06 Apr 2015

Financial Literacy Nights for Kids Offered during Money Smart Week Quad Cities

By Lisa Lockheart

Rock Island, IL: Rock Island Library will host one of two Financial Literacy Nights for children as part of Money Smart Week Quad Cities, April 18 to 25.

A Scout Night for Financial Literacy for youth in Grades 2 through 5 will be offered at the Rock Island Main Library from 5:30 pm to 7:30 pm on Tuesday, April 21. Financial professionals from banks and credit unions will deliver hands-on lessons on money, budgeting and smart purchasing, distinguishing between needs and wants, coin, bill counting and making change, using credit cards, paying bills on time, how insurance works and other practical money management skills. The Main Library is located at 401 19th Street, Rock island.

A second event, for older Scouts in Grades 6 to 12, will be offered from 5:30 pm to 7:30 pm on Thursday, April 23, at Genesis East Medical Center auditorium, 1236 East Rusholme Street, Davenport. The workshops will offer more advanced lessons in budgeting, investing and stocks, credit awareness and insurance, and planning for college financial aid. The skills learned will help attendees work toward requirements for the Boy Scout personal management merit badge, and for Girl Scouts Senior  buying power and Financing My Future financial literacy badges.

Both free financial literacy events are open to other youth groups, as well as Boy and Girl Scouts.

Boy Scout leaders and parents should register through the Boy Scout office with Mia Carr at 563-388-7233, or mia.carr@scouting.org. Girl Scout leaders and parents should register with Ashley Arnold at Girl Scouts: 309-788-0833, or AshleyA@girlscoutstoday.org.

All others should contact the Rock Island Library at 309-732-7360. RSVPs are requested by April 14.

Money Smart Week is an annual program of the Federal Reserve Bank of Chicago, www.moneysmartweek.org.

For more information about Rock Island Library services and programs, visit the library's online branch at www.rockislandlibrary.org, call 309-732-READ (7323) or follow the library on Facebook or Twitter.

01 Apr 2015

Smiddy Advances Bill to Limit State Vehicles to North American Made

By Paul Ferraro
SPRINGFIELD, Ill. - To limit state dollars going overseas, state Rep. Mike Smiddy, D-Hillsdale, advanced a bill out of committee requiring all new state vehicles be assembled in North America on March 25.
"Illinois should lead by example to keep jobs from being shipped abroad and purchase only those vehicles assembled by North American workers," Smiddy said. "This legislation will encourage the momentum of the automotive industry in North America and put more of the highly-skilled automotive workers on the job right here at home."
House Bill 3438 requires every vehicle the state buys or leases to be assembled in North America. The Smiddy legislation would not require discontinued use of any vehicles currently in the state's fleet. Instead, all future vehicles the state buys or leases must be assembled in North America under the bill. Smiddy has worked with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and the United Automobile Workers (UAW) to develop this legislation. Smiddy passed a similar measure last session in the House which was never voted upon in the Senate.
"Every day, corporations make decisions about where to send their dollars, and the state needs to be just as vigilant with its investments to ensure our tax dollars do not largely support jobs overseas," Smiddy said. "I'll continue to work with businesses and labor groups alike to find ways to keep good, well-paying jobs from moving abroad."
House Bill 3438 passed the House Labor and Commerce Committee and now awaits consideration by the full House.
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01 Apr 2015

The Salvation Army Family Store in Rock Island Is Closing

By Holly Nomura

March 25, 2015 (Quad Cities):  The Salvation Army announces the closing of the Rock Island Salvation Army Family Store at 2125 - 11th Street, effective March 31, 2015.

The Rock Island Family Store's closure is part of the River Valley Adult Rehabilitation Center's plan called  the Diversification Project.  The Project's goal is to generate enough funding for growth in the future in order to help more people in need.  The Salvation Army provides valuable services to the adults in our community battling addictions.  It is our plan to phase out the smaller 5,000-6,000 sq. ft. stores with limited parking and replacing those stores with more modern looking 20,000 to 30,000 sq. ft. stores with a larger variety of goods to choose from, and with plenty of parking.

The first step in moving forward toward this project is closing the Rock Island Family Store. Fortunately, the staff will be reassigned to work at other Salvation Army Family Stores in the area.

Step two will be closing a small store in Clinton and replacing it with a newer and much larger Clinton 
Family Store in the summer of 2015.  The new Clinton store will be located at 2808 S. 25th Street (formerly Office Max) and will bring 60 new jobs to the area.

