State of the Art and Energy Efficient Facility Will Serve 2,500 Students and Help Prepare them for In-Demand Careers

URBANA - Governor Pat Quinn today was joined by University of Illinois President Robert Easter to dedicate the new Electrical and Computer Engineering (ECE) Building on the University's Urbana campus. The $95 million facility will enhance educational opportunities, fuel job-creating research breakthroughs in computing, communications, nanotechnology and biotechnology, and set a new standard for energy efficient buildings. The project was funded by Governor Quinn's Illinois Jobs Now! capital construction program and private donations, and created more than 620 jobs during construction.

"This new building will help the University of Illinois continue to produce globally competitive graduates that have a huge impact, while maintaining their commitment to sustainability through net zero energy use," Governor Quinn said. "Hundreds of skilled workers constructed this building, and thousands of skilled graduates will leave it with some of the world's best training for today's in-demand jobs."

"I'm grateful to Governor Quinn, the state and our donors for providing the financial support that built this new 21st century home for our nationally ranked Department of Electrical and Computer Engineering," University of Illinois President Robert Easter said. "We take seriously our responsibility to reward their generosity - using this new state-of-the-art facility to produce the graduates and innovation that will help drive progress and economic development for the people of Illinois and the nation."

The 235,000-square-foot building nearly doubles the space available to the University's world-renowned Electrical and Computer Engineering Program. The advanced energy saving features are projected to make the facility one of the most energy-efficient engineering buildings in the nation. Some building highlights include :

• The Texas Instruments Electronics Design Lab with glass walls overlooking the building's grand atrium, which highlight the building's focus on openness and collaboration.
• The Texas Instruments Student Center, where student organizations meet and work together.
• The Open Lab, where students can use specialized equipment to complete projects of their own choosing that aren't related to class.
• The nanofabrication laboratory, a first-of-its-kind facility meant for undergraduates, will allow students to learn cutting-edge fabrication technology.
• A distinctive terra cotta rain screen system, which is extremely energy efficient, and screen structures to shade it from the sun.
• Solar arrays to be installed this fall on both its roofs and the roof of a nearby parking deck.
• The Advanced Power Applications Laboratory, which allows direct access to state-of-the-art solar panels and systems.

The $95 million facility was built with a $47.5 million state investment and $47.5 million in private funds from numerous donors to the University. It is located on the north Engineering Quad. The ECE Building was built to achieve LEED Platinum certification, the highest designation for a structure's energy efficiency and environmental impact. A separate solar energy component means the structure is projected to reach zero net energy consumption on an annual basis, and will become the largest such structure in the United States. The ECE Building construction was overseen by the Illinois Capital Development Board, which administers all non-road, state-funded construction projects.

The University of Illinois' Electrical and Computer Engineering program is home to almost 2,500 students and is consistently ranked in the top five undergraduate programs by U.S. News and World Report. The department has more than 21,500 alumni around the world.

The ECE Building project is part of Governor Quinn's $31 billion Illinois Jobs Now! program, which will support more than 439,000 jobs over six years. Illinois Jobs Now! is the largest construction program in Illinois history, and is one of the largest construction programs in the nation.

Innovative Company Expanding in Chicago and Elk Grove Village

CHICAGO - Governor Pat Quinn today announced that software development company SpringCM will accelerate its growth in Chicago and Elk Grove Village and hire an additional 500 people within five years. The announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"SpringCM is a great example of our growing tech and entrepreneurial industries that are creating jobs across Illinois and helping to fuel our economic comeback," Governor Quinn said. "As we continue to create jobs in communities across the state, we have seen good news for our economy but there is more work to be done. Investments in Illinois are further proof that we are headed in the right direction and SpringCM's expansion here is testament to the strength of our workforce and position as a hub for technology and innovation."

SpringCM is adding jobs in product development, sales and marketing and enlarging its space using $8 million in private investment this year. It projects growth of more than 50 percent annually for the next several years. If it meets its targets, the company's payroll will generate close to $2 million a year in additional state income tax revenue by 2019.

SpringCM is receiving a $2.25 million state investment that will allow it to expand facilities in two locations at 180 N. LaSalle St. in Chicago and 1905 Lunt Ave. in Elk Grove Village. The company currently employs more than 90 people at the two locations. The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the investment.

"SpringCM has a massive opportunity as a cloud software provider to help companies put contracts and critical documents to work, fuel competitive advantage and drive bigger outcomes," Founder and CEO of SpringCM Greg Buchholz said. "That's the same philosophy of the DCEO grant, to help growth companies expand right here in Illinois. SpringCM was intentionally founded and headquartered in Chicago because of the tremendous talent base and culture of the Midwest and because of the quality of life it offers our employees. Bottom line, the economic environment of Illinois enables us to build a world-class tech company much more cost-effectively than in Silicon Valley, Massachusetts or New York."

