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Transitioning from CEO to Retiree: Why You Need a 5-Year Plan PDF Print E-mail
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Written by Ginny Grimsley   
Monday, 13 May 2013 13:26
3 Steps You Can Take Now to Realize Your Goals

Today’s 50-something CEOs tend to have vague dreams of  more fishing, traveling or sailing  when they retire, but they don’t know when that might be so they haven’t begun planning for it.

That’s a mistake, say a trio of specialists: wealth management advisor Haitham “Hutch” Ashoo, CPA Jim Kohles, and estate planning attorney John Hartog.

“Whether you’re selling your company, passing it along to a successor or simply retiring, that’s a potentially irreversible life event – you’ve got just one chance to get it right,” says Ashoo, CEO of Pillar Wealth Management, (www.pillarwm.com).

A 2012 survey of CEOs by executive search firm Witt/Kieffer found 71 percent of those aged 55 to 59 have no retirement plan, although 73 percent look forward to more recreational and leisure activities when they let go of the reins.

“A lot of baby boomers have the idea that they’re just going to work till they stop working,” says Kohles, chairman of RINA accountancy corporation, (www.rina.com). “If they hope to do certain things in retirement and maintain a certain lifestyle, they’re likely to end up disappointed.”

Planning for the transition from CEO to retiree should incorporate everything – including what happens to your assets after you’re gone, adds John Hartog of Hartog & Baer Trust and Estate Law, (www.hartogbaer.com).

“Many of my clients worry about what effects a large inheritance will have on their children – they want to continue parenting from the grave. You can, but should think hard about doing that,” he says.

The three say smart planning requires coordinating among all of your advisors; that’s the best way to avoid an irrevocable mistake. With that in mind, Ashoo, Kohles and Hartog offer these suggestions and considerations from their respective areas of expertise:

1. Ashoo: Identify your specific lifestyle goals for retirement, so you can plan for funding them. To determine how much money you’ll need, you have to have a clear picture of what you want, Ashoo says. Do you see yourself on your own yacht? Providing seed capital for your children to buy a business? Pursuing charitable endeavors?

Each goal will have a dollar amount attached, and you (or your advisor) can then determine whether it’s feasible and, if so, put together a financial plan.

“But you can’t just create a plan and forget it. You need to monitor its progress regularly and make adjustments to make sure you’re staying on course, just like you would if you were sailing or flying,” Ashoo says. “We run our clients’ plans quarterly.“

It’s also imperative that you don’t take any undue risks – that is, risks beyond what’s necessary to meet your goals, he says. “You may hear about a great investment opportunity and want in on it, but if you lose that money, you may not have a chance to make it up.”

2. Kohles: Don’t sell yourself short when selling your business. “If you’re banking on money from the sale of your business, know that it’s unlikely you’ll have investors just waiting with the cash for the chance to buy it when you’re ready to sell,” Kohles says.

Buyers are more likely to offer to pay over time from the company’s future earnings -- which leaves the retired CEO with no control over the business and utterly reliant on the new owners to maintain its profitability.

A good alternative is to establish an S corporation combined with an employee stock ownership plan (ESOP), Kohles says.

“You’re selling the company to the employees while retaining control until you phase yourself completely out,” he says. “The ESOP doesn’t pay income taxes – the employees do when they retire. And you don’t pay taxes on the money or the stock that you contribute.”

3. Hartog: What do you want your kids’ inheritance to say? If you have children, this decision can change their lives for the better – or the worse.

“How your assets are disposed of should reflect your values,” Hartog says. “A lot of people prefer to think in terms of taxes at the expense of values. I advise against that.”

For children, incentive trusts can encourage, or discourage, certain behaviors.

“If you’re concerned your adult child won’t be productive if he has a lot of money, set up a trust that will make distributions equal to what the child earns himself,” Hartog says.

“Or, if you want to be supportive of a child who’s doing something socially responsible, like teaching in an impoverished area, you can set it up to pay twice his salary.”

There are many creative ways to establish trusts, Hartog says. Plan about five years out and change the trust as life events dictate.

About Haitham “Hutch” Ashoo

Haitham “Hutch” Ashoo is the CEO of Pillar Wealth Management, LLC, in Walnut Creek, Calif. The firm specializes in client-centered wealth management for ultra affluent families.

About Jim Kohles

Jim Kohles is chairman of the board of RINA accountancy corporation, Walnut Creek, Calif. A certified public accountant for more than 35 years, he specializes in business consulting, succession and retirement planning, and insurance.

About John Hartog

John Hartog is a partner at Hartog & Baer Trust and Estate Law. A certified specialist in estate planning, trust and probate law, and taxation law, he has been selected to the Super Lawyers Top 100 list for nineconsecutive years.