Step three involves purchasing a new, larger store in Cedar Rapids to replace a smaller store in that area. The  Salvation Army's goal is to open that store by late summer 2015.

The success of the plan will also require each store to be self-processing.  Captain Alex Velasquez, Adult Rehabilitation Center Administrator explains, "The Salvation Army strives to help our beneficiaries overcome addictions through work therapy/job training.  The larger stores will have the potential to generate more jobs and increase funds to provide addition rehabilitation service in our community, and surrounding areas.   The Salvation Army River Valley Adult Rehabilitation Center provides life skills and job training such as Forklift Driving/Certification, Serve Safe Certification for the restaurant industry, a GED program, and much more."

Major Gary Felton, Quad Cities Coordinator, states that "when this community generously donates their gently used items, The Salvation Army uses those items to transform lives.  The Quad Cities is very fortunate to have an Adult Rehabilitation Center in our community with services that change not just the men in the program, but their entire families' lives."

Captain Alex also adds that "We will not abandon the Rock Island community and plan to make every effort to find the right location with the space for a new, larger store in Rock Island."
01 Apr 2015

Loebsack to Indiana Businesses: "Take a Look at Iowa"

By Rick Martin

"I invite any business located in Indiana looking for a more welcoming community to take a look at Iowa"

Washington, D.C. - Congressman Dave Loebsack today called on companies in Indiana, or businesses who were looking to move to Indiana, to take a look at basing their companies in Iowa. Loebsack noted Iowa's history of leading the fight for increased civil rights, whether it is based on race, gender or sexual orientation. Nearly six years ago, Iowa became the third state in the nation to grant marriage equality for everyone and has prohibited discrimination on the basis of sexual orientation and gender identity in employment, housing and education since 2007. 

 

"Iowa has long been on the forefront of expanding civil rights, not denying them. It was disheartening to see Indiana Governor Pence sign into law a piece of legislation that could lead to businesses being allowed to discriminate against the LGBT community. This type of action should not be allowed in today's society. I invite any business located in Indiana looking for a more welcoming community to take a look at Iowa. We have some of the best schools in the nation, many hardworking men and women, and an attitude known as 'Iowa Nice.' Iowans welcome anyone to live, work and raise a family in our great state."

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01 Apr 2015

Iowa Finance Authority Names Top Iowa Lenders

By Nicholas Depew

(Des Moines, Iowa) - The Iowa Finance Authority today recognized the top Iowa lenders from throughout the state for their efforts in advancing affordable homeownership through the Iowa Finance Authority's programs in calendar year 2014.

The Iowa Finance Authority offers affordable mortgage and down payment assistance programs for eligible home buyers through a network of Participating Lenders throughout the state. In 2014, local lenders assisted a total of more than 1,500 Iowans to purchase a home using Iowa Finance Authority programs which offer affordable mortgages as well as grants to cover down payment and closing costs. Through its partnership with Participating Lenders, the Iowa Finance Authority invested over $143 million in affordable mortgages for Iowans in 2014.

In addition, the Iowa Finance Authority jointly administers the Military Homeownership Assistance Program with the Iowa Department of Veterans Affairs. This program offers eligible service members and veterans a $5,000 down payment assistance grant. More information about these programs is available atIowaFinanceAuthority.gov.

"The Iowa Finance Authority's partnerships with lenders throughout the state means that Iowans can benefit from both the convenience of working with their local lender and access to Iowa Finance Authority's unique homeownership programs," said Iowa Finance Authority Executive Director Dave Jamison.  "I thank our lender partners recognized today for their shared dedication to connecting Iowans with affordable homeownership opportunities."

2014 Lender Awards

TOP LENDER

  •  ·          Iowa Bankers Mortgage Corporation (IBMC), statewide   

 o    300 home buyers assisted  

 o    $24.8 million in loans  

 

GOLD - $15 million or more in loan volume

  • ·         Wells Fargo, statewide

o   167 home buyers assisted

o   $15.9 million in loans

SILVER - $8 million or more in loan volume

  • ·         US Bank, statewide

o   92 home buyers assisted

o   $8.7 million in loans

  • ·         First American Bank, Clive

o   76 home buyers assisted

o   $8.4 million in loans

BRONZE - $5 million or more in loan volume

  • ·         Great Western Bank, Ames

o   66 home buyers assisted

o   $6.8 million in loans 

  • ·         American National Bank, Council Bluffs

o   58 home buyers assisted

o   $5 million in loans

GOOD SAMARITAN AWARDS   
The Iowa Finance Authority strives to provide excellent customer service to Iowa home buyers. The lenders receiving Good Samaritan awards went the extra mile in 2014 to assist home buyers.

