457 Retirement Plans #457 #retirement #plans, #457 #retirement #plan, #457 #tax


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Prepare for Retirement With a 457 Plan Designed for Government and Non-Profit Workers

Deferred compensation plans, also known as 457 retirement plans are designed for state and municipal workers and employees of some tax-exempt organizations.

If you participate in a 457 plan, you can contribute a portion of your salary to a retirement account. That money and any earnings you accumulate are not taxed until you withdraw them.

The difference between a 401(k) and a 457 retirement plan

Although they’re alike in many ways, there are some differences between 401(k) and 457 plans, particularly when it comes to early withdrawal penalties and minimum required distributions.

With a 457 retirement savings plan:

  • There isn’t a minimum retirement age
  • There isn’t a 10% federal penalty for early withdrawal of funds, although withdrawals are subject to ordinary income taxes
  • There is a withdrawal option for unforeseen emergencies that meet certain legal criteria, if all other financial resources are exhausted
  • Distributions are available in a lump sum, annual installments or as an annuity
  • There is no tax withholding if you leave for a new job and roll over your money into an IRA or your new employer’s 401(k), 403(b) or 457 plan – or if you take regular installments for 10 years or more. (All other distributions are subject to 20% withholding for federal taxes.)

Keep in mind that federal income tax laws are complex and subject to change. Neither Nationwide nor our representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.

Learn more about your employer-sponsored Nationwide 457 plan.

Not a deposit • Not FDIC or NCUSIF insured • Not guaranteed by the institution • Not insured by any federal government agency • May lose value

This material is not a recommendation to buy, sell, hold, or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.

Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Company, Columbus, Ohio. The general distributor for variable products is Nationwide Investment Services Corporation, member FINRA. The Nationwide Retirement Institute is a division of NISC. Nationwide Funds distributed by Nationwide Fund Distributors, LLC, Member FINRA. Columbus, OH. Nationwide Life Insurance Company, Nationwide Life and Annuity Company, Nationwide Investment Services Corporation, and Nationwide Fund Distributors are separate but affiliated companies.

The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities issued by Nationwide Life Insurance Company. It also includes trust programs and trust services offered by Nationwide Trust Company, a division of Nationwide Bank ® .

Nationwide, the Nationwide N and Eagle, The Nationwide Retirement Institute, Nationwide is on your side and Nationwide Funds Group are service marks of Nationwide Mutual Insurance Company. Let’s Face it Together is a service mark of Nationwide Life Insurance Company.

©2017 Nationwide Mutual Insurance Company and affiliated companies


14/10/2017

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Funny Retirement Advice in a Sample Humorous Retirement Speech #funny #retirement


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Funny Retirement Advice

Poignant Retirement Advice – Retirement Never!

Giving funny retirement advice in your retirement speech can add interest and sparkle, but the content and your speech should reflect your personality. You should feel under no compulsion to use jokes, quotes or poems. They are not essential to an entertaining speech. Don ’t try it if you are not confident of your ability to do it well.

Retirement for couples

There is a commercial on Television these days which shows a gentleman, apparently just returned from his office retirement party, walking through the front door and saying to his wife: “Honey, I’’m home. forever!”

Imagine the look on his wife’s face. And what does he have to look forward to? Happiness? Joy? Relief? The end of a working life! Perpetual unemployment! Deterioration! Stagnation! Decay!

Luckily, most of you people – especially homemakers-don’t have that problem. You never retire. But for all career men and women, my advice is: Avoid retirement as you would poison ivy in a nudist camp.

From dynamic career to the doldrums

By “retirement” I mean the sudden stoppage of work, going from the dynamic career to the doldrums, from vigor to vegetation.

If you are seriously thinking about quitting your job, and have no ready replacement for it, permit me to offer you several practical suggestions: One, don’t quit! Two, keep busy! And three, don’t look back!

First of all, don’t quit! Maggie Kuhn, the founder of the Grey Panthers organisation, once said: “Ours is a throwaway society, and we do it with people as well as machines.”

Unfortunately, sometimes we do it ourselves, when we quit work prematurely. How often have you heard about men and women having heart attacks, shortly after retiring? Why? Because not infrequently, the retirement itself is more stressful than the work it was supposed to replace.

If I had my say, every pension check would carry a warning: “This retirement may be hazardous to your health.”

Keep busy

My second point is a corollary to the first: keep busy! You’’ve got to keep working, one way or another. You’’ve got to have a goal in life in order to survive.

There are a number of options available: employment, leisure, volunteerism. take your pick.

If you choose employment, why not become a management consultant-like everyone else. All it takes is a title, a phone number and 500 business cards.

If you need a title, be imaginative. I know an auto mechanic who is now a “vehicle maintenance engineer.” He repairs my Toyota – and drives a Mercedes.

If you need a degree, that’s simple for you Toastmasters. All you have to do is complete the Basic Communication and Leadership Manual, and put CTM (Competent Toastmaster) behind your name. For all anyone knows, CTM means “Master of Computer Technology,” and that’s pretty important these days.

Another way to keep busy is by what I call “purposeful leisure.” Too often people think of leisure as the absence of work. Nonsense! It’s productive labour. Do you realise how much green fees and golf cart fees, for example, contribute to the gross national product? Billions! You golfers out there, men and women, tell your spouses that when you get up at four o’clock in the morning.

The best way to keep busy, of course, is by volunteer service. There must be a hundred thousand organisations out there that could use your help right now. They won’t discriminate against you because of your grey hair-or the lack of it, you grey panthers and bald eagles.

