3 Tips for Keeping More of Your Own Money

Nearly 150 million Americans will file federal income tax returns this year and, unfortunately, many will be shelling out much more of their hard-earned money than necessary, says veteran financial expert Jeff Gorton.

"With the ridiculous complexity of our tax code, I can understand how the average person might want to put off doing their homework, but that'll cost you," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner®, and head of Gorton Financial Group (www.gortonfinancialgroup.com).

"When you think about all you do to earn your money, and the lengths we'll go to save a few bucks, it doesn't make sense to not do all we can to prepare for the inevitable - our compulsory contribution to Uncle Sam's bank account."

There is nothing unpatriotic about taking advantage of legal measures to reduce your tax bill, Gorton says. Most Americans, however, don't understand the basics of how to minimize the tax burden, he says.

"If you wait until the last minute to do your taxes, you're sure to miss out on savings," says Gorton, who offers some basic and more advanced tax-saving options.

· Credits: Tax credits are usually subtracted dollar for dollar from the actual tax liability and may be utilized when filing for 2013. They include the Child Tax Credit, which allows up to $1,000 for children younger than 17; the American Opportunity Credit, featuring up to $2,500 in tax savings per eligible student for tuition costs for four years of post-high-school education; and the Energy-Efficient Home Improvement Tax Credit, which grants qualifying taxpayers 10 percent of the cost of certain energy-efficient building materials ? up to a $500 lifetime credit. The Child and Dependent Care Credit, for those who have to pay someone to care for a child younger than 13, or another dependent, offers up to $3,000 for one qualifying individual, or up to $6,000 for two or more qualifying individuals.

· Deductions: Like tax credits, deductions have phase-out limits, so you may want to consult with a professional. Deductions are subtracted from your income before your taxes are calculated, which may reduce the amount of money on which you are taxed and, by extension, your eventual tax liability. Some examples include contributions made to qualifying charitable organizations. And, you may be able to write off out-of-pocket costs incurred while doing work for a charity. Others may include amounts set aside for retirement through a qualified retirement plan, such as an Individual Retirement Account; medical expenses exceeding 10 percent of your adjusted gross income are now deductible - expenses exceeding 7.5 percent are still deductible for those older than age 65; and, potentially, mortgage interest paid on a loan secured for your primary residence.

· Tax-favored investing: This involves both tax-exempt investments and tax-deferred investments. Tax-exempt investments, which include such vehicles as municipal bonds and certain money market funds, offer a way to grow your money that's exempt from federal taxes. Municipal bonds are free of federal income tax and may be free of state and local income taxes for investors who live in the area where the bond was issued. Tax-deferred investments, on which taxes are postponed until you withdraw your money, include qualified retirement plans, such as traditional IRAs and employer-sponsored plans, as well as insurance products such as annuities and, sometimes, life insurance.

About Jeff Gorton, CPA, CFP®

Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner® specializing in individual tax and retirement planning. He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing their accounting, benefits and 401(k) retirement plans.

Summer at Rivermont is now accepting registrations! Enrichment courses are open to the entire Quad City community. Over 65 week-long courses are offered beginning June 16 for preschool through 8th grade. Students have the option of attending morning, afternoon, or the entire day.

Rivermont's fabulous course selection is available 7 weeks of the summer. Join us for 1 class or register for the entire summer. Summer Discovery (PreSchool - 3rd Grade) provides unique, hands-on experiences for young campers to keep their minds engaged in reading, writing, reasoning, questioning, mathematic processing, and scientific thinking. Summer Academy (4th-8th Grade) has a strong academic focus and challenges older campers with progressive activities in science, technology, math, and art.

Popular classes include Dr. Seuss, Junior Engineers, French Connection, LEGO Robotics, Movie Makers, Computer Construction, Digital Photo Phrenzy, and Screen Printing Extravaganza. In addition, this year Rivermont has partnered with River Music Experience (RME) Rock Camp USA, which will be offered on our campus. Don't delay - courses will fill up!

Courses will be held on the Rivermont campus, located directly off 18th Street behind K&K Hardware in Bettendorf. The entire catalog may be viewed online at www.RivermontCollegiate.org.

Lt. Governor highlights need for increased government accountability, openness

CHICAGO - Feb. 3, 2014. When Illinoisans file their taxes online this year, they will receive a receipt that shows how their money is spent, thanks to the work of Lt. Governor Sheila Simon and the Illinois Department of Revenue.

