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LYNN He spends an average 55 hours a year on School Committee business, but the Retirement Board calculated John Fords service as an elected official in years, not hours, last week when it voted to accept Ford as a future city retiree whose pension will be partly paid by local taxpayers.

Board members Buzzy Barton, Richard Biagiotti, Claire Cavanagh and Stephen Spencer voted last Tuesday to credit Ford for eight years service on the committee. Board Chairman Michael Marks only votes to break a tie.

Fords entry into the system expands the number of elected officials entering Lynns public retirement system. The systems 1,200 former city employee members divide up $31 million-worth of pensions annually. Lynn taxpayers foot $23 million worth of that cost.

Board Director Gary Brenner said the board had little choice but to accept Ford into the system because elected officials like Ford qualify for admission into public retirement systems under state law. Ford, said Brenner, is the first local School Committee member to be voted in by the board.

I think were the only people in the city who dont get something, Ford said last Wednesday.

Brenner estimated city taxpayers will eventually pay about 30 percent of Fords pension once he retires from his job as an aide to state Rep. Steven Walsh based on pension worth 25 percent of his aides salary.

Fords legislative salary is listed on the state website as $30,000 a year.

When his pension is calculated, were responsible, Brenner said.

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Retirement board OKs Ford pension

Note: All figures are based on IFRS and are shown in Canadian dollars. All comparisons are with the corresponding period of2011, unless otherwise stated.

Jennifer Gregory - National Vice-President, Business Development, Group Savings and Retirement

MONTREAL , Aug. 27, 2012 /CNW Telbec/ - The Standard Life Assurance Company of Canada today announced the appointment of financial services industry veteran Jennifer Gregory as incoming National Vice-President, Business Development, Group Savings and Retirement. Based in Toronto , Mrs. Gregory will be responsible for creating a strategic vision and a national roadmap in order to grow Standard Life's group savings and retirement business across Canada . Her appointment is effective September 17 .

"The group savings and retirement segment being the cornerstone of Standard Life, I am very pleased to have attracted an executive with such in-depth knowledge and hands-on experience in this industry," said Charles Guay , President and Chief Executive Officer. "Given her extensive involvement in the business community, Jennifer significantly adds to the Toronto office and brings considerable strength to our overall management team. Her arrival ties in perfectly with our continued efforts to be an industry leader in long-term savings and investment solutions."

Prior to this appointment, Mrs. Gregory held several senior positions at Great-West Life Assurance Company since 1993. Most recently, she was Vice-President National Accounts, Group Retirement Services where she gained a strong understanding of the group retirement capital accumulation plan industry in Canada and spearheaded organizational change to provide an exceptional intermediary and plan member and sponsor experience.

Mrs. Gregory has a Bachelor of Arts degree in Political Science and Economics from the University of Alberta. She also holds designations as a Certified Financial Planner (CFP), Certified Employee Benefit Specialist (CEBS) and Registered Pension Associate (RPA).

Note to Editors In the second quarter of 2012, Standard Life Financial's overall premiums and deposits reached $1.3 billion (up 13% from $1.2 billion in 2011), including $709 million from the group savings and retirement business (up 15% from $616 million in 2011).

About Standard Life Standard Life plc is a leading long-term savings and investment company headquartered in Edinburgh , Scotland. Standard Life has around 6 million customers worldwide and operates in the United Kingdom , Europe , North America and Asia Pacific, and globally with Standard Life Investments Ltd.

In Canada , Standard Life has been doing business for almost 180 years. Standard Life Financial Inc., which wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd., is Standard Life plc's largest operation outside the UK. With about 2,000 employees, it provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group benefit and retirement plan members.

As of June 30, 2012 , Standard Life plc had $327 billion in assets under administration, including $42billion in Canada through Standard Life Financial.

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Standard Life hires a seasoned sales leader for its group savings and retirement business

JUPITER, Fla., Aug. 27, 2012 /PRNewswire/ -- The Retirement Advisor University (TRAU) announces the formation of The Plan Sponsor University (TPSU), which will offer corporate retirement plan sponsors an exclusive and unique training and certification program designed to improve their retirement plan. The Mission of The Plan Sponsor University is to educate and train employers to better manage their corporate retirement plan(s) on behalf of their participants, help improve outcomes and to introduce plan sponsors to the very best plan advisors who can help them to accomplish these goals.