If you run out of ideas, try coordinating Speechcraft and Youth Leadership, the finest programs ever invented, for the training of the young – of all ages, and I might add, for the rejuvenation of jaded Toastmasters.

Don’t look back

Which brings me to my third point: don’t look back! James M. Barrie, the author of Peter Pan, once wrote: “God gave us memories, so that we could have roses in December.” Roses, not regrets. Nursing homes are filled with people who cling to their regrets like security blankets.

Don’t look back and look down. Life isn’t a vicious circle. It’s a rising spiral, a cornucopia of opportunities. (Grandma Moses, Buckminster Fuller, Col. Sanders, Pablo Casals and our own Cavett Robert and Roy Graham are models of geriatric initiative.)

Pablo Casals at 90, for example, when asked why he practiced eight hours a day, replied: “I think I’’m improving.

Just last week I heard of a Toastmaster who spent his first Social Security check on lessons in hang gliding. That’s the spirit!

What it all adds up to is this: we can’t quit. We can’t retire from life. It’s too precious. We’’ve got to keep working, whether for money, fun or glory. And above all we mustn’’t look back.

Funny Retirement Advice? Retirement Never!

It’s never too late to learn-to grow-to create, to do all the wonderful things we had no time for in our youth. This is what the last third of life is about.

It’s a time of discovery, when we really begin to see, perhaps for the first time, the providence of God, the love of family, friends and neighbours-even Toastmasters-and sometimes we even catch a glimpse of our own potential. still. to do great deeds.

Life, my friends, is not a candle flickering in the breeze. It’s a torch to light new flames.

Roy was 77 at the time he gave this funny retirement advice. I have found his poignant and funny retirement advice to be a wonderful retirement gift to all who have read it since. I hope you enjoy it! This sample Retirement speech is reprinted here with the permission of Toastmaster International Magazine.

AND. if you want to read more great Retirement Speeches, see our great free gift below!

Want to hear what other people are doing for an Active Retirement?

Subscribe to my monthly email newsletter, “Retirement Stories”. Full of new stories and tips on planning for and enjoying an active retirement.

Subscribe Now. and receive this Great Free Gift!

Sample Retirement Speeches
– Great Examples for You to Change and Use. You will receive Download Instructions on Your Confirmation Page.


11/10/2017

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FERS Annuity Calculator #calpers #retirement #benefits


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FERS Annuity Calculator

Your basic FERS retirement annuity is computed based on your length of service and high-3 average pay. The high-3 is calculated by adding your highest salary for three consecutive years, then dividing the amount by three. Usually this is your last three years of federal service. The high-3 average pay includes locality pay and annual premiums for standby duty and availability if applicable. Other pay such as differentials, overtime, allowances and others are not included.

Generally, your regular FERS retirement benefit is calculated according to this formula:

  • 1% of your high-3 average pay times years of creditable service
    • If you retire at age 62 or later with at least 20 years of service, a factor of 1.1% is used rather than 1%.

To determine your length of service for computation, add all of your periods of creditable service, then eliminate from the total any fractional part of a month (less than 30 days).

Depending on the category of retirement benefits you receive, your benefit may be reduced as described in the Retirement Options section. For example, the total could be reduced if you elect to retire at the minimum retirement age before completing 30 years of service.

FERS Annuity Menu

FERS employees are eligible for a retirement annuity at the Minimum Retirement Age (MRA) with just 10 years of service. However, if you retire at the Minimum Retirement Age (MRA) with 10 service, but less than 30 years of service, your benefit will be reduced by the age reduction.

A ge Reduction – Your MRA annuity will be reduced by 5 percent per year (5/12 of 1 percent for each month) in which your retirement date precedes your 62nd birthday. However, you can postpone the commencing date of your annuity to reduce or eliminate this age reduction.

There is a difference between a postponed and a deferred FERS retirement.

A deferred retirement means that you are not fully eligible for a retirement annuity, but you can apply for the deferred retirement when you are eligible, such as when you reach the MRA. For example, if you are 50 years old with 18 year of service, you can apply for a deferred retirement when you reach your MRA of 57 years old.

A postponed retirement means that you are fully eligible for an immediate MRA +10 retirement annuity, but you elect to delay the retirement to reduce or eliminate the age reduction. For example, you are at your MRA of 56 with 20 years of service. You elect to postpone the start of your annuity until you are 60, you avoid the age reduction.

Postponed example 2: If you retire at age 56 with 10 years of service, you are 6 years away from age 62. Your retirement benefit checks will be reduced by 30% if you start receiving your annuity right away. In contrast, if you wait until age 58, the reduction in your payments would be 20%.

If you choose to postpone the starting date of your annuity, your FEHB and FEGLI coverage will terminate. When you start receiving your annuity, you may reinstate your FEHB and FEGLI coverage if you met the eligibility requirements to continue coverage into retirement when you left Federal employment. This does not apply to a deferred retirement because they are not eligible for an immediate annuity when they left Federal service.

If you meet certain requirements, you will receive a Special Retirement Supplement which is paid as an annuity until you reach age 62. This supplement is somewhat similar to the Social Security benefit earned while you were employed by the Federal government. However, since the formula for the Special Supplement assumes a working life of 40 years, each year of FERS service is worth one-fortieth of the estimated Social Security benefit. Therefore, the FERS Supplement is often significantly less than your Social Security benefits. The supplement ends at age 62 even if you elect to wait to apply for Social Security benefits.

