions.

The app gives participants an easy way to see their retirement account at-a-glance where they live, work, and play. They will also receive important personalized alerts about account events regarding contributions, loans, and market changes. The app positions Alerus Retirement Solutions as an industry leader, as Smartphones continue to be the fastest growing channel in the retirement business. Trent Richardson, president of PlanServe Data Systems added, "The mobile app is not only enabling recordkeepers to deliver a more focused account view to their participants, but it is also driving a deeper, personal relationship. Regardless of where the participant is, the ease of access with a simple click will quickly make the mobile app one of the most used channels."

Within the app, participant data is protected by the latest security encryption. The unique approach allows the participant to register and manage their mobile device through their Alerus Retirement Solutions online account. The exclusive free app is available to Alerus plan participants on the App Store and through the Android Market.

To view a demo of the app, visit http://www.alerusretirementsolutions.com/appdemo/

About Alerus Retirement SolutionsAlerus Retirement Solutions is a division of Alerus Financial, N.A., a nationally chartered bank headquartered in North Dakota. Alerus Financial is a multi-billion financial services company serving in the best interest of individuals, families, and businesses since 1933. We offer a broad array of banking and wealth management products, cutting-edge technology, knowledgeable staff, and a customer-focused philosophy.

With over 65 years of experience in the retirement plan industry, Alerus Retirement Solutions currently services over 2,350 retirement plans with nearly 180,000 retirement plan participants in all 50 states. It ranks in the top 40 nationally in assets under administration, annual revenue, retirement plan sponsors, and retirement plan participants.

About PlanServe Data SystemsPlanServe Data Systems is a Birmingham, AL based company that provides products and services for the financial, retirement and healthcare services market. PlanServe's ownership team has 30 plus years experience in developing and supporting software and internet services for the recordkeeping, financial and e-business services market. All PlanServe products are developed on a scalable, e-business framework and are available as a local licensed installation or as Software as a Service (SaaS).

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Alerus Retirement Solutions Launches Mobile App for Retirement Plan Participants

I hear a lot about the 4% rule for withdrawing money from your retirement savings, but nothing about the "unexpecteds" that can create havoc with that plan. Can you explain some of the things that can go wrong if you follow the 4% rule - and suggest ways retirees can protect themselves? -- Cecilia K. Blue Ash, Ohio

The 4% rule is often sometimes presented as a near fail-safe strategy. Just withdraw 4% of your nest egg the first year of retirement, increase that dollar amount each year by the rate of inflation to maintain your purchasing power, and you have 90% assurance that your savings will last at least 30 years.

It all seems so simple and so certain. And it would be, if life unfolded with the predictability of a spreadsheet. Alas, that's not the case. As you note, there are many "unexpecteds" that can cause even the best-laid retirement income plans to go awry.

Let's start with subpar investment returns. The high probability that your savings will last 30 or more years if you stick to the 4% rule hinges on your investments earning a decent rate of return.

Assuming you invest in a diversified portfolio with a reasonable balance of stocks and bonds -- say, 50-50 -- history shows you've got a good shot at getting the returns you'll need. But the stock market can take some frightening dives that may lead to decade-long periods of mediocre returns or worse. And recent research shows downturns may be more common than we used to think.

If you're unlucky enough to experience a large loss or period of paltry gains, especially early in retirement, the odds of your nest egg surviving three decades can easily drop from 90% to 60% or lower.

Related: 'What's a realistic retirement age?'

Paradoxically enough, following the 4% rule could also be problematic if the financial markets thrive. If your investments earn outsize returns and you limit increases in your withdrawals to the inflation rate, you could end up with a big pile of cash late in life.

That might not seem like much of a drawback, particularly for your heirs. But think of it this way: If you're still sitting on a huge nest egg in your dotage, it could mean you lived a lot more more frugally than you actually had to earlier in retirement.

There are plenty of other potential hitches. You may periodically find yourself forced to spend more than the 4% rule dictates in order to meet unforeseen or higher-than-anticipated expenses -- health-care costs only partially covered by Medicare, the roof that had to be replaced after a freak storm, the money you shelled out to help a relative through a financial crisis.