TRAU, a collaboration with the UCLA Anderson School of Management Executive Education, revolutionized the retirement plan industry in 2010 by offering the prestigious C(k)P - Certified 401(k) Professional designation for plan advisors. TPSU follows suit by offering the first comprehensive and national online and in-person workplace retirement plan certification program to business owners, financial professionals, benefits specialists and other plan fiduciaries.

TPSU offers employers charged with the responsibility of company retirement plan oversight the opportunity to increase their knowledge and expertise in areas such as retirement plan design and operation, management of their fiduciary obligations, improving outcomes for those who participate and, upon completion of the program, awards the enrollee certification as a C(k)PS - Certified 401(k) Plan Specialist.

"Managing retirement plans and helping plan participants has become increasingly complex. Plan sponsors need state-of-the-art training available online and created by a nationally recognized educational organization delivered in person by qualified professionals," said Fred Barstein, Founder and Executive Director, The Retirement Advisor University.

TPSU courses and curriculum will be offered regionally around the country conducted by local plan advisors starting in the spring of 2013. Advisors that present the curriculum and train those who enroll in The Plan Sponsor University must meet strict criteria established to ensure that only the most experienced and qualified retirement plan professionals become Adjunct Lecturers at TPSU. The criterion to become a TPSU Adjunct Lecturer includes:

TPSU is currently recruiting adjunct lecturers to teach in several regions that remain available. Financial professionals who are interested and feel they meet the criteria may apply at http://www.TPSUniversity.com.

About TRAU

TRAU, The Retirement Advisor University collaboration with UCLA Anderson School of Management Executive Education is the first retirement planning certification program associated with a nationally recognized institution of higher learning. Participating advisors and wholesalers can benefit by earning certification that has real meaning to plan sponsor clients, prospects, and the retirement industry as a whole. http://www.TRAUniv.com

About TPSU

The Plan Sponsor University (TPSU), an affiliate of TRAU, offers the first comprehensive online and in-person workplace retirement plan certification program for business owners, benefits specialists and other employer fiduciaries. http://www.tpsuniversity.com

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New Retirement Plan Training Offers Help to Employers & Employees

Q: I fortunately or unfortunately qualified for social security disability and have a few questions about retirement benefits. Next year I can take my pension early or I can wait and take a larger pension when I reach age 65. If I take my pension early, I dont think that will have any impact on my social security benefits since it is not earned income; is that correct? Also, what happens when I reach the age where I can take social security retirement benefits? Would I be better off switching to social security retirement benefits versus disability?

Sorry about your disability but Im glad you are receiving benefits. The pension wont impact your disability benefits like earned income, but it may cause some of your benefits to be taxed.

If you are single and your combined income is between $25,000 and $34,000, 50 percent of social security disability or retirement benefits will be subject to income tax. If your combined income is more than $34,000, up to 85 percent of benefits will be subject to tax.

If you are married filing jointly, with combined income of $32,000 to $44,000, 50 percent of benefits will be subject to tax. If your combined income is more than $44,000, up to 85 percent of benefits will be subject to tax. Combined income is defined as your Adjusted Gross Income + Non-taxable interest + 1/2 of Social Security Benefits.

Full retirement age is based on your year of birth. For those born from 1943 through 1954, full retirement age for social security purposes is 66. For those born in later years retirement age increases two months a year until it reaches 67 for those born in 1960 and later. You can retire before you reach full retirement age, but your benefits will be permanently reduced by a percentage which is based on the number of months you begin benefits before your full retirement age.

Twenty-five percent is the maximum reduction for people born between 1943 and 1954. As the increase in retirement age phases in, the reduction for taking early benefits will gradually increase to 30% for those born in 1960 or later.

When you are receiving Social Security disability benefits and reach full retirement age, nothing will change except your benefits will be called retirement benefits rather than disability benefits. This switch will be automatically done for you by the Social Security Administration.