  • ·         Cindy Bednarczyk of Bank Iowa, Newton
  • ·         Becky Trotter of Boone Bank & Trust, Boone

The Iowa Legislature created the Iowa Finance Authority, the state's housing finance agency, in 1975 to undertake programs to assist in the attainment of housing for low- and moderate-income Iowans. Since then, the Iowa Finance Authority's role has grown to include nearly 40 affordable housing, water quality and agricultural development programs. The Iowa Finance Authority is a self-supporting public agency.

# # #

01 Apr 2015

Reich to headline Working Families Summit in Ames

By Lance Coles

Former U.S. Labor Secretary Robert Reich will keynote a Working Families Summit scheduled for May 16 in Ames.

National labor leaders also will speak, including Larry Cohen, president of the Communications Workers of America (CWA), others to be announced.

The summit is designed to put higher wages and other working family issues in the forefront of public debate in advance of the 2016 Iowa precinct caucuses.

"We can help to shape the presidential debate for 2016 to focus more on issues related to working families," said Ken Sagar, president of the Iowa Federation of Labor, AFL-CIO.

"I want to see broader understanding of the number of issues from raising wages, to supporting families, to protecting civil rights, so that we all understand each other's issues and can support each other."

While the event will be promoting critical issues for the presidential campaign, no presidential candidates will be speaking at the event ? though all are welcome to attend.

"This will be a great opportunity for presidential candidates to hear the concerns about concrete issues facing Iowa's working families," Sagar said.

The summit will run from 10 a.m. to 4:30 p.m. at the Scheman Building on the Iowa State University campus. More information about the agenda and arrangements will be provided in the coming weeks.

Sponsors so far include : the AFL-CIO along with many Iowa labor and advocacy organizations focused on concerns for working families in Iowa: the Iowa Federation of Labor; American Federation of State, County and Municipal Employees (AFSCME); Communications Workers of America (CWA); Iowa Postal Workers Union (APWU); Progress Iowa, League of United Latin American Citizens (LULAC); Iowa State Education Association (ISEA); Iowa Citizens Action Network (ICAN); Americans for Democratic Action (ADA), Laborers International Union of Northern America (LIUNA); Iowa Alliance for Retired Americans (ARA); Iowa Policy Project; Center for Worker Justice of Eastern Iowa; Iowa Community Action Association; and the American Friends Service Committee.

Members of the public are welcome.

Facebook Page - Working Families Summit

http://progressiowa.org/sections/progress-report/551467d275c9a121d7000003

 

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01 Apr 2015

Raise the Wage Iowa Held Statewide Day of Action on Tuesday, March 31st

By Lance Coles

Des Moines, IA -- Raise the Wage Iowa, a coalition of small business owners, faith leaders, as well as labor and community organizations, will rally to raise the minimum wage on Tuesday, March 31st, at 5 events across the state of Iowa. Events will begin in Des Moines at the state capitol, continue in the home districts of the 'Terrible Trio' in the Iowa House who are blocking a minimum wage increase.

The Iowa Senate passed a bipartisan compromise minimum wage increase last month, but Speaker of the House Kraig Paulsen, Majority Leader Linda Upmeyer, and Labor Committee Chair Greg Forristall have not allowed it for a vote in the Iowa House. If the legislation does not move forward by Friday, April 3rd, it will not survive the legislative 'funnel' and working Iowans will have to wait at least one more year for a raise.

Next Tuesday's statewide day of action will call on the 'Terrible Trio' of Paulsen, Upmeyer, and Forristall to allow a vote on a minimum wage increase. Iowa is falling behind our neighboring states in wage growth, and we cannot afford to wait any longer!

Event Details - Tuesday, March 31st

 

9:30 AM Kick-Off Press Conference at the Capitol

Iowa State Capitol, Room 116

1007 East Grand Ave, Des Moines, Iowa

Speakers:

Sue Dinsdale, Iowa Citizen Action Network, Matt Sinovic, Progress Iowa, Chris Schwartz, Americans for Democratic Action.