You may be eligible for a Special Retirement Supplement if you retire:

  • After the Minimum Retirement Age (MRA) with 30 years of service ;
  • At age 60 with 20 years of service; or
  • Upon involuntary or early voluntary retirement (age 50 with 20 years of service, or at any age with 25 years of service) after the U.S. Office of Personnel Management determines that your agency is undergoing a major reorganization, reduction-in-force (RIF) or transfer of function. You will not receive the Special Retirement Supplement until you reach your MRA.

If you transfer to the Federal Employees Retirement System (FERS) from the Civil Service Retirement System (CSRS), you must have at least one full calendar year of FERS-covered service to qualify for the supplement.

If you have earnings from wages or self-employment that exceed the Social Security annual exempt amount ($15,720 in 2016), your Special Retirement Supplement will be reduced or stopped.

You can calculate your Social Security Offset through one of several calculators that we offer on this site.

FERS employees will be able to use the Projected Annuity Calculator spreadsheet even though it was originally designed for CSRS retirements. FERS employees projected annuity without survivor benefits will be the same; just enter your annuity estimate, age, year of retirement, what you consider to be a realistic growth rate, and the spreadsheet will calculate your annuity for the next 40 years!

The column reserved for your projected annuity with survivor benefits will be slightly lower since the maximum spousal benefit is 50% for FERS, not the 55% for CSRS. Also, the full FERS annuity will cost the retiree a little more because FERS employees pay 10% of their annuity for a full survivor’s benefit where CSRS pay just under 10%. FERS COLAs are also weighted and adjusted down when the COLA exceeds 2%.

Effective immediately, OPM is accepting the current FERS Application to Make a Deposit, SF 3108. from employees wanting to make a FERS redeposit. Employees must indicate on the application that the period of service was refunded and send the completed application through your agency for certification.

Please do not submit a payment with the application. OPM’s financial policy requires all payments be sent to OPM’s Funds Management office. If a payment is sent to OPM before the service credit account is established, Funds Management will not be able to identify where to apply the payment. As soon as the Service Credit office processes the application, a bill and instructions for making payments will be sent to the employee. Mail the completed FERS application (SF 3108) to:

  • Office of Personnel Management
    Retirement Operations Center
    PO Box 45
    Boyers, PA 16025, or fax it to 724-794-1351.

Prior to enactment of the NDAA, FERS employees who separated from federal service and were paid a refund of their FERS retirement deductions permanently forfeited all retirement credit for the service covered by the refund. If the FERS refund included a refund of CSRS deductions covering CSRS service that became subject to FERS rules, employees permanently forfeited all retirement credit for that CSRS service as well. If that individual returned to work for the Government in a position covered under FERS, the employee could not repay (or redeposit) the refunded FERS and CSRS deductions. The service covered by the refunded deductions could not be used in determining when the employee would become eligible to retire and it could not be used in computing the amount of the employee’s annuity. Section 1904 of the National Defense Authorization Act (NDAA) now permits individuals who are subsequently reemployed to make a redeposit of the amount refunded, plus interest, and to have credit for the service reinstated. For the purpose of survivor annuities, redeposit may also be made by survivors.

Interest is based on the same basic rules applicable to CSRS as described in 5 U.S.C. 8334 and 5 CFR 831.105. Interest will accrue annually on the outstanding portion of any amount that may be redeposited and is compounded annually, until the portion is deposited. The interest is computed from the date the refund was paid through December 31 of the year before the one in which the redeposit is paid in full.

Section 1904 applies to individuals who are employed under FERS on or after October 28, 2009. Individuals retiring on or after October 28, 2009, and employed under FERS will be given the opportunity to make the redeposit upon the adjudication of their benefit.

  • 2017 Leave Schedule Excel Charts. These FREE charts track all leave balances. The charts can be placed on your desktop and can track your work schedule, and all leave balances. They are helpful when selecting target retirement dates and to build your annual leave balances that you can cash in when you retire. Two versions of these charts are provide, the xls format for those who have older Excel software versions and the new xlsx version for newer applications. If you have a newer version of Excel use the xlsx file.
    • 2017 Leave Schedule Excel Chart (xls)
    • 2017 Leave Schedule Excel Chart (xlsx)
  • OPM FERS Annuity Estimates

28/09/2017

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Human Resources, Columbia University in the City of New York, university


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Find Out About.

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Columbia University in the City of New York

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myUHC.com has a new look. Get all your health plan information in one place.

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We understand you’re busy. HealthAdvocate makes life easier.

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Submit 2017-2018 PTS applications now.

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Cigna is now the University’s life insurance, disability and emergency travel provider.

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It’s never too early to start saving—or to save more for retirement. The University is committed to providing faculty and staff with retirement income.

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21/09/2017

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Maxine Aaronson – Tax Attorney Dallas Houston Texas IRS representation #tax


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Dallas, Texas Tax Attorney

Board Certified in Tax Law by the Texas Board of Legal Specialization, Maxine Aaronson has more than 30 years of experience helping clients manage the impact of federal and state taxation on their families and businesses. She limits her practice to the following areas:

  • Business and tax planning
  • Structuring and documenting business transactions
  • Resolving issues with the Internal Revenue Service
  • Trust and estate planning

Maxine works closely with business owners and their families, helping them make tax-smart business decisions, plan for retirement, transfer wealth to children and grandchildren and structure their financial affairs to protect family assets. Her clients are primarily closely held businesses, their owners and their executives.