It is rarely a good idea to switch from Social Security disability benefits to early retirement benefits, because in most cases disability benefits are paid as if you are at full retirement age, no matter how old you are. The disability benefit amount is based on how much you paid into Social Security while you worked. If you are receiving a disability benefit from workers compensation, you may want to consider switching from Social Security disability to early retirement benefits. Your Social Security disability benefit is reduced by a certain percentage if you are getting a workers comp benefit. Your retirement benefit is not reduced by a workers comp benefit. If you are receiving workers comp, not yet at full retirement age but are age 62 or over, ask the Social Security Administration to calculate the difference in benefits for you. If this looks favorable, you can request to be changed from disability status to retired status.

Before making this status switch, get assurance that they will keep you technically disabled so that you can stay on Medicare. Also, analyze the impact on your future benefits as well as the impact on any benefits for dependents and, if married, those of your spouse.

Holly Nicholson is a certified financial planner in Raleigh. She cannot answer every question. Reach her at askholly.com or P.O. Box 99466, Raleigh, NC 27624

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Social Security disability benefits versus retirement benefits

There was a time when folks in the food industry didnt want nutritional information published. They said people would be so bombarded with facts, they wouldnt know what to do or wouldnt bother to find out.

They were right in some respects: People see helpful nutritional facts on packaging, and they buy the bad stuff anyway.

And the same may be true when retirement plan participants get clearer details on how much they pay in fees to invest their retirement money.

New disclosure rules by the Labor Department are intended to help workers and the companies that provide retirement plans understand the fees charged to, or deducted from, individual accounts.

Those with 401(k)s or similar plans should begin receiving the information by Aug. 30. And more detailed information tied directly to the fees you pay will be sent with your quarterly statement by Nov. 14.

So what are you going to do with this enhanced fee information? Will you ignore it? Or will you take it seriously?

Its not reasonable to expect service providers to do this for free, but people are going to be shocked and outraged when they see how much they pay in fees, said Peter Kirtland, president and chief executive of ASPire Financial Services, which provides low-cost retirement plan solutions that can be customized.

The government says the new rules will reduce the time investors spend collecting fee information.

It would be great if most plan participants devoted time to analyzing fee information. They do not, according to AARP.

The advocacy group for seniors polled 800 workers with money in 401(k)s and asked them if they paid fees: Seventy-one percent said no. Yet all fund owners are compensated through fees for the costs of running the fund, says Don Blandin, president of Investor Protection Trust.

Read more from the original source:
Retirement fund fees, if ignored, will eat into your nest egg

What does retirement mean to you? When I was in my 20s, this is what I thought a typical day for a retiree would be like.

5 a.m. Wake up to a leisurely breakfast and a cup of coffee. Read the paper and do the crossword puzzle.

7 a.m. Go for a walk or swim in the pool, then take it easy.

9 a.m. Watch some TV and read a magazine or a book.

11 a.m. - Have lunch.

Afternoon Go shopping, walk the dog, work on the house, and catch up with friends.

5 p.m. Have an early bird dinner and kick back the rest of the day.

9 p.m. Time to hit the hay.

This sounds like the easy life, but it also seems quite boring. This vision fits a sedate retirement home more than the current active retirements in which many retirees actually engage. Now that Im older and know more retirees, I know this is not what people do in retirement. Many people stay quite active when they first retire from their careers and put off the relaxed retirement until when they are much older.

Active retirement. My dad retired about five years ago from running a restaurant, but a relaxed retirement isnt for him. He is always restless and hated not working. So he started a new micro business and is working part time. Its a hobby-based business and he is having a lot of fun. My father-in-law retired with a full pension and he is working (ok, volunteering) at a friends liquor store for free. One of my friends is financially independent, but he still actively manages his portfolio every day. I suspect most people would rather continue to be active after they retire from their career than relaxing around the pool all day.

Excerpt from:
What Does Retirement Really Look Like?

WEST DES MOINES, Iowa--(BUSINESS WIRE)--

Sammons Retirement Solutions, Inc.SM, which develops and distributes products focused on IRA rollovers and other retirement assets, today announced the launch of LiveWell ModelsSM, a series of risk-based asset class model portfolios created exclusively for the LiveWell Retirement Series. Developed by Morningstar Associates, LLC, a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc., LiveWell Models are designed to help financial professionals make informed asset allocation1 recommendations to clients to help them meet their investment goals.