"This is about transparency, openness and accountability," said Simon. "If you receive a receipt for a $5 purchase at a gas station you should be able to get one for your income taxes. The people of Illinois deserve to know where there money is going and how it's being spent."

Since introducing the idea in spring of 2013, Simon has worked with the Illinois Department of Revenue and Governor's Office of Management and Budget (GOMB) to develop an income tax receipt to shine a light on government spending and increase public awareness. The option to view the new receipt appears after an e-filer submits their IL-1040.

Taxpayers will enter the amount of state income taxes paid and a calculator estimates how the money is divvied up between education, public safety, and other general revenue expenditures. For example, an Illinoisan who paid $1,000 in state income taxes would see a helpful table and pie chart showing that $237.44 went to education, $145.02 to pensions and $41.07 to public safety during the past fiscal year.

January 31 was the first day the Department of Revenue accepted e-filed returns at http://tax.illinois.gov. Nearly 500,000 tax returns were e-filed on the Department's website last year. People who file on paper or by using other e-filing software or services can view the receipt online here.

"This won't make filing your taxes more fun, but it will be more informative," Simon added. "After almost a year of hard work and development from the Department of Revenue and GOMB, I am happy to see this useful tool become available. More transparency is always a step in the right direction."

Simon has been leading by example when it comes to increased transparency. Each spring, she and her senior staff release personal financial statements that go above and beyond what is required by law. The disclosures empower the public to learn if these officials are serving taxpayers' interests, or if they harbor any conflicts of interest.

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State Loan Helps Firm Add 25 New Jobs as Part of $9.6 Million Expansion

CHICAGO - Governor Pat Quinn today joined John Hofmeister & Son, Inc. to announce that the long-time, family-owned Chicago meat products company will undergo a $9.6 million expansion and create 25 new jobs. The project will be supported by a $2 million loan from the Illinois Department of Commerce and Economic Opportunity (DCEO). Today's announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"Small businesses are the backbone of the Illinois economy, and programs like this help small businesses thrive," Governor Quinn said. "By increasing access to capital, we are making it easier for companies like Hof Haus to grow and create more jobs in Illinois."

Hof Haus is undergoing an expansion that involves a new slicing and packaging operation that will create 25 new union jobs. The move will allow the company to increase its overall sales to grocery companies such as CKF Foods, American Chef, Meijer, Albertson's and Charlie's Pride, and will help the firm expand its school lunch program sales. Greater emphasis is also being placed on Latino markets served locally by Amigo Foods and El Super, and on sales to Puerto Rico. Hof Haus currently averages about 80 employees, 40 of which are union members, with more employees during peak times. 89 percent of its workers are minorities.

The $2 million Advantage Illinois loan administered by DCEO is part of a $9 million financing package led by Village Bank & Trust of Arlington Heights. The money will allow the company to pay off old debt, acquire new equipment and hire 25 new workers.

"We are proud and thankful to work together with Governor Quinn as well as Village Bank & Trust to keep small family-owned businesses in Chicago alive," said Matt Hofmeister, the company's chief executive officer. "Not only will Hof Haus continue to bring jobs to the West Side, it will attract more consumers to our community where they will support the local economy."

"Advantage Illinois is a shot in the arm to our small businesses," DCEO Director Adam Pollet said. "Enhancing business access to capital is a top priority for Illinois. It gets entrepreneurs and small businesses starting up or expanding and creating quality jobs at a faster rate."

Founded in Chicago more than 60 years ago, Hof Haus is a family-owned manufacturer of a full line of ham, pork and smoked turkey products under the Old Warsaw brand name as well as private labels. They sell to retailers, delis, food service providers, school lunch programs and food assistance programs under government contracts. The manufacturer recently earned the USDA Hub Zone "Contractor of the Year Award" for its customer service, quality control and delivery record.

Under Governor Quinn, Illinois' economy has diversified beyond its historical strengths in manufacturing and agriculture, and growth in factory production has played a large role in the state's recovery from the recent recession. More than 577,000 workers in the state, about 10 percent of the total employment base, are engaged in manufacturing. The sector has added 25,000 jobs since January 2010.