A Personal Touch

Maxine takes a personal interest in her clients’ businesses, often saying that her business is about helping her clients’ businesses succeed and prosper. A team player who works closely with a client’s in-house and outside accountants she strives to deliver quality services in the most cost effective manner. Unlike many tax lawyers practicing in larger firms, Ms. Aaronson personally handles all of the clients and cases she accepts. She likes to maintain an ongoing relationship with her business clients so that she can pro-actively advise them of potential tax pitfalls to avoid and of tax planning opportunities to seize.

As a regular part of her practice, Ms. Aaronson helps her clients prepare and execute business succession plans, set up, buy or sell businesses, handle Internal Revenue Service audits, and design and implement compensation plans and retirement savings programs for owners and key employees.

In addition to the practice of tax law, Maxine is frequently asked to serve as a mediator for other attorneys because of her ability to efficiently resolve complex tax, business and commercial matters. She also has experience working as a mediator in tax cases involving both the Internal Revenue Service and the Texas State Comptroller’s Office.

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2016 – 2017 Maxine Aaronson Attorney at Law. All rights reserved. Custom WebExpress website design by NextClient.com .


08/09/2017

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Rehabilitation & Assisted Living Services #living #care, #assisted #living #nurse, #long


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Welcome to Vancrest

We know the decision to find care for you or your loved one is very difficult. Whether you or your loved one will be a temporary guest needing respite or short-term rehabilitation. or require a long-term stay, the care of each individual resident is our primary focus. We are Vancrest, a family of community-based care facilities delivering the highest level of care by people you know and trust. We are part of your community, with local team members, managers, neighbors and friends.

Vancrest of Ada celebrated the opening of the facility with a VIP open house on May 19th, followed by a ribbon cutting and general public open house on May 22nd. Both events were very well attended.

The VIP open house was enjoyed by well over 100 area dignitaries and business professionals. The general public open house was kicked off with a ribbon cutting sponsored by the chamber of commerce, with several local and regional media outlets covering the event. The afternoon open house enjoyed a steady stream of interested members of the surrounding area walking through the building. Common comments received during both events included compliments about the colors and art work used, and how the facility resembled a fine hotel in appearance.

PARK Program

For spouses and caregivers of people living with Parkinson’s disease, ordinary tasks and daily activities can present real challenges. Several Vancrest facilities are proud to offer this nationally recognized program and support group. Robert Kann, a licensed physical therapist designed this unique program specific to Parkinson’s disease and has been recognized the University of Michigan as one of the top two Parkinson’s program in the country. To learn more, please contact Cindy at 419-695-2871.

Testimonials

Bill and Alice Lyons (Sarah Jane Living Center)

“Sarah Jane Living Center is a great place that provides great health care for our loved one. The staff is so nice and I’m happy that we have this facility here in Delphos”.

We are Vancrest, a family of community-based care facilities delivering the highest level of care by people you know and trust. We are part of your community, with local team members, managers, neighbors and friends.

We know the decision to find care for you or your loved one is very difficult. Whether you or your loved one will be a temporary guest needing respite or short-term rehabilitation, or require a long-term stay, the care of each individual resident is our primary focus.

We are proud of the services we provide and would be honored to discuss these services and answer any questions that you may have. Call us today and see for yourself what a difference Vancrest can make.

Vancrest Facilities


08/09/2017

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Transamerica offers legacy variable annuity clients a buyout #retirement, #insurance, #variable


Transamerica offers legacy variable annuity clients a buyout

Transamerica Life Insurance Co. recently unveiled a new variable annuity buyout program, offering a slice of its client base a lump sum payout in exchange for surrendering an existing VA contract.

The insurer announced the rollout of its Alternative Lump Sum Offer 1.2 in a late January filing with the Securities and Exchange Commission. that took effect on Feb. 2.

The offer affects more than 30 types of variable annuity contracts issued by the insurer, according to an analysis by Morningstar Inc. Many of those contracts aren’t available for purchase anymore, noted John McCarthy, senior product manager of wealth management products at Morningstar.

Six types of riders are eligible for the buyout offer: the Family Income Protector, Managed Annuity Program, Managed Annuity Program II and Guaranteed Minimum Income Benefit Rider (Dreyfus, WRL and Advisor).

A call to Transamerica spokesman Greg Tucker was not immediately returned.

Clients who receive the offer can opt to surrender their existing policy, trade it in for a Transamerica Freedom variable annuity as long as the existing policy isn’t subject to surrender charges or swap the policy in a 1035 exchange for an annuity product from a different carrier.

A side-by-side comparison of contracts shows that the new Transamerica Freedom variable annuity is more expensive than the Advisors Edge Select, which is eligible for the offer: Mortality-and-expense fees are 1.55% for Freedom, compared with 1.30% for Advisors Edge Select. Further, the guaranteed minimum annual rate on the fixed account is 2% on the new Freedom contract, compared with 3% on the Advisors Edge contract.

REJECTION AN OPTION

Investors can also choose to reject the offer and stay put.

Those who take Transamerica’s offer will receive a boost to their cash value equal to one of the following two amounts: 90% of the contract’s minimum annuitization value or minimum income base, minus the cash surrender value, or 10% of their net annuitization base the annuitization base under the rider, minus the dollar amount of premiums paid after Sept. 5, 2014.

The insurer warned that a surrender of the existing policy could be a taxable event for clients: The levy would apply to the amount that the client receives that exceeds the investment originally made.