Read the original here:
Retirement savings withdrawal: The 4% rule

England's blustery Dorset coast seems an unlikely setting for retirement planning lessons, but actually it's perfect. That's where this summer's Olympic sailboat races will take place, and viewers new to sailing will learn a surprising fact: You can sail into the wind. You need to tack in ways that aren't necessary when the wind is behind you, but do it right and you'll move bracingly fast.

That's retirement planning today. You're feeling virtually all the financial winds right in your face. Strapped governments at every level will be giving you fewer services and taking more from you in taxes and fees. Inflation may be creeping up. Employers will continue the long-term trend of whittling retirement security by freezing or abolishing the few remaining defined-benefit pension plans and reducing company contributions to 401(k) plans. As for your investment portfolio -- forget those reassuring historical stock market returns of around 11% annually and note that recent years have been far grimmer: The S&P 500 (SPX) is right where it was more than 12 years ago, in January 1999. Warren Buffett assumes Berkshire Hathaway's (BRKA) pension plan will earn a modest 7.1% a year.

[Related: Dreams of the Ideal Retirement Home]

One more fact: You'll probably live longer than you expect, a wonderful thing in every way except financially. New research from the Society of Actuaries finds that 57% of pre-retirees underestimate life expectancy from their current age, while only 28% overestimate. Your nest egg may have to last much longer than you thought.

Those are formidable headwinds. Yet as the Olympic sailors will remind us, you're not condemned to being blown backward. The right tactics will propel you ahead even now. Think of your practical next steps in three categories. Save smarter

In today's low-yield environment, most of us must salt away more. Easy to say, hard to do. If your employer hasn't adopted the Save More Tomorrow program, urge it to do so; and if it won't, then follow the program on your own. Developed by UCLA business professor Schlomo Benartzi and behavioral economist Richard Thaler, it lets employees pre-commit to saving more every time they get a pay raise. It works -- participants save much more than nonparticipants.

In choosing your saving rate, face the new reality of inflation. Experts debate whether years of monetary loosening in the U.S. and other major economies will push up prices significantly, but ignoring the risk would be foolish. Suppose you'd like your portfolio to pay you $100,000 a year (in constant dollars) for 30 years. With an after-tax return of 6% and inflation at 2%, a nest egg of $1.82 million will do the job. But if inflation turns out to be just one point higher than you assumed, at 3%, you'll need another quarter million dollars.

Invest smarter

Back when we all thought we'd get 11% long-term annual returns, we could maybe afford to ignore fees and expenses. No more. It's time to get tough on the "helpers," Buffett's sarcastic term for the intermediaries who take bits and pieces of our investment returns. As he and Vanguard founder John Bogle constantly preach: Over decades, tenths of a point matter. Some helpers, such as the best fee-only advisers, are emphatically worth their cost. But in today's environment, investors must know exactly how much they're paying and for what.

[Related: Best Places to Retire]

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3 Ways to Take Control of Your Retirement

KANSAS CITY, Mo., June 14, 2012 /PRNewswire/ --DST Retirement Solutions, a leading provider of flexible retirement plan outsourcing solutions to financial services organizations, today announced that Andy Jordan, former COO of Makibie Corporation, has joined the firm to lead its digital strategies, which includes web and mobile development teams.

Mr. Jordan's focus will include executing DST Retirement Solutions' strategy for evolving existing platforms to be more outcome driven and action-oriented and developing new web and mobile strategies along with the firm's product organization.

He will report directly to Frank LoMedico, Chief Information Officer for DST Retirement Solutions.

"Andy brings a wealth of knowledge and broad experiences to his position that will help us determine and manage our Web solutions for DST's clients," says Mr. LoMedico. "I'm excited he is joining our team and look forward to his contributions to strengthening our business relationships."

In his previous role as CEO for Makibie Corporation, a leading interactive services firm, Mr. Jordan worked extensively with DST Retirement Solutions in the redesign of its plan sponsor and participant websites.

"We're excited about Andy's expertise in the Web space," says Mr. LoMedico, "His skills will be invaluable in helping our clients keep pace with the ever-evolving technologies.