 

2:30 PM Press Conference in Clear Lake, Majority Leader Upmeyer's hometown

LOCATION: Lakeview Community Center, 10 N Lakeview Drive, Clear Lake

Speakers: Chris Petersen, Iowa Main Street Alliance; Sue Dinsdale, Iowa Citizen Action Network and Iowa Alliance for Retired Americans

 

 

4:30 PM Press Conference in Hiawatha, Speaker Paulsen's hometown

Hiawatha Public Library , 150 Willman St, Hiawatha Iowa

Speaker: Rick Moyle , Hawkeye Labor Council AFL/CIO & Mike Owen Iowa policy Project

 

12:00 PM Press Conference in Macedonia, Rep. Forristall's hometown

US Post Office, 319 Main St, Macedonia, Iowa

Speaker: Matt Sinovic, Progress Iowa

 

5:00 PM Rock the Wage Front Porch Concert

1105 Mulberry St, Waterloo, Iowa

Speaker: Chris Schwartz, Americans for Democratic Action

Band: False Indigo

 

PARTICIPATING ORGANIZATIONS in RAISE THE WAGE IOWA:

 

AFSCME Iowa Council 61

American Friends Service Committee

Americans for Democratic Action

Des Moines Education Association

Food & Water Watch

Hawkeye labor Council AFL/CIO

Interfaith Alliance of Iowa Action Fund

Iowa Alliance for Retired Americans

Iowa Citizen Action Network

Iowa Citizens for Community Improvement Action Fund

Iowa City Federation of Labor, AFL-CIO

Iowa Community Action Association

Iowa Federation of Labor, AFL/CIO

Iowa Main Street Alliance

Iowa State Education Association

Methodist Federation for Social Action, Iowa Chapter

Planned Parenthood Voters of Iowa

Progress Iowa

RESULTS

SEIU Iowa - Local 199

South Central Federation of Labor, AFL/CIO

UNI Americans for Democratic Action

27 Mar 2015

Modern Woodmen of America reports continued strength in 2014

By Michelle Opsahl

 

2014 was another strong year financially and fraternally for Rock Island-based Modern Woodmen of America. Life insurance in force grew by nearly $1 billion for the fourth straight year, and assets surpassed the $14 billion mark.  

"Modern Woodmen continues to demonstrate notable financial strength and stability, and our fraternal contributions remain an important part of our organization," said W. Kenny Massey, president and CEO of Modern Woodmen. "Our fraternal member benefits and programs have truly enriched the lives of our members, their families and their local communities, and I am proud to report that we contributed over $19 million in fraternal expenditures in 2014."  

Continued growth in life insurance in force  

Life insurance in force, the total amount of life insurance owned by members to protect their families in case of premature death, increased to over $37 billion.  

"Protection is key for the American family," said Massey. "Through the personalized, knowledgeable support of our financial representatives, members can gain the life insurance coverage they need to protect their loved ones."  

Assets exceed $14 billion  

Modern Woodmen's assets increased 5.5 percent over 2013, reaching over $14.1 billion. Assets are primarily invested in high-quality, low-risk corporate and government bonds.  

"Fiscal responsibility is essential to our continued success," said Massey. "It allows us to protect the promises made to our members nationwide. For that reason, it is our first obligation."  

Annuity assets under management equaled $8.1 billion.  

Total life insurance, annuity and other certificate reserves, which are funds held to guarantee future benefits to members, increased 5.6 percent to slightly over $11 billion.  

Strong operational results

Total premium income was $1.07 billion in 2014.

Compared to 2013, variable annuity certificate sales increased 17 percent, and variable annuity premiums increased by 28 percent.

Payments and benefits to members in 2014 increased 6.1 percent to $803.4 million. This includes death benefits, annuity payments and surrender benefits. An additional $14.8 million in dividend payments was refunded to life insurance and annuity certificates.

Net gain from operations after dividends was nearly $16.2 million with a total net income of $85.4 million.

Total surplus and special reserves were $1.48 billion in 2014. Surplus and special reserves provide additional safety for members and ensure Modern Woodmen's ability to meet unforeseen events, continue the organization's fraternal programs and provide funds for future growth. To protect and enhance the impact of these funds and strengthen the commitment to members, Modern Woodmen set aside additional reserves in 2014.

Modern Woodmen's solvency ratio of 111.69 percent means that for every $100 of liabilities (promises made to members), Modern Woodmen has $111.69 of assets to back up those promises.

Fraternal programs support communities nationwide

Modern Woodmen has a nationwide membership of nearly 770,000. Fraternal expenditures supporting Modern Woodmen's family-oriented member benefits and programs totaled over $19 million. These benefits and programs include disaster relief assistance, college scholarships, social and volunteer service programs by adult chapters and youth service clubs nationwide, and educational programs for schools and youth groups.

Key fraternal results included: 

- More than 1.5 million people attended social, educational and volunteer events sponsored by Modern Woodmen chapters.