Advantage Illinois is a program designed to accelerate investments and ease the credit crunch for small businesses, thanks to more than $78 million from the federal State Small Business Credit Initiative (SSBCI) of the Small Business Jobs Act of 2010. For more information on Advantage Illinois Loan Participation Program visit www.Illinois.Gov.dceo.

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WASHINGTON - Senator Chuck Grassley, Ranking Member of the Senate Judiciary Committee, is pressing Attorney General Eric Holder to direct the Department of Justice to publicly disclose its opinions, analyses and conclusions concerning the lawfulness of all executive orders proposed by the President.

"The President has made it clear that he'll circumvent Congress if it doesn't act on the President's priorities.  His actions suggest a certain amount of disrespect for the legislative branch and the checks and balances set forth in the Constitution," Grassley said.  "It would be a constructive step, and consistent with the President's commitment for unprecedented levels of transparency, for the Justice Department to release its opinions and analyses on the constitutionality of the President's executive actions."

In a letter to Holder Grassley wrote, "I am gravely concerned that the system of checks and balances enshrined in the Constitution is threatened by the President's determination to take unilateral action if he cannot persuade Congress and the American people of the merits of his ideas."

The President's use of executive orders is subject to review by the Department of Justice. The Office of Legal Counsel at the department reviews all executive orders proposed to be issued by the President to determine whether they are constitutional and otherwise lawful.

Grassley added, "This specific measure of transparency will allow both Congress and the American people to know whether these orders are being subjected to a rigorous constitutional review at the Department of Justice, as well as to better understand - and if necessary to challenge - the legal basis upon which they are purportedly issued."

A copy of the text of the letter  is below.  A signed copy can be found here.

 

January 31, 2014

Via Electronic Transmission

 

The Honorable Eric H. Holder, Jr.

Attorney General

U.S. Department of Justice

950 Pennsylvania Ave., NW

Washington, DC 20530

 

Dear Attorney General Holder:

I write today to follow up on my question concerning the President's use of Executive Orders that I posed to you during Wednesday's Department of Justice oversight hearing.

In his State of the Union address earlier this week, the President made plain his intention to implement his agenda through aggressive use of these orders - whether or not the Congress and the American people agree.  I am gravely concerned that the system of checks and balances enshrined in the Constitution is threatened by the President's determination to take unilateral action if he cannot persuade Congress and the American people of the merits of his ideas.  In short, while the President recently remarked that he has a pen and a phone, we have a Constitution that places limits on his use of them to issue Executive Orders.

My concern about the President's proposed use of these orders is heightened by the Administration's record of failing to discharge its constitutional duty to "take Care that the Laws be faithfully executed," either by declining to enforce laws with which it does not agree or delaying or waiving portions of other laws to suit its convenience.

However, the President's use of these orders is subject to review by the Department of Justice.  Since the passage of the Judiciary Act of 1789, the Attorney General has been authorized to render opinions on questions of law when requested by the President and the heads of Executive Branch departments.  Today, as you know, the Department of Justice's Office of Legal Counsel ("OLC") provides legal advice to the Executive Branch on constitutional questions.  More specifically, OLC reviews all Executive Orders proposed to be issued by the President to determine whether they are constitutional and otherwise lawful.  OLC's role in this process provides a valuable opportunity to increase transparency concerning the President's use of these orders.

Therefore, I reiterate my request that you direct OLC to publicly disclose its opinions, analyses and conclusions concerning the lawfulness of all Executive Orders proposed to be issued by the President.  Moreover, I request that these disclosures be made contemporaneously with the issuing of any such order OLC deems to be lawful.

On numerous occasions, the President has claimed that he is committed to creating an unprecedented level of openness and transparency in government, but he has failed to do so.  This specific measure of transparency will allow both Congress and the American people to know whether these orders are being subjected to a rigorous constitutional review at the Department of Justice, as well as to better understand - and if necessary to challenge - the legal basis upon which they are purportedly issued.

Given the urgency of this matter, I respectfully request a response by February 14th.