The models provide financial professionals with a quick and easy way to create portfolios for clients based on the clients target asset allocations and according to their answers to an optional Morningstar Risk Tolerance Questionnaire. When creating a portfolio, an online Morningstar proposal-builder tool gives financial professionals the flexibility to use a LiveWell Model or to select a LiveWell Asset Class Model as a framework to choose the funds themselves. The tool allows financial professionals to add a hypothetical comparison portfolio to help evaluate the asset allocation, investment style, top holdings, and historical performance. The end result is a set of illustrations at the asset-class or investment option level that financial professionals can present to clients or prospects.

It is becoming increasingly important for financial professionals to give their clients a range of options for investing rollover money from 401(k) and other investment vehicles. The challenge with too many options may be the difficulty in allocating the investment dollars. said William Lowe, President of Sammons Retirement Solutions, Inc. To address the growing demand for allocation assistance, we have responded to financial professionals requests for something beyond traditional asset class allocation strategies. The LiveWell Mutual Fund IRA offers fund-specific models and the LiveWell Variable Annuity provides a similar model at the investment option level.

The models are comprised of portfolios that provide exposure to a broad spectrum of asset classes. Each model suggests the mix of investment options based on a clients time horizon, investment goals, and risk tolerance across different investment categories such as Conservative, Moderate, Moderate Growth, Growth, and Aggressive Growth. The models include investment options from brand name money managers as well as boutique managers.

About Sammons Retirement Solutions, Inc.SM(SRSI SM)

A member of Sammons Financial Group, Sammons Retirement Solutions, Inc.SM specializes in designing straightforward retirement solutions that address the increasingly complex needs of todays investors. The company complements Sammons Financial Groups existing business by expanding the product line with a Mutual Fund IRA platform and a variable annuity available for sale through independent broker-dealers and financial professionals.

Variable annuities are designed for long-term investing such as retirement investing and are subject to market risk including loss of principal.

Investing in mutual funds and variable annuities involves risk, including potential loss of investment. You and your client should consider the investment objectives, risks, charges, and expenses of the mutual fund or variable annuity and its underlying investment options carefully before investing. The prospectus and/or summary prospectus contain this and other information. You or your client can call 866.747.3421 to obtain a current prospectus for the mutual fund or the variable annuity and its underlying investment options. Please read it carefully.

You and your client should consider the expenses of the IRA program before investing. You and your client must receive a fund prospectus and the LiveWell Mutual Fund IRA disclosure form before investing.

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Sammons Retirement Solutions, Inc. Launches LiveWell Asset Allocation ModelsSM Powered by Morningstar Associates

DETROIT, Aug. 22, 2012 /PRNewswire/ --The Police and Fire Retirement System of the City of Detroit has received full payment on its investment in the One Kennedy Square building and other key properties are seeing stable returns and record occupancies, a report shows.

Just a few years ago when renovation or construction of new commercial projects was planned in Detroit few banks would lend and investments made by the Police and Fire Retirement System have resulted in stable returns, full reimbursements to the Pension Fund with the added benefit of increased occupancy and building density in Detroit.

"The Police and Fire Retirement System is proud of its record of investing in commercial properties within the City of Detroit," said Chairman Matt Gnatek. "All six of the commercial properties in our Targeted Investment Fund are generating good yields and the entire $3 million loan made to the One Kennedy Square project has been repaid in full. No other pension system has made these types of investments to help grow businesses in the City."

Gnatek commented on a report titled the Detroit Targeted Investment Fund that provides up to $25 million of revolving loans prior to the loan repayment from One Kennedy Square. Many of the development projects, he noted, could not have been done without financing from the Fund. The investment report was prepared by Alex Brown Realty, Inc. and presented to the Board by advisor Marty West at a recent meeting.

"For a long time one of the few capital sources available to developers in the City of Detroit was the Police and Fire Pension Fund," said West. "They had a plan to help stimulate growth in key areas of the city and it has resulted in performing loans and nearly fully occupied office and apartment buildings."

The PFRS invested in the Kales Building, One Kennedy Square, Lafer Building, Union at Midtown, Beethoven Apartments and the College Park Medical Building all within the City of Detroit. The pension fund is receiving a minimum interest rates ranging from 7.25 percent to 8.5 percent.