DST Retirement Solutions, a wholly-owned subsidiary of DST Systems, Inc., offers one of the industry's broadest arrays of high value retirement plan servicing options for financial organizations distributing and serving their customers' retirement needs.

About DST Retirement Solutions, LLC

DST Retirement Solutions offers one of the broadest arrays of high-value retirement outsourcing solutions for financial organizations distributing retirement investment products and serving their customers' retirement needs. Financial service companies, such as mutual funds, banks, insurance companies and third-party administrators, benefit from our flexible service model that utilizes an end-to-end technology solution and provides support for financial intermediaries. Servicing 4.5 million participants, DST Retirement Solutions supports any plan size and investment vehicle. DST Retirement Solutions is a wholly-owned subsidiary of DST Systems, Inc.

The information and comments in this press release may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Forms 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this press release to reflect future events. Brand, service or product names or marks in this press release are trademarks or service marks, registered or otherwise, of DST Systems, Inc., DST subsidiaries or affiliates, or third parties.

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DST Retirement Solutions Hires Top Industry Executive To Develop Web Solutions

SPRINGFIELD, Mass., June 14, 2012 /PRNewswire/ --MassMutual's Retirement Services Division recently hosted a series of symposiums for its nationwide network of retirement plan advisors and Third-Party Administrators (TPAs). The two-day action-packed symposiums were designed to help attendees increase their SHARE and avoid the "sea of sameness" in today's challenging market by looking at their business with a new perspective.

"MassMutual's latest symposiums focused on a different and innovative way of thinking," states Hugh O'Toole, senior vice president of sales and client management for MassMutual's Retirement Services Division. "It's no longer about what advisors and TPAs are doing for their customers and prospects, nor about how they are doing it. Rather, their ability to increase their share in 2012 is about telling people why they are in the retirement plan business," adds O'Toole.

Topics presented during the symposium to illustrate this different way of thinking were:

"I was very impressed with the conference - from the speakers, to the material presented, to the accommodations," says Andrea Ryan, senior pension administrator with AFC Pensions, who attended the Memphis Symposium. "The flow throughout the three days was easy and well put together. What impressed me the most was that I walked away from the conference with a new-found appreciation for all the work MassMutual is doing to help America's employees successfully plan and save for retirement," adds Ryan.

Jason-Colin Patrick, retirement plan consultant with USI, who attended the Tucson Symposium commented, "My time was well spent at this conference. I enjoyed the opportunity to learn more about MassMutual and meet the team. MassMutual is a true partner who looks out for the client's best interests and the interests of the advisors they work with. I know our clients will be in good hands."

"I've been to many seminars over the years, but none have hit the mark the way that your symposium did last week," says Timothy Swartley, CFP, senior vice president and trust officer with Univest Bank and Trust, who attended the Miami Symposium. "I'm energized to begin implementing the strategies in our practice. It is clear to me after this event that MassMutual not only has a great product and corporate philosophy, but also that MassMutual has great people," adds Swartley.

"MassMutual Retirement Services understands the value retirement plan advisors and TPAs provide to sponsors and their participants. These symposiums are just one of the many ways MassMutual connects with its network of intermediaries and provides a platform to share new ideas, regulatory updates, opportunities and best practices to help ensure success in their practices. We believe that when intermediaries are informed and successful, plan participant needs are better served," adds O'Toole.

For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.

About MassMutual

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

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MassMutual Retirement Services Welcomes Advisors and Third-Party Administrators to National Symposium Series

By Carla Fried - 2012-06-13T21:21:02Z

A recent Bloomberg.com personal finance story,"The Retirement Savings Move Tax Pros Love," got an enthusiastic response from readers who are considering investing for retirement in a Roth 401(k). The story also generated many questions. We took some of those questions to retirement expert Barry Picker, a CPA and author of "Barry Picker's Guide to Retirement Distribution Planning." His answers below are guidelines and may not apply to everyone and every situation.

Q: Is there an income limit to be eligible to contribute to a Roth 401(k)?

A: There is no income limit.

Q: If my employer offers a Roth 401(k) and a traditional 401(k), will I have to choose between contributing to one or the other?

A: You can contribute to the traditional, the Roth, or both, as long as your total salary deferral does not exceed the maximum permitted.

Q: What is the maximum amount I can invest in a Roth 401(k) in 2012?

A: The maximum that can be contributed to 401(k)s in 2012 is $17,000, plus an extra $5,500 for individuals past age 50 as of the end of the year. The maximum ($17,000/$22,500) can be divided between the traditional 401(k) and Roth 401(k).

Q: Will my employer make a matching contribution to a Roth 401(k)?

A: If you contribute to a Roth 401(k), your employer can still match your contribution. However, the employers match will be paid into a traditional 401(k), not the Roth 401(k).

See the rest here:
Nine Questions on Investing for Retirement in a Roth 401(k)

Some Americans may be better prepared for retirement than they realize.

About 56% of baby boomers and Generation X (people between about age 38 and 65 now) are saving enough to cover their basic retirement costs, including uninsured medical expenses, according to a recent projection by the Employee Benefit Research Institute, a Washington-based nonprofit think tank.

The bad news is that 44% arent saving enough, and some of those people are on the lowest rungs of the income ladder, so they may have little opportunity to ramp up savings as they age.

Still, while some people face a troubling retirement outlook, others in that 44% group can take steps to get their savings on track.

Some Americans face a retirement crisis, but it isnt the majority, said Stephen Utkus, director of Vanguard Groups Center for Retirement Research.

For the longest time, studies have always pointed out that about 50% of Americans seem clearly ready for retirement, he says. But its a mistake to assume the other half is in deep trouble.

Instead, Utkus said, people fall along a spectrum of retirement readiness, with 20% to 30% of Americans partially ready for retirement.

A significant number of people can take some steps between now and retirement to move the dial and get to prepared, he said.

Here are four ideas to improve your retirement readiness.

1. Increase your savings rate 1% or 2% each year

Continue reading here:
4 Ways to Avoid Your Own Retirement Crisis

BOSTON, MA--(Marketwire -06/13/12)- Karen H. Wimbish, director, Retail Retirement for Wells Fargo Retirement, joined the Board of Directors of the Retirement Income Industry Association (RIIA), announced Francois Gadenne, Executive Director and Chairman of the Board.

"We are pleased and excited to add Karen to our Board," commented Gadenne. "Her extensive background in banking combined with her proven ability to lead successful teams across an organization will serve RIIA well as we strengthen and expand our membership, our programs and benefits Across the Silos."

As director of Retail Retirement, a part of Wells Fargo Retirement, Wimbish leads a department of over 275 team members who focus on increasing Wells Fargo's ability to help customers plan for and live a comfortable retirement. She works with key partners across the Wells Fargo organization including Wells Fargo Advisors, Wells Fargo Wealth Management and Wells Fargo Community Bank.

Wimbish has over 30 years in the financial services industry, including roles in banking, brokerage and asset management, as well as in credit administration, project management and training. She is a summa cum laude graduate of the University of Richmond, holds her Chartered Financial Analyst designation and is a graduate of the School of Banking of the South and the Securities Industry Institute at Wharton. In addition to serving on the Board of Directors of RIIA, she is also on the Board of Directors of Girl Scouts, Hornets' Nest Council in Charlotte.

"Joining RIIA's board is a wonderful opportunity for me to help shape and enhance the association's unique View Across the Silos as our industry works to provide the products, advisory services, and processes to help millions of Americans achieve their retirement dreams," explained Wimbish.

About the Retirement Income Industry Association (www.riia-usa.org)

Founded in 2006 by leading financial companies, advisors, associations and academics, the Retirement Income Industry Association (RIIA) provides a rigorous, research-driven, household-focused foundation for developing retirement solutions to serve retirees today and into the future. A non-profit organization, RIIA achieves its mission through a unique View Across the Silos allowing members to see change and disruption before others while achieving competitive advantage through diverse discussions, advanced education, market insight, research, comprehensive data, standards and thought leadership for successful retirement income management.

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Karen H. Wimbish of Wells Fargo Retirement Joins Board of Directors of the Retirement Income Industry Association