Sincerely,

Charles E. Grassley

DES MOINES - Today, AFSCME Iowa Council 61 President Danny Homan issued the following statement regarding the Des Moines Airport Authority's decision to schedule a Board vote for tomorrow on the pending contract with Pro-Tec Fire Services:

"The Des Moines Airport Authority Board is showing a callous disregard for the safety of airport passengers by plowing ahead with this risky, unsafe outsourcing plan. As we detailed in our previous news release, Pro-Tec Fire Services has a troubled history and the Airport Authority's Request for Proposal included staffing requirements that are insufficient to meet OSHA requirements and National Fire Protection Association (NFPA) staffing and interior firefighting safety standards. The staffing level is so minimal that in a crash, Pro-Tec employees will only be able to focus on putting the fire out?not assisting injured passengers.

"At a January 29th meeting with Airport Authority managers some current Airport Firefighters/Medics made a sensible proposal to have the Airport Authority hire the current firefighters/medics as Airport Authority employees. The Airport's Assistant Executive Director and General Manager, Kevin Foley, stated that the airport is 'a business and is making a business decision.' He further claimed that the airport does not have to follow OSHA and NFPA standards.

"The Airport Authority is not a business. It is a public entity with board members nominated by the Mayor of Des Moines and appointed by the Des Moines City Council. Its priority should be safety, period."

"We ask all members of the public who support a safe airport to show their opposition to this dangerous proposed contract with Pro-Tec. We encourage them to attend the Authority Board meeting on Tuesday at 9 am in the second floor boardroom at the airport terminal."

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Farmer-funded projects drive innovations in soy chemistry, keep industrial demand on rise

ST. LOUIS (February 3, 2014) - Various performance and environmental attributes have made U.S. soy increasingly popular among product manufacturers, which has helped boost industrial demand for soy. That's why last year, the soy checkoff  partnered with manufacturers to commercialize 38 new soy-based products and ingredients.

The list of products developed with soy checkoff support in 2013 includes new additions to some popular soy-based product categories, such as coatings, adhesives and plastics. It also includes soy-based ingredients that could be used in countless new products.

Dale Profit, a soy checkoff farmer-leader and soybean farmer from Van Wert, Ohio, recognizes the value-added prospects of industrial soy use.

"USB is helping discover other products that can be made from soy to add to farmers' bottom lines," says Profit. "These products are good for the farmer, the customer and all the people in between."

Soybean meal's primary use remains animal feed, while most soybean oil goes to human food, Profit adds. But versatile soy can also help manufacturers replace petrochemicals and possible carcinogens in their products. Soy-based products are more renewable and environmentally friendly and in some cases, perform better.

Click here to browse USB's Soy Products Guide, an online catalog of the thousands of currently available soy-based products, ingredients and manufacturers.

New soy-based products and ingredients introduced in 2013 as a result of USB support include :

PLASTICS

MASEO (Maleinated Acrylated Epoxidized Soybean Oil) - A soybean-oil-based resin used to make plastic. It is made by Dixie Chemical Company, Inc.
Innergy™ Rigid Thermal Reinforcements - A fiberglass and soy-based urethane
insert that slides into window frames for greater support and insulation. It is marketed by Deceuninck North America.
INFIGREEN® Recycled Polyols - Produced by Emery Oleochemicals, and are used in foam seats of the Jeep Grand Cherokee and Dodge Durango.

COATINGS /PRINTING INKS/SOLVENTS

SoBind™ Balance - By DuPont™ is used in coatings and adhesives.
Varathane Diamond Floor - A wood-floor coating containing soy flour. It is made by Rust-Oleum®.
G.E.T. Biobased Safety Yellow - A zero-volatile-organic-compound (VOC) coating that contains soybean oil, biodiesel glycerin and soy methyl ester. It is made by Niemann & Associates.
ProClassic® - A multipurpose water-based soy acrylic alkyd primer, satin deck and siding product line made by Sherwin-Williams.
Pro-Park® - A soy- based parking-lot paint by Sherwin-Williams.

ADHESIVES

Meta-Tec® Products - Soy-based adhesive products for floor-covering installations, including carpet, resilient flooring and wood adhesives. They are made by W.F. Taylor Company.
PSA64MA - A soy-based material by Applied Protein Systems that is used in adhesives on paper cones where yarn and thread are wound.
Millenium One Step™ Green Insulation Adhesive - A soy-based, all-weather adhesive by ADCO used to install flooring.
Elemental - A soy-based wood-composite adhesive that is formaldehyde-free. It is available from States Industries.

PAPER

PSA35MA - A soy-based material used to coat paperboard. It is made by Applied Protein Systems.   
SUNKOTE® AU 4203 and 4240 - Soy-based products that are used as lubricants for paper and paperboard coatings. They are made by Omnova Solutions.