SpringCM has more than 400 customers, including large companies and the U.S. Department of Energy.

"Companies like SpringCM are a cornerstone Illinois' economic comeback," DCEO Director Adam Pollet said. "Just as SpringCM has shown faith in Illinois, we are showing our faith in the company's business plan and long-term objectives."

SpringCM offered its first product to help companies automate their business services in 2006 and since then has grown by more than 30 percent annually. Earlier this year, its investors put an additional $18 million into SpringCM, including the $8 million capital infusion for its expansion plans. The company expects it will double its headquarters space at 180 N. LaSalle St. to 42,000 square feet.

Terms of the investment require SpringCM to retain its current staff count in Chicago and Elk Grove Village, create 200 jobs within two years and another 300 within five years.

The state investment is an example of Governor Quinn's ongoing support for the tech sector, which studies show is adding jobs in Illinois faster than in the nation as a whole. Chicago also is ranked highly as a destination by entrepreneurs, in part because of its lower costs compared with other premier cities and the proximity of world-class universities and research labs.

For more information on doing business in Illinois, visit www.illinois.gov/dceo.

Important changes are coming this fall for what's become one of the biggest concerns of the era: affording retirement.

Those who are saving for retirement and meticulously troubleshooting tax obstacles may want to restructure their plans. While members of Congress continue to battle over the budget, the Obama administration is preparing to roll out "myRA" savings accounts - IRA accounts - for those who do not currently have access to one.

When the "myRA" account reaches a certain amount, fledgling savers can roll it into a regular IRA account; different states will have their own guidelines. However, some of the benefits of existing savings options could be in peril, says financial advisor Jake Lowrey, president of Lowrey Financial Group, (www.lowreyfinancial.com).

Those include some of the tax advantages of retirement accounts currently enjoyed by higher-income workers. Some Roth IRA owners may also lose their exemption from required minimum distributions, or RMDs, while IRAs totaling less than six figures could see RMDs disappear.

"There will be many people who'll be unhappy about the changes and that's understandable, but some may help our country avoid an avalanche of retirees facing poverty," Lowrey says.

In just 15 years - 2030 - the last of the baby boomers will have reached 65. That means one of every five Americans will be of retirement age, according to the Pew Research Center's population projections.

"Most people simply don't know how to plan for retirement, and that's made even more challenging with the changing government policies," says Lowrey.

He offers guidance on choosing between a traditional IRA and a Roth IRA as a retirement savings vehicle.

•  Traditional IRAs and Deductibility: For either traditional or Roth IRAs, it's all a matter of how one prefers to be taxed. Generally speaking, the money you deposit in a traditional IRA isn't taxed that year, and whatever earnings you have on your contributions won't be taxed until you withdraw that money as a retiree.  So, if you earn $40,000 in one year and put $3,000 of it in an IRA, your taxable income drops to $37,000. The deposit will grow tax-free through the years. If you withdraw any before age 59½, you'll face a penalty. After that, you can withdraw and the money will be taxed as earned income.

•  Roth IRAs, Exemptions and No RMDs: Roth IRA contributions are never deductible. You pay taxes on the money when you earn it, just like any other income. The benefit of a Roth is that when the owners decide to withdraw from it after age 59½, they will not be faced with any taxes. In other words, the Roth offers tax-exempt rather than tax-deferred savings. Also, traditional IRA rules include required minimum distributions (RMDs). With a traditional IRA, you must begin to take RMDs by April 1 of the year following the year you reach age 70.5, but that isn't the case with a Roth IRA.

•  The Best of Both Worlds? Naturally, IRA owners want to chart a path in which they're penalized with taxes the least. It may be possible to cushion one's retirement savings against future tax increases by converting some of an IRA to a Roth and earn tax-free gains going forward.

"Converting to a Roth will make sense for many people, and if you're eligible to contribute to both types of IRAs, you may divide contributions between a Roth and traditional IRA," Lowrey says. "But the total contributions to both must not surpass the limit for that tax year."

About Jake Lowrey

Jake Lowrey is a financial consultant and president of Lowery Financial Group, (www.lowreyfinancial.com), an ethical and professional firm that guides clients to retirement success, including planning for long-term care needs. As a relationship-driven organization, Lowrey and his team educate clients about the newest, most progressive retirement and long-term care planning strategies to assure a brighter financial future.