- 173,205 hours of volunteer service were recorded by youth service club members and 263,548 hours of volunteer service were reported by adult chapter members.

- 2.3 million children were educated through free Modern Woodmen youth educational programs. 

- $10.8 million was contributed through Modern Woodmen's Matching Fund Program. The Matching Fund Program meets needs in member communities across the country. The fundraising projects, matched by Modern Woodmen, were conducted by the organization's 2,717 adult chapters, 263 Summit chapters (for members age 55 and older) and 790 youth service clubs.

Modern Woodmen of America is a member-owned fraternal financial services organization. Since 1883, the organization has brought people together, supported families and strengthened communities nationwide. Modern Woodmen - touching lives, securing futures.

Securities offered through MWA Financial Services Inc., a wholly owned subsidiary of Modern Woodmen of America

Subject to change, fraternal benefits are not part of the contract and may have specific eligibility requirements.

- end -

Modern Woodmen Email Disclaimer: This communication and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this communication in error, please immediately notify the sender by email or telephone and delete this communication from your system.
27 Mar 2015

Governor Rauner Statement on Passage of FY15 Budget Bills

By Catherine Kelly

Governor Bruce Rauner issued the following statement:  

"I want to thank President Cullerton, Speaker Madigan, Leader Radogno and Leader Durkin for their leadership in fixing this year's fiscal crisis. With their help, a bipartisan group of legislators sent a strong message that the culture in Springfield is changing for the better.  

As promised, we are eliminating a $1.6 billion deficit without borrowing or increasing taxes on hard-working Illinois families. By choosing to make difficult decisions on a bipartisan basis, the General Assembly is helping set a new tone for what can be achieved in Springfield. 

 

While today's action is an important start, many more tough votes and challenging decisions must be made in the weeks ahead to complete the first steps of an Illinois turnaround. I look forward to continuing to partner with the legislature to enact policies that will create more jobs, increase local control and deliver value for taxpayers."

 

Governor Rauner plans to sign the legislation as soon as possible.   

 

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27 Mar 2015

Iowa Finance Authority Announces Launch of 2015 First-Time Home Buyer Tax Credit

By Nicholas Depew

Mortgage Credit Certificates offer qualified Iowa home buyers up to $2,000 in annual federal income tax credits  

(DES MOINES) - The Iowa Finance Authority (IFA) today announced that eligible first-time Iowa home buyers may purchase a home and reduce their federal income tax liability by up to $2,000 a year for the life of their mortgage. Approximately 400 Iowa home buyers are expected to benefit from the program, which is now available for new purchases through a network of Take Credit Participating Lenders throughout the state.  

"The Take Credit program will provide an additional incentive to first-time Iowa home buyers as we move into the spring home buying season," said Iowa Finance Authority Executive Director Dave Jamison. "Hundreds of Iowa families will be able to both realize their dream of homeownership and benefit from a significant reduction in their federal income taxes."  

The program provides eligible home buyers with a tax credit against their federal income tax liability every year for the life of their mortgage. The amount of the tax credit for the 2015 program is set at 50 percent of the mortgage interest paid, up to a maximum of $2,000 per year, for up to 30 years. The remaining mortgage interest may be taken as a deduction from taxable income if the home buyer itemizes.    

 

Eligibility for the Take Credit Program requires home buyers to meet household income and purchase price limitations and meet the definition of a first-time home buyer. The federal income limits vary by county, the limits currently range from $65,300 to $111,300 per year.  A purchase price limit of $250,000 applies statewide with the exception of federally Targeted Areas where the limit is $305,000. A first-time home buyer is defined as someone who has not owned their primary residence in the past three years but also includes home buyers purchasing in a federally Targeted Area and military veterans who have not previously financed a home using a tax exempt bond program.

 

"This program will help to fuel an already healthy Iowa real estate market," said Iowa Association of Realtors CEO Dave Bert. "Statewide home sales have increased five percent over February of last year, home prices have increased and they are selling faster. The Take Credit program provides even more incentive for first-time home buyers to act now - this is an exciting time for home buyers."

 

"Interested home buyers can apply for a mortgage credit certificate through a Take Credit Participating Lender as part of their financing process. Home buyers will need to have approval of the mortgage credit certificate before they close on a home so they should ask their lender about this opportunity early in the application process," said Jamison.

 

The mortgage credit certificate was authorized by Congress in the 1984 Tax Reform Act and capacity for the program is derived from an annual allocation of tax-exempt bond volume cap from the U.S. Treasury Department