SURFACTANTS

Armeen® S - A corrosion inhibitor for oilfields that is made by Akzo Nobel Surface Chemistry, LLC.
Ethomeen® S/12 - A cleansing surfactant for oilfields and dry cleaning that is made by Akzo Nobel Surface Chemistry, LLC.
Arquad® SV 60 PG - A foaming, antistatic, emulsifier, wetting agent used in laundry products from Akzo Nobel Surface Chemistry.
Larostat® 264A - An antistatic material that holds textile products together. It is made by BASF Corp.
Agnique® SBO 10 - A soybean oil used in agricultural products, manufactured by BASF Corp.
Comperlan® VOD - A thickener for personal-care products from BASF Corp.
Prifac™ 8953 - An emulsifying agent for household products. It is made by Croda, Inc.
HY-3200 Emulsiyfing Soy Wax - By Dow Corning Corp, a material that allows ingredients in personal-care products to smoothly blend together.
SERADOX NAD 20 - By Elementis Specialties, is an antistatic material for softening and smoothly blending personal-care products.  
LAMCHEM™ PE-130 K - Improves the taste of food products and also serves as a pressure lubricant on metals. It is made by Lambent Technologies Corp.
Lipovol® SOY - Adds a soft, smooth skin-feel to personal care products. It is made by Lipo Chemicals, Inc.
Chemonic™ SI-7Surfacant - Builds the thickness of personal-care products and stabilizes foam. It is made by Lubrizol Corp.
Schercomid™ SLL - Thickens personal care products. It is made by Lubrizol Corp.
Schercoquat™ SOAS-PG - A hair conditioner for personal care products made by Lubrizol Corp.
Quatrex™ S Conditioning Agent - A conditioning agent for personal-care products,
made by Lubrizol Corp.
Amidex™ S Surfactant - Helps create personal-care products that foam and feel like soap. It is made by Lubrizol Corp.
Chembetaine™ S-FA Surfactant - Adds special properties for personal-care products. It is manufactured and marketed by Lubrizol Corp.
Chemoxide™ SO Surfactant - Offsets hard water in household/personal-care products. It is made byLubrizol Corp.
Potassium Soyate - A soy soap with glycerin as a moisturizer, made by Lubrizol Corp.
ACCOSOFT® 750 - Used as a fabric softener for laundry products. It is made by Stepan Company.
PETROSTEP® Q-50S - A unique ingredient used in oilfields as a down-hole corrosion inhibitor. It is made by Stepan Company.

EMERGING INDUSTRIAL OPPORTUNITIES

SoBind™ HARMONY, Impression and CLARITY - Soy polymers that replace harsh synthetic and animal-based ingredients in a variety of products to make the products thicker, smoother and more colorful. They are made by DuPont™.

The 70 farmer-directors of USB oversee the investments of the soy checkoff to maximize profit opportunities for all U.S. soybean farmers. These volunteers invest and leverage checkoff funds to increase the value of U.S. soy meal and oil, to ensure U.S. soybean farmers and their customers have the freedom and infrastructure to operate, and to meet the needs of U.S. soy's customers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.

For more information on the United Soybean Board, visit www.unitedsoybean.org
Visit us on Facebook: www.facebook.com/UnitedSoybeanBoard
Follow us on Twitter: www.twitter.com/unitedsoy
View our YouTube channel: www.youtube.com/user/UnitedSoybeanBoard

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The move toward using aluminum in vehicles has become a hot topic in media outlets across the country:

THE CHICAGO TRIBUNE:
"Ford says redesigned F-150 pickup body cheaper, easier to repair"

THE NEW YORK TIMES:
"The F-150's Aluminum Diet"
THE NEW YORK TIMES:
"Wheelies: The Calling All Aluminum F-150 Mechanics Edition"
TRIBLIVE NEWS:
"U.S. Steel, Alcoa compete as Ford pickup shifts from steel to aluminum"
http://triblive.com/news/allegheny/5429575-74/aluminum-steel-ford#axzz2s1E26E00
Rob Woodall, Director of Manufacturing at Alcoa's Davenport Works, will be discussing this topic at a Think Tank session to be held 6 to 8 p.m. Thurs., Feb. 6 at Rivermont Collegiate in Bettendorf, IA. He will tell how this exciting new direction for the automotive industry could yield major benefits for the IA/IL Quad-Cities area. Think Tank is a new division of Results Marketing in Bettendorf, Iowa. The news release below tells more about this Thursday's session.
IA/IL QUAD-CITIES - According to Rob Woodall, Director of Manufacturing at Alcoa's Davenport Works, the automotive industry will soon be taking an exciting new direction that could yield major benefits for the Quad-Cities area. Woodall will be discussing this topic at a Think Tank session to be held Feb. 6. Think Tank is a new division of Results Marketing in Bettendorf, Iowa.