 
Retirement Celebration for Dr. Glenn M. Pelecky PDF Print E-mail
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Written by Whitney Smith-Bringolf   
Monday, 13 May 2013 13:24

The Mississippi Bend Area Education Agency Board of Directors cordially invites you to attend a gathering given in honor of Dr. Glenn M. Pelecky. Dr. Pelecky is the Chief Administrator at the Mississippi Bend AEA and is retiring after 25 years of service. An open house is being held on Friday, May 17, 2013 from 3-5:30 p.m. at the Mississippi Bend AEA Bettendorf office, located at 729 - 21st Street.

 

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Grassley Reminds Agencies of Key Whistleblower Protections, Seeks Compliance Details PDF Print E-mail
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Written by Grassley Press   
Friday, 10 May 2013 15:08

Friday, May 10, 2013

Grassley Reminds Agencies of Key Whistleblower Protections, Seeks Compliance Details

WASHINGTON – Sen. Chuck Grassley of Iowa today wrote to 15 government agencies, reminding them of recently enacted whistleblower protections and seeking information on their compliance with the new law.

“Whistleblowers risk their careers to point out government waste, fraud and abuse,” Grassley said.  “Without them, the public wouldn’t know about a lot of problems that had to be exposed to get fixed. Our government would be the weaker for it.  Protections for whistleblower communications with Congress and agency watchdogs are critical for whistleblowers’ good work to continue.”

Grassley wrote to the major executive branch agencies about the recently enacted Whistleblower Protection Enhancement Act, which codified an “anti-gag” provision he introduced every year.  The provision makes explicit that agency nondisclosure agreements do not apply to communications with Congress or reporting violations and/or misconduct to an Inspector General, or any other whistleblower protection.  Agency nondisclosure agreements must include specific disclaimers to that effect, and those disclaimers must be posted on agency websites.

Grassley asked each agency for information including all forms, policies, or agreements mentioning communications with Congress used within the last five years and a detailed statement of the various efforts taken to post the “anti-gag” provision on the agency website.

Grassley wrote to the Department of State, Department of the Treasury, Department of Defense, Department of Justice, Department of the Interior, Department of Agriculture, Department of Commerce, Department of Labor, Department of Health and Human Services, Department of Housing and Urban Development, Department of Transportation, Department of Energy, Department of Education, Department of Veterans Affairs and Department of Homeland Security.

Grassley is a long-time advocate for whistleblowers.  He was the Senate author of the 1986 whistleblower updates to the federal False Claims Act.  Since 1986, these provisions have recovered more than $30 billion that otherwise would be lost to fraud.

The text of Grassley’s letter follows here.  The text is the same for each of the 15 agencies.

 

May 10, 2013

VIA ELECTRONIC TRANSMISSION

The Honorable Eric K. Shinseki

Secretary

U.S. Department of Veterans Affairs

810 Vermont Avenue NW

Washington, D.C. 20420

 

Dear Secretary Shinseki:

Time and again, whistleblowers courageously identify, often at great risk to their professional careers, waste, fraud, and abuse.  Unfortunately, as a result of their actions, whistleblowers often face intimidation, retaliation, and are subjected to prohibited personnel practices despite proscriptions against such action under federal law.[1]

As part of my efforts to protect whistleblowers, starting in 1988 I introduced an amendment known as the “anti-gag” provision to the Treasury, Postal Service and General Government Appropriations Act.[2] This provision was adopted and has been included in every appropriations bill signed into law since 1988,[3] most recently in March 2013 as part of the Consolidated and Further Continuing Appropriations Act of 2013.[4] In addition the recently passed Whistleblower Protection Enhancement Act (WPEA) codified the anti-gag provision as a prohibited personnel practice and thereby eliminated the need for annual revision.[5]

The new federal law now requires every U.S. Government nondisclosure policy, form, or agreement to contain an explicit statement notifying employees that nondisclosure requirements do not supersede their rights and obligations created by existing statute or Executive Order relating to classified information, communications to Congress, reporting violations and/or misconduct to an Inspector General, or any other whistleblower protection.[6] Moreover, the law requires any agency using a nondisclosure policy, form, or agreement to also post the aforementioned statement on the agency website, as well as a specific list of controlling Executive orders and statutory provisions.[7]

As the author of this rider and an original cosponsor of the WPEA who worked closely in drafting this provision with Senator Akaka, I want to ensure that this law is fully implemented.  Accordingly, please provide the following information:

1)      All forms, policies, or agreements which mention communications with Congress used within the last five years, including those with either non-disclosure or non-disparagement provisions.

2)      All forms, policies, or agreements which include the statutorily-defined statement informing employees of their rights on every nondisclosure policy.