Variable annuity buyouts have been a source of annoyance for broker-dealers over the last few years as insurers try to reduce their exposure to long-dated living benefit liabilities in light of low interest rates. Legacy variable annuity contracts have not only been underpriced, they also allow investors to choose more aggressive underlying funds, and promise outsized income and withdrawal benefits.

Further, firms and reps are expected to carefully analyze buyout offers, regardless of whether a client takes the offer or decides to stay with the contract. A recommendation to stay with the contract is akin to a suggestion that a client ‘hold’ an investment and is subject to suitability .

In light of the growing frequency of these offers, firms have stepped up their suitability process.

We have a group here that looks at every contract getting the offer, tracks acceptance rates and tracks the path of any surrenders, said Ethan Young, an annuity research manager at Commonwealth Financial Network. [The offers] aren’t great for the industry, but we’ve seen so many that we have a good handle on it.


08/09/2017

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Empower Retirement #jp #morgan #retirement #plan #services #address


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NOW IS A GOOD TIME

8 million+

2nd-largest

With a focus on monthly income in retirement, we strive to help people replace for life the income they made while working

This innovative approach, combined with our unique offerings and commitment to service excellence, has earned the trust of more than 8 million retirement plan participants. 1

We offer a total retirement experience including financial offerings beyond employer-sponsored workplace savings plans; and advisory services provided by Advised Assets Group, LLC (AAG), a federally registered investment adviser.

Use our innovative tools and services to find the best options and strategies to help keep the money you’ve saved working for you.

Additional financial offerings

Explore a more holistic approach to help you to and through retirement, including rollover and roll-in services, annuities and IRA options.

Plan for tomorrow.
Live for today.

We believe the journey to retirement should be as rewarding as every day after. By helping you take control of your financial future, we empower you to make the most of the here and now.

Why is retirement planning so important?

When you’re through working and can focus on what you want to do instead of what you have to do, you’ll likely want to continue living a comparable lifestyle.

1 As of December 31, 2016. Information refers to all insurance and retirement business of Great-West Life Annuity Insurance Company and its subsidiaries.

2 PLANSPONSOR magazine, June 2015

3 23rd annual Mutual Fund Industry Awards, April 2016

Not all product offerings and services are available for all retirement plans. Please contact your employer to determine what is available to you.

Please consider the investment objectives, risks, fees and expenses carefully before investing. The prospectus contains this and other information about the investment options. Depending on the investment options offered in your plan, your registered representative can provide you with prospectuses for any mutual funds; any applicable annuity contracts and the annuity’s underlying funds; and/or disclosure documents for investment options exempt from SEC registration. Please read them carefully before investing.

IMPORTANT: The projections, or other information generated by the Empower participant experience regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time.

IMPORTANT: Healthcare costs and projections are provided by HealthView Services. Empower Retirement does not provide healthcare advice. Empower Retirement does not believe that HIPAA applies to the data obtained from plan participants using this new tool. It is important to note that the results from this tool are estimates based on what you input today. Results are not a guarantee of actual outcomes and will change as your inputs change. HealthView Services is not affiliated with GWFS Equities, Inc.

The principal underwriter is GWFS Equities, Inc. and securities, when offered, are offered through GWFS Equities, Inc. and/or other broker/dealers.

GWFS Equities, Inc. Member FINRA/SIPC. is a wholly owned subsidiary of Great-West Life Annuity Insurance Company. Representatives of GWFS Equities, Inc. cannot offer investment, fiduciary, financial, legal or tax advice. Please consult with your financial planner, attorney and/or tax advisor as needed.

Great-West Financial and Empower Retirement refer to the products and services offered in the retirement markets by Great-West Life Annuity Insurance Company (GWL A), Corporate Headquarters: Greenwood Village, CO; Great-West Life Annuity Insurance Company of New York, Home Office: NY, NY; and their subsidiaries and affiliates. Unless indicated otherwise, the trademarks, logos, service marks and design elements used are owned by GWL A.

Access to any website may be limited or unavailable during periods of peak demand, market volatility, systems upgrades/maintenance or other reasons.


21/08/2017

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American Express Company Savings Plan #401k, #401k #plan, #ira, #mutual #funds,


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The website is not operated by a broker, a dealer, a registered financial planner or a registered investment adviser.

Investment strategies, results and any other information presented on the website are for education and research purpose only. They do not represent financial planning and investment advice. MyPlanIQ does not provide tax or legal advice. They are generic in nature and do not take into account your detailed and complete personal financial facts and needs. You alone are responsible for evaluating the information provided and to decide which securities and strategies are suitable for your own financial risk profile and expectations.

Information provided by the website could be time-sensitive and out of date. There is no guarantee for accuracy and completeness for the contents on the website. Contents are subject to change without notice.

All rights are reserved and enforced. By accessing the website, you agree not to copy and redistribute the information provided herein without the explicit consent from MyPlanIQ.

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11/08/2017

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The Life Insurance Industry – s Big Secret #life #insurance #regulation,baby


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The Life Insurance Industry’s Big Secret

How do life insurance companies make money? When I ask this question of my friends, I get a variety of interesting answers — aside from a bunch of odd looks. One mathematically inclined acquaintance said insurance companies use complex actuarial tables which enable them to predict, very accurately, how long people will live and the insurers figure that, over time, they will collect more money than they pay out. To this answer, I nod in slight agreement. The latter part is true but not because of any actuarial brilliance. Insurance companies make money because a massive amount of all life insurance coverage lapses. (Note: In an earlier version of this post, we published a statistic regarding lapse rates. We removed it at the request of the source.)