"The goal of the Think Tank is to provide a forum for the Quad-City area's most compelling thinkers and doers," said Todd Ashby, Managing Partner of Results Marketing. "We are proud to have Rob Woodall as our first presenter and look forward to learning about his highly important topic." Results Marketing is also the creator of the Idea Lab, a progressive discussion group, and is the hosting sponsor of Leadercast in the Quad-Cities area.
The Think Tank session will be held 6 to 8 p.m. on Thurs., Feb. 6 at Rivermont Collegiate, 1821 Sunset Dr., Bettendorf, Iowa. Cost of the session is $20 and includes complimentary hors d'oeuvres.
"The Rivermont campus used to be the estate of Bettendorf's namesake, inventor William Bettendorf," Ashby said. "He was the creative force behind the Bettendorf Metal Wheel Co. and a key figure in the history of transportation in the Midwest, so it is especially fitting that Woodall's revolutionary message will be delivered on the Bettendorf family's former property."

This Think Tank session will be hosted by Scott Naumann, who served as host/emcee at Leadercast 2013. The presenting sponsor for this event is Dahl Ford, and the stage setting is provided by Abbey Carpet Gallery.
The Benefits of Aluminum

"The use of aluminum by the automotive industry is going to nearly double in the next decade," said Woodall, "and we are now at the threshold of the implementation of that plan. Some car and truck makers will be switching to aluminum because it will decrease the weight of vehicles while improving their fuel efficiency, safety, durability and performance."

Signs of the switchover to aluminum are already emerging in the automotive industry. For example, Ford recently announced it is converting its most popular truck to an aluminum intensive vehicle. Also, Alcoa has just completed a $300 million project here in the Quad Cities to make aluminum sheet for the auto industry.

At Woodall's presentation, he will discuss the many benefits of aluminum, and tell why this development will have positive ramifications in the Quad-Cities. "The switchover to aluminum will not be immediate," he said, "nor will it include all vehicles by all makers. But a major step-up in the process is on the horizon, and Alcoa stands ready to meet the demand. That step-up will bring welcome business growth to the Quad-Cities area."
To find out more or to register, call Marcia Brandt of Results Marketing at 563-322-2065 or email  Marcia@resultsimc.com. You can also follow the Think Tank on Facebook at www.facebook.com/ThinkTankQC.
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The United States is facing a growing retirement crisis: the retirement income deficit - i.e., the difference between what people have saved for retirement and what they should have at this point - is at least $6.6 trillion. Today, 75 million working Americans do not have a retirement plan and half of all Americans have less than $10,000 in savings. Only one in five people has a defined-benefit pension plan, and half of workers have no plan at all.

To tackle this growing retirement crisis, Senate Health, Education, Labor, and Pensions (HELP) Committee Chairman Tom Harkin recently introduced the Universal, Secure, and Adaptable (USA) Retirement Funds Act. This major legislative initiative tackles the growing retirement crisis and aims to rebuild the private pension system. Harkin's legislation would create a new type of privately-run retirement plan that combines the advantages of traditional pensions?including lifetime income benefits and pooled, professional management?with the portability and ease for employers of a 401(k).

There is strong public support for reforming the retirement system. A recent study by the National Institute for Retirement Security found a majority of Americans agree there is a need for a strong, universal pension system, and 90 percent favor a plan that is available to all Americans, is portable, and provides a monthly check throughout retirement.

What Are Some of the Key Features of USA Retirement Funds?

