This week, I had the privilege to welcome members of the Eastern Iowa Honor Flight to our nation's capital.  Honor Flights bring World War II and Korean War Veterans to Washington to visit the Memorials that were built in their honor.  Take a minute to watch a quick video I made after their visit.

CLICK THE VIDEO TO WATCH!

As you can see from the video, it was a beautiful day for the vets to come to Washington and be honored for their service.  Welcoming these servicemembers is one of my favorite things to do.  As a token of my appreciation, I presented them each with a copy of the official Congressional Record statement that I made to recognize this trip and their service.  I also gave each of them a copy of the Constitution.

As a member of the House Armed Services Committee, I have worked to improve care and benefits for our servicemembers and veterans, including expanding Post 9/11 GI Bill benefits for the National Guard; expanding access to mental health care; helping our veterans find civilian jobs; and opening new Community Based Outpatient Clinics to improve access to VA services for Iowa veterans.  I also recently co-introduced bipartisan legislation to eliminate the waiting period for Social Security Disability Insurance benefits for servicemembers wounded in combat.

Click here to watch the video!

We cannot thank our servicemembers and veterans enough for their service to our nation.  Honor Flights are an incredible statement of support for our World War II and Korean War Veterans, and I was honored and humbled to join our Iowa Veterans at the World War II Memorial.

Sincerely,

Dave Loebsack
Iowa's Second District

Three generations of Veterans - WWII, Korean and Vietnam - view monuments built in their honor  

Washington, D.C. - Congressman Dave Loebsack today welcomed the Honor Flight of the Quad Cities to the National World War II Memorial on the National Mall in Washington.  Loebsack presented the members of the Honor Flight, and the Vietnam Veterans who accompanied them as guardians, with copies of the Congressional Record statement he submitted in recognition of their service, as well as copies of the Constitution.  The Honor Flight of the Quad Cities brings both World War II and Korean War veterans to Washington to visit our nation's capital and Memorials built in their honor.  This visit also included Vietnam Veterans who served as escorts for the WWII and Korean veterans and the Honor Flight also visited the Vietnam Veterans Memorial. 

"I look forward to welcoming each Honor Flight to our nation's capital so they can see the memorials that were built in their honor.  Being able to welcome three generations of veterans today was especially meaningful," said Loebsack.  "We cannot thank these veterans enough for their service to our nation.  I was honored to present them with a copy of the statement I made for the official Congressional Record to recognize their service."

The honor flights are all fully paid for, and the veterans are typically accompanied by volunteers who donate their time to ensure that the veterans have a safe trip. This group included over 100 veterans. The Honor Flight left from the Quad Cities Airport this morning and will return tonight.

Loebsack is an avid supporter of our veterans. As a member of the House Armed Services Committee, he has worked to improve care and benefits for our servicemembers and veterans, including expanding Post 9/11 GI Bill benefits for the National Guard; expanding access to mental health care; helping our veterans find civilian jobs; and opening new Community Based Outpatient Clinics to improve access to VA services for Iowa veterans.  He also recently co-introduced bipartisan legislationto eliminate the waiting period for Social Security Disability Insurance benefits for servicemembers wounded in combat.

Join us this summer at Iowa State University Extension and Outreach, Scott County as weexplore the amazing world of insects in "Insectaganza!" our 4-H Clover Kids summer program.Youth ages five through nine will closely investigate insects such as crickets, butterflies and ladybugs to learn how they communicate, eat, grow, and survive in their natural habitats. Please note that 5 year olds must have completed kindergarten during the 2012-2013 school year.

Registration is on a first come, first served basis. Families can chose from a Monday group or a Wednesday group. Both groups will meet from 1:00 p.m.-3:00 p.m. for eight weeks beginning the week of June 10, 2013. The program costs $10.00 for new 4-H Clover Kids. For more information and to print the registration forms visit http://www.extension.iastate.edu/scott orcontact Jodi at (563) 359-7577 or jmbecker@iastate.edu.

You wouldn't authorize a company to dive into your checking account at will to withdraw money for undisclosed "services rendered," right?

"But that's what many people are unwittingly doing with the retirement plans," says financial advisor Philip Rousseaux, a member of the esteemed Million Dollar Round Table association's exclusive Top of the Table forum for the world's most successful financial services professionals.

"While a new law now requires disclosure of previously hidden fees applied to 401(k) plans, it's up to you, or your financial advisor, to find and review that information and determine whether the fees are reasonable," says Rousseaux, founder and president of Everest Wealth Management, Inc. (www.everestwm.com).

By some estimates, up to 90 percent of fees attached to retirement plans are hidden.
As of July 1, 2012, the new Department of Labor rule requires all hidden fees attached to retirement plans and mutual funds be disclosed to employers and employees.

"For many 'average joes' with 401(k) and 403(b) savings plans, disclosure hasn't helped at all," Rousseaux says. "The paperwork supplied can be so dense and full of jargon, they can't make heads or tails of it. I've even heard some financial advisors say they've seen statements that were nearly impossible to read."

Meanwhile, the Department of Labor is reportedly investigation 50 complaints of violations of the new rules.

Rousseaux offers these tips for examining and understanding retirement plan fees.

• Trading fees: Trading fees apply to mutual funds, which generally comprise more than half of a 401(k). These previously undisclosed fees occur are brokerage commissions that are charged to the plan holder every time a fund is traded. The charge is a percentage of the fund's value usually ranging from less than 1 percent to less than 2 percent.  In some cases, trading fees can double the cost of the transaction. "If your funds are being frequently traded, you may be spending quite a bit on trading fees - in addition to the other fees associated with managing the fund," Rousseaux says. "If you can't determine whether the trading fees are reasonable, you should consult with an independent financial advisor."

• Revenue sharing: These fees occur when mutual funds and other plan providers pay a third party for administrative services such as record-keeping, which the fund is expected to perform. These may be labeled "sub-transfer," "agent/sub-TA" or "shareholder servicing" and they're built in to the plan's expense ratio, so it's not a double charge. Again, the idea is to review these charges and ensure they seem reasonable.

• 12 b-1 fees: This term - named for the section in the regulation that allows for it - applies to marketing and distribution costs. They're generally paid as commissions to brokers who service retirement plans and they also may be paid to non­investment professionals such as recordkeepers or insurance companies. Most mutual funds have share classes that provide for varying revenue amounts from 12b­1 fees.  Brokers and recordkeepers have an incentive to use funds with 12b­1 fees and to share classes with higher 12b­1 fees because they make more money.

Rousseaux notes that it's also important to look at the expense ration for your plan, which should now be stated in dollars under terms of the new Labor Department regulation.

"Generally, the lower the ratio, the bigger the fund will grow," he says.

If you find any of these fees are draining an unreasonable amount of your retirement savings, you might consider rolling the money into another savings plan, such as a Roth IRA or fixed-rate variable annuity, Rousseaux says.

About Philip Rousseaux

Philip Rousseaux is the founder and president of Everest Wealth Management and Everest Investment Advisors money management firm. A staunch advocate of objectivity in investment advice, he's a member of the Million Dollar Round Table, the international association of independent advisors whose members are held to a rigid code of ethics. He is the co-author of "Climbing the Mountain to Financial Success" and co-hosts The Money Guys show on CBS Radio in various cities.  Philip received his bachelor's in economics from Towson University and completed the Wharton School of Business's Investment Strategies and Portfolio Management Executive Education Program.