Most people pay into a term or whole life policy for years, sometimes hundreds of thousands of dollars, and then allow those same policies to lapse — and the insurance company never pays out a penny. Yes, if the insured passes away, then the company pays a death benefit, but this is a fairly rare occurrence due to the high lapse rates. Some sources suggest that less than two percent of term policies ever result in a death claim. (Hundreds of millions of death benefits also go unclaimed by the beneficiaries, but the insurance industry’s culpability in these cases is a whole other topic.)

As you can imagine, the insurance industry likes its profitable business model: Collect a lot of money and pay very little out. Have consumers buy their product, make regular payments, and then let that same product be rendered useless after allowing it to lapse some years later. It adds up to a lot of money for insurers to line their pockets, continue to buy commercials during golf tournaments and expand their general wealth like Warren Buffett.

However, as times have gotten tougher, insurance regulators have taken notice of lapse and surrender rates and the tremendous economic losses that befall consumers. Two years ago, the National Council of Life Insurance Legislators decided to do something about it and passed The Life Insurance Consumer Disclosure Act with the goal of helping consumers understand the alternatives to lapsing a policy.

As a bit of background, the insurance industry is regulated on the state level. There is no “federal department of insurance” to dictate how the industry should be policed — it falls on the states. On occasion, state regulators get together and tackle tough issues by creating “model acts” which are viewed as guidance for future state regulation. Such acts don’t have to be followed by states, but they often are.

In 2010, NCOIL created its consumer disclosure act which requires life insurance companies to provide written notice of alternatives to the lapse or surrender of life insurance policies, specifically to insureds who are 60 or older or who are known by the insurer to be terminally or chronically ill.

The alternatives include: (a) accelerated death benefits available under the policy or as a rider to the policy; (b) the assignment of the policy as a gift; (c) the sale of the policy pursuant to a life settlement contract, including that a life settlement is a regulated transaction in the state (as applicable); (d) the replacement of the policy pursuant to appropriate regulation; (e) the maintenance of the policy pursuant to the terms of the policy or a rider to the policy, or through life settlement contract; (f) the maintenance of the policy through loans issued by an insurer or a third party, using the policy or the cash surrender value of the policy as collateral for the loan; (g) conversion of the policy from a term policy to a permanent policy; and (h) conversion of the policy in order to obtain long-term care health insurance coverage or a long-term care benefit plan.

To date, Kentucky, Maine, New Hampshire, Oregon, Washington and Wisconsin are the only states that have adopted the disclosure act. California has passed similar legislation and disclosure bills have been proposed in Florida and Georgia.

Let’s look at a few of the options that anyone older than 60 should consider before allowing their life insurance policy to lapse:

Accelerated death benefits. For terminally ill policyholders, an accelerated death benefit enables them to receive cash advances against the death benefit.

Assignment of the policy as a gift. A policyholder can give away ownership of a life insurance policy by signing an assignment or transfer document and notifying the insurance company of the change. After the policy is transferred, the new owner is responsible for making premium payments.

Life settlement. Individuals older than 70 can sell their policies for more than the surrender value but less than the death benefit. A life settlement provider continues to pay the purchased policy premiums, collecting the full amount when the policy seller passes away. The amount received for a life settlement varies depending on the life expectancy of the policyholder at the time of sale, and the ongoing premiums necessary to keep the policy in force.

Convert life insurance to long-term care coverage. A life insurance conversion program is the sale of a life insurance policy to a third party in exchange for monthly payments made to a long-term care services provider such as an assisted living residence or home care provider.

Convert from term to permanent insurance. Some term life policies can be converted to permanent insurance, without having to undergo a medical exam or provide health information. This enables an insured to keep coverage that would otherwise lapse at the end of the term. Permanent insurance provides coverage until death.

Many options exist which are far better for consumers than letting their insurance policies lapse. So far a few states have taken action to demand disclosure, but in general the insurance industry’s big secret remains intact.


09/07/2017

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Insurance companies in las vegas #home #hospice, #las #vegas #hospice, #hospite,


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Hospice offers medical care toward a different goal: Maintaining or improving the quality of life for someone whose illness, disease or condition is unlikely to be cured. Each patient’s individualized care plan is updated as needed to address the physical, emotional and spiritual pain that often accompanies terminal illness. Hospice care also offers practical support for the caregiver(s) during the illness and grief support after the death. Hospice is something more that is available to the patient and the entire family when curative measures have been exhausted and life prognosis is 6 months or less.

​History of Hospice

In Western society, the concept of hospice has been evolving in Europe since the 11th century. Hospice were places of hospitality for the sick, wounded or dying, as well as those for travelers and pilgrims. The modern concept of hospice, includes palliative care for the incurably ill given in such institutions as hospitals or nursing homes. but also care provided to those who would rather spend their last months and days of life in their own homes.

It began to emerge in the 17th century, but many of the foundational principles by which modern hospice services operate were pioneered in the 1950s by Dame Cicely Saunders. when she opened St. Christopher’s Hospice in 1967. St. Christopher’s Hospice in London emphasized the multi-disciplinary approach to caring for the dying, the regular use of opioids to control physical pain and careful attention to social, spiritual and psychological suffering in patients and families.

Within the United States. the term is largely defined by the practices of the Medicare system and other health insurance providers, which make hospice care available, either in an inpatient facility or at the patient’s home, to patients with a terminal prognosis who are medically certified at hospice onset to have less than six months to live.