  • Universal Coverage: USA Retirement Funds would be available to everyone, including the more than 61 million people without access to a workplace retirement plan and the 14.5 million people who are self-employed.
  • Automatic Enrollment:  Employees would be automatically enrolled at a rate of 6 percent per year, but could choose to raise, lower, or stop their contributions.
  • Secure Lifetime Income:  Benefits would be paid monthly for life, and participants would be shielded from market volatility and other risks.
  • Lower Costs: Pooled, professional management and risk sharing will reduce the cost of retirement by up to 50 percent.
  • Portability: People would be able to take their benefit with them as they change employers.
  • Simple and Easy for Businesses: Small businesses can easily participate and would not have to take on risk or undue administrative burden.

How Would USA Retirement Funds Address the Retirement Crisis?

USA Retirement Funds address the retirement crisis by ensuring that the 75 million working people without a retirement plan - including 61 million without access to a workplace plan and 14.5 million self-employed workers - would, for the first time, have the opportunity to earn a safe and secure pension benefit. USA Retirement Funds would drastically increase the retirement savings through automatic enrollment while reducing the cost of retirement by up to 50 percent. Together with Senator Harkin's Strengthening Social Security Act (S.567), USA Retirement Funds would put our country on a path toward restoring the "three-legged stool" of retirement security and ensure that every American has a pension, Social Security, and the opportunity to save.

Why Are USA Retirement Funds Good For Business?

USA Retirement Funds would be good for business because they would make it easy for employers - especially small business owners - to offer quality retirement benefits. Current retirement plans make employers responsible and liable for all of the management and administration of the plan. USA Retirement Funds would relieve employers of that burden because the funds would be run by an independent board of trustees. All employers would have to do is help their employees enroll and send along employee contributions. Employers could make voluntary contributions if they want.

Why Are USA Retirement Funds Good For The Economy?

USA Retirement Funds will help millions of people save for retirement. All of that new savings will be invested into the economy, creating growth and new jobs. Because the funds are long-term investors, they would be able to provide much needed "patient capital" for entrepreneurs and innovators.

More information on the bill can be found in the Bill Snapshot, Bill Summary, and FAQ.

Widespread Support for the USA Retirement Funds Act

The USA Retirement Funds Act has garnered support from a broad range of advocates and experts, including: the Service Employees International Union (SEIU); Center for American Progress; Economic Policy Institute; National Council of La Raza; Robert B. Reich, former Secretary of Labor; Denise Bowyer, Vice President of American Income Life and board member of the American Sustainable Business Council Action Fund; Pension Rights Center; National Hispanic Council on Aging; Latinos for a Secure Retirement; Latinos for a Secure Retirement; National Retiree Legislative Network; Alliance for Retirement Americans; United Auto Workers; National Institute on Retirement Security; National Conference on Public Employee Retirement Systems; National Council on Teacher Retirement; Wider Opportunities for Women; and Jobs with Justice.

For more information, please contact Kate Cyrul Frischmann ( Kate_Frischmann@harkin.) or Allison Preiss ( Allison_Preiss@help.senate.).

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NormaLeah Ovarian Cancer Foundation invites all volunteers -- past, present, and future -- to their 3nd annual Cocoa & Cookies Social. The event will take place on Saturday, February 1 from 11 a.m. to 3 p.m. at the foundation's new storefront offices at 1612 2nd Avenue in downtown Rock Island.
The Cocoa & Cookies Social is free to attend and is open to both men and women. "We encourage everyone to bring a friend and help us celebrate our grass roots efforts and learn how we are moving forward with our mission to rise up against ovarian cancer," said Jodie Shagrin Kavensky, the Executive Director of the foundation.
Ovarian cancer has long been considered a silent killer because the symptoms are vague; it is hard to detect, difficult to treat, and there is no reliable screening test. The mission of NormaLeah Ovarian Cancer Foundation, headquartered in Rock Island,  is to create public awareness, promote early detection, and support research for ovarian cancer.
All women are at risk for ovarian cancer and approximately 1 in 70 women will develop the disease during her lifetime. In 2013 more than 22,000 American women were diagnosed with the disease and about 13,500 women died from it. The foundation honors the memory of Mrs. Kavensky's mother, Norma Yecies Shagrin and her aunt, Leah Yecies Hantman, whose lives were cut short by the deadly disease. "Sisters share a lot of things but ovarian cancer should not be one of them," Kavensky said.
For more information or to get involved call the NormaLeah Ovarian Cancer Foundation at 309.794.0009, visit our website at www.normaleahfoundation.org or email us at normaleahfoundation@gmail.com
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