3)      All forms, policies, or agreements which purport to limit a current or former employee’s ability to communicate directly with Congress, whether explicitly or as a part of a general prohibition without a specific Congressional exemption.

4)      A detailed statement of the various efforts that your department has taken to post the “anti-gag” provision on its website, along with a specific list of controlling Executive orders and statutory provisions.

Thank you in advance for ensuring your response arrives no later than May 24, 2013.  Should you have any questions regarding this letter, please contact Chris Lucas of my Committee staff at (202) 224-5225.

Sincerely,

Charles E. Grassley

Ranking Member                               

Committee on the Judiciary

 

See 5 U.S.C. § 2302(a) (2006) (outlining prohibited personnel practices).

Treasury, Postal Service and General Government Appropriations Act, 1989, Pub. L. No. 100-440, 102 Stat. 1756 (1988).

See generally Consolidated Appropriations Act, 2012, Pub. L. No. 112-74, 125 Stat. 932 (2011); Omnibus Appropriations Act, 2009, Pub. L. No. 111-8, 123 Stat. 685 (2009).

Consolidated and Further Continuing Appropriations Act, 2013, Pub. L. No. 113-6, Div. F, Title I, Sec. 1105 (referencing back to Pub. L. No. 112-74, Div. C, Title VII, Sec. 715).

Whistleblower Protection Enhancement Act of 2012, Pub. L. No. 112-199, 126 Stat. 1465 (2012).


[1] See 5 U.S.C. § 2302(a) (2006) (outlining prohibited personnel practices).

[2] Treasury, Postal Service and General Government Appropriations Act, 1989, Pub. L. No. 100-440, 102 Stat. 1756 (1988).

[3] See generally Consolidated Appropriations Act, 2012, Pub. L. No. 112-74, 125 Stat. 932 (2011); Omnibus Appropriations Act, 2009, Pub. L. No. 111-8, 123 Stat. 685 (2009).

[4] Consolidated and Further Continuing Appropriations Act, 2013, Pub. L. No. 113-6, Div. F, Title I, Sec. 1105 (referencing back to Pub. L. No. 112-74, Div. C, Title VII, Sec. 715).

[5] Whistleblower Protection Enhancement Act of 2012, Pub. L. No. 112-199, 126 Stat. 1465 (2012).

[6] See id. § 104(b)(1).

[7] See id. § 115(a)(2).

 
Simon to hold Defense and Local Community Listening Posts PDF Print E-mail
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Written by Kara Beach   
Friday, 10 May 2013 12:38

SPRINGFIELD – Lt. Governor Sheila Simon will hold Defense and Local Community Listening Posts in communities near the state’s three largest military installations in May and June. All local residents, especially military families, civilian Department of Defense employees, veterans, employers and educators, are invited to attend the listening posts in Belleville, Rock Island, and North Chicago, Simon announced today.

 

Participants at the listening posts will take a brief survey and then discuss issues pertaining to business climate, education, workforce training and quality of life. Simon will present feedback from the listening posts to the Interagency Military Base Support and Economic Development Committee (IMBSEDC), which she chairs. The IMBSEDC coordinates the state’s activities and communications relating to current and former military bases in Illinois, and provides advice and recommendations for base retention, realignment and reuse.

 

“This is an opportunity for our defense communities to voice challenges and opportunities for federal, state and local coordination,” said Simon. “I look forward to engaging with these residents and working together to strengthen these communities.”

 

Find up-to-date information about the listening posts and RSVP here.

 

SAVE THE DATE

 

REGION: Southwest – Scott Air Force Base

DATE: Friday, May 17

TIME: 1 p.m. – 3 p.m.

LOCATION: Southwestern Illinois College, Liberal Arts Complex – Rooms 2311-2313, 2500 Carlyle Ave., Belleville

 

REGION: Northwest – Rock Island Arsenal

DATE: Friday, May 31

TIME: 1 p.m. – 3 p.m.

LOCATION: TBA

 

REGION: Northeast – Naval Station Great Lakes

DATE: Wednesday, June 5

TIME: TBA

LOCATION: TBA

 

###

 
Supreme Court of Iowa Order PDF Print E-mail
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Written by Iowa Judical Branch   
Friday, 10 May 2013 12:31
Des Moines, Iowa, May 10, 2013---The Iowa State Senate Ethics Committee requested that Chief Justice Mark Cady appoint an independent special counsel to determine whether there is probable cause to believe a violation of a state statute or the Senate Code of Ethics has occurred. Chief Justice Cady appointed Des Moines attorney Mark Weinhardt.


http://www.iowacourts.gov/Supreme_Court/Orders/

 
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