Hospice care also involves assistance for patients’ families to help them cope with what is happening and provide care and support to keep the patient at home.

In 1969, Elisabeth wrote On Death and Dying. coining the 5 stages of death: Shock/Denial, Anger, Bargaining, Depression and Acceptance.


24/06/2017

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Miracle Flights founder bails with massive retirement package #travel #packages #to

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Miracle Flights founder bails with massive retirement package

By Jane Ann Morrison

Las Vegas Review-Journal

Ann McGee, the founder of Miracle Flights for Kids in 1985, has departed with an annual retirement of $344,000. or 75 percent of her most recent salary of $430,000. Her husband William, who has worked at his wife’s charity for 27 years will receive a retirement of $82,000 for 10 years. She’s 68 and he’s 80.

Mark Brown, new CEO of the renamed Miracle Flights, said he will receive a $293,000 salary.

McGee won’t speak to me, but Brown is authorized to speak for her, and he defended her retirement package saying: “She deserves it. There would be no Miracle Flights if not for Ann.” There also would be no huge $53 million bump in the nonprofit’s coffers from a British Airways fuel surcharge lawsuit if not for McGee, Brown said. Nor would there have been 96,000 free commercial flights for sick children except for McGee.

For most people, $344,000 is a big retirement. But Brown said both his salary and her salary feel in the range of similar nonprofits, according to PRM Consulting. In his case, he said the salary is a little below average.

The nonprofit will purchase annuities of about $6 million to pay for the Henderson couple’s combined retirement of $426,000, and the annuities will remain as an asset for Miracle Flights. An earlier Internal Revenue Service form made it appear McGee would receive a $2.3 million lump sum for her retirement, but that is not the case.

She agreed to give up a raise this year and also agreed not to be paid for any consulting she does for Miracle Flights. She remains as a board director, but those are not paid positions.

The Review-Journal began examining Miracle Flight’s salaries and in 2006, McGee paid herself a $196,000 salary and her husband $51,000. For a nonprofit that has had revenues in the range of $2.5 million, that seemed like a disproportionate salary.

Donations dropped after I reported on McGee’s refusal to discuss the charity or its operations with me and the $40 million settlement donation.

“The perception issues will only get better with time,” Brown said.

Some years, McGee didn’t pay herself anything, other years she was paid less than $24,000. But in 2006 she began paying herself big bucks. The $196,000 in 2006 jumped to $223,795 in 2008, then to $255,125 by 2013. By 2015 it was $430,000.

Apparently she decided to make up for lost income after the British Airways money started arriving in 2012

The British Airways lawsuit settlement was from the fuel surcharge case. Under the cy-pres doctrine, in a class-action lawsuit, the settlement money would go to promote the interests of a class, in this case, sick children needing flights was considered worthy.

Her outside board members took notice of this new $53 million.

Former Henderson Councilman Larry Scheffler, who had been with the board for 20 years, had brought in two new board members — former Las Vegas Councilman Michael McDonald and McDonald’s sidekick, Rick Henry.

Brown said McDonald and Henry hadn’t attended board meetings until the settlement money came in.

According to Brown, the outside board members pitched to McGee that it would be smart to get into the loan business with a company called Med Lien Management, which bought up medical liens from doctors and hospitals at a discount and then tried to get the liens paid off by patients.

“The outside board members brought it to her and convinced her it was a good idea,” Brown said.

The nonprofit granted a $2.2 million loan to Med Lien in April 2013. Two years later, the loan was in default. By then, Scheffler, McDonald and Henry were no longer on the board.

In June, McGee still at the helm of Miracle Flights, sued Med Lien and its partners, Brad Esposito, Lincoln Lee and McDonald, alleging fraud. The lawsuit alleges McDonald did not disclose he was a partner or that he received a $200,000 finders fee.

The lawsuit is still in the discovery stage and has not been set for trial.

Here’s my question: Why was McGee so naive about Scheffler and McDonald, who both have been exposed in the news media for years because of ethical shortcomings? She wasn’t doing business with Walt Disney. She was doing business with disgraced politicians

In 1996, the Nevada Ethics Commission ruled Scheffler broke ethics laws at least six times while he was on the Henderson City Council when he voted on development projects without disclosing that he owned property nearby.

In 2001, the commission decided McDonald violated ethics laws by using his council position to help Scheffler try to sell a park to the city. At the time, McDonald worked for Scheffler at Las Vegas Color Graphics.

McDonald has been in the newspapers, and often not in a good way, for more than a decade.

Did McGee not read the newspaper or watch TV news?

Brown was unable to say why she has no knowledge of Scheffler’s and McDonald’s ethics cases. “She held elected officials in high regard,” he said.

McGee was smart to retire. Based just on the snooker job her board seems to have pulled on her, she lacks the capabilities to run a $53 million operation.

Brown is a longtime businessman with experience with nonprofits and plans to be able to expand without engaging in questionable loans, investing in real estate or trusting the untrustworthy. He should be able to right the charity which has rocked McGee’s recent leadership.

One way to judge whether he succeeds will be to see if Miracle Flights’ ratings improve.

Right now Charity Navigator gives it two stars out of a maximum of four and overall gives it a 76 percent score out of 100. Program expenses were 50 percent while fundraising expenses were 39 percent and administrative expenses were 11 percent under McGee’s leadership in 2014.

Charity Navigator ranks three other similar nonprofits higher than Miracle Flights. Mercy Medical Angels, Angel Flight Northeast and Mercy Flight Central are all rated higher than Miracle Flights.