"The Police and Fire Pension Board has taken a lot of heat for so-called bad investments," said Gnatek. "While there have been some isolated projects that went awry, the vast majority even with the benefit of hindsight were excellent investments for financial reasons and to help build density in the core city areas and underserved areas of the City and that was exactly what the intent of these investments were at a time when no one would touch City properties."

"Everyone is praising Dan Gilbert and Quicken Loans and other companies for moving downtown and they should," said Gnatek. "We would appreciate acknowledgment that with Pension Fund monies wisely invested these buildings represent more than 40 stories of buildings with commercial space and apartments now occupied in the City. We are very proud of helping make this happen at a time when no one else would and the Board was criticized for throwing good money after bad."

Redico, owners of One Kennedy Square, refinanced the 10 story building paying a $3 million mezzanine loan off to the PFRS five months early. The building was refinanced for $27.3 million or $112 per square foot.

"This building has been a great addition to the city skyline adjacent to Campus Martius Park," said Redico CEO Dale Watchowski. "It likely would never have happened without the mezzanine financing from Invest Detroit and the Detroit Police and Fire Retirement System. We are very grateful for their vision and foresight in establishing their Targeted Investment Fund."

Originally posted here:
Police and Fire Retirement System Investments in Detroit properties sparks growth, buildings fully occupied

August 22, 2012: 5:29 PM ET

Are you in your first year or two of retirement? MONEY magazine wants to know what you're doing to get your retirement off to the right start.

For an upcoming story in the magazine, we're looking to speak to people in their early to mid-60s who are making moves to ensure their retirement life is successful. For example, you may be reassessing your income needs to adjust if you're spending more than you expected, or you may be adjusting your portfolio to ensure you're preserving your nest egg now that you're no longer socking away money. Or you may be looking to go back to work in some capacity to bring in extra income.

Tell us what you're doing to make sure your retirement is a success: Send your name, age, former occupation, daytime phone number, and a recent picture to lauren_gensler@moneymail.com. You should be willing to share a brief description of your retirement assets and income and possibly be photographed for the magazine.(We won't use any of your information unless we can get in touch with you first.)

Thank you!

FindMONEY on Facebook. FollowMONEY on Twitter.

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Is your retirement off to a good start?

Photodisc | Getty Images

The odds of success aren't great, of course but even first time entrepreneurs know that on some level. Startlingly few of the ones who do make it think forward to their golden years, however, which could present a big problem when they're ready to retire.

Those who do consider retirement options often consider selling their company as the sole exit strategy, and investment option. A big buyout, after all, is likely to top whatever they can squirrel away in IRAs and mutual funds. Reality has a way of squashing those dreams, though.

Dun & Bradstreet reports small business failure rates rose by 40 percent between 2007 and 2010 and some states had it even worse. California, for instance, had a failure rate of 69 percent. For owners who were counting on those companies to set them up for life, it's a devastating figure.

[MORE ON CNBC.COM: Too Many Start-ups to Survive?]

"It's been my experience that most entrepreneurs think of their business as their retirement," says Rick Rodgers, author of "The New Three-Legged Stool: A Tax Efficient Approach to Retirement Planning" and president of Rodgers & Associates. "At some point, they think 'I'm going to sell the business. I don't need to do anything else unless I need a tax advantage.' So most of their disposable income goes into their business. I don't think that makes sense. One of the founding principles of investing is diversification."

Even among those entrepreneurs who aren't betting the farm on the sale of their business, there's still concern. An October 2011 Gallup poll found 67 percent of small business owners are worried about not being able to put enough money away for retirement. And a survey in February by the American College, a nonprofit educational institution that focuses on financial services, found small business owners particularly unprepared for retirement.

"The lack of retirement planning by so many people is stunning, especially since business owners have no one else to rely on when it comes to putting their retirement plans in place," said Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at The American College. "When you consider that the mean age of our respondents is just over 50 you have to wonder: 'What are these individuals waiting for?' Retirement will be upon them before they know it. Small business owners need to start preparing for retirement now."

The best way to do that is to force yourself to put away a minimal amount each month even in the insane start-up days.

[MORE ON CNBC.COM: How a Vacation Turned Into a New Swimwear Business]

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Entrepreneurs and the Retirement Trap