Now it’s up to Brown to upgrade Miracle Flights’ operations and match or even surpass similar nonprofits.





29/04/2017

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Miracle Flights founder bails with massive retirement package #last #minute #travel

#airline tickets
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Miracle Flights founder bails with massive retirement package

By Jane Ann Morrison

Las Vegas Review-Journal

Ann McGee, the founder of Miracle Flights for Kids in 1985, has departed with an annual retirement of $344,000. or 75 percent of her most recent salary of $430,000. Her husband William, who has worked at his wife’s charity for 27 years will receive a retirement of $82,000 for 10 years. She’s 68 and he’s 80.

Mark Brown, new CEO of the renamed Miracle Flights, said he will receive a $293,000 salary.

McGee won’t speak to me, but Brown is authorized to speak for her, and he defended her retirement package saying: “She deserves it. There would be no Miracle Flights if not for Ann.” There also would be no huge $53 million bump in the nonprofit’s coffers from a British Airways fuel surcharge lawsuit if not for McGee, Brown said. Nor would there have been 96,000 free commercial flights for sick children except for McGee.

For most people, $344,000 is a big retirement. But Brown said both his salary and her salary feel in the range of similar nonprofits, according to PRM Consulting. In his case, he said the salary is a little below average.

The nonprofit will purchase annuities of about $6 million to pay for the Henderson couple’s combined retirement of $426,000, and the annuities will remain as an asset for Miracle Flights. An earlier Internal Revenue Service form made it appear McGee would receive a $2.3 million lump sum for her retirement, but that is not the case.

She agreed to give up a raise this year and also agreed not to be paid for any consulting she does for Miracle Flights. She remains as a board director, but those are not paid positions.

The Review-Journal began examining Miracle Flight’s salaries and in 2006, McGee paid herself a $196,000 salary and her husband $51,000. For a nonprofit that has had revenues in the range of $2.5 million, that seemed like a disproportionate salary.

Donations dropped after I reported on McGee’s refusal to discuss the charity or its operations with me and the $40 million settlement donation.

“The perception issues will only get better with time,” Brown said.

Some years, McGee didn’t pay herself anything, other years she was paid less than $24,000. But in 2006 she began paying herself big bucks. The $196,000 in 2006 jumped to $223,795 in 2008, then to $255,125 by 2013. By 2015 it was $430,000.

Apparently she decided to make up for lost income after the British Airways money started arriving in 2012

The British Airways lawsuit settlement was from the fuel surcharge case. Under the cy-pres doctrine, in a class-action lawsuit, the settlement money would go to promote the interests of a class, in this case, sick children needing flights was considered worthy.

Her outside board members took notice of this new $53 million.

Former Henderson Councilman Larry Scheffler, who had been with the board for 20 years, had brought in two new board members — former Las Vegas Councilman Michael McDonald and McDonald’s sidekick, Rick Henry.

Brown said McDonald and Henry hadn’t attended board meetings until the settlement money came in.

According to Brown, the outside board members pitched to McGee that it would be smart to get into the loan business with a company called Med Lien Management, which bought up medical liens from doctors and hospitals at a discount and then tried to get the liens paid off by patients.

“The outside board members brought it to her and convinced her it was a good idea,” Brown said.

The nonprofit granted a $2.2 million loan to Med Lien in April 2013. Two years later, the loan was in default. By then, Scheffler, McDonald and Henry were no longer on the board.

In June, McGee still at the helm of Miracle Flights, sued Med Lien and its partners, Brad Esposito, Lincoln Lee and McDonald, alleging fraud. The lawsuit alleges McDonald did not disclose he was a partner or that he received a $200,000 finders fee.

The lawsuit is still in the discovery stage and has not been set for trial.

Here’s my question: Why was McGee so naive about Scheffler and McDonald, who both have been exposed in the news media for years because of ethical shortcomings? She wasn’t doing business with Walt Disney. She was doing business with disgraced politicians

In 1996, the Nevada Ethics Commission ruled Scheffler broke ethics laws at least six times while he was on the Henderson City Council when he voted on development projects without disclosing that he owned property nearby.

In 2001, the commission decided McDonald violated ethics laws by using his council position to help Scheffler try to sell a park to the city. At the time, McDonald worked for Scheffler at Las Vegas Color Graphics.

McDonald has been in the newspapers, and often not in a good way, for more than a decade.

Did McGee not read the newspaper or watch TV news?

Brown was unable to say why she has no knowledge of Scheffler’s and McDonald’s ethics cases. “She held elected officials in high regard,” he said.

McGee was smart to retire. Based just on the snooker job her board seems to have pulled on her, she lacks the capabilities to run a $53 million operation.

Brown is a longtime businessman with experience with nonprofits and plans to be able to expand without engaging in questionable loans, investing in real estate or trusting the untrustworthy. He should be able to right the charity which has rocked McGee’s recent leadership.

One way to judge whether he succeeds will be to see if Miracle Flights’ ratings improve.

Right now Charity Navigator gives it two stars out of a maximum of four and overall gives it a 76 percent score out of 100. Program expenses were 50 percent while fundraising expenses were 39 percent and administrative expenses were 11 percent under McGee’s leadership in 2014.

Charity Navigator ranks three other similar nonprofits higher than Miracle Flights. Mercy Medical Angels, Angel Flight Northeast and Mercy Flight Central are all rated higher than Miracle Flights.

Now it’s up to Brown to upgrade Miracle Flights’ operations and match or even surpass similar nonprofits.





11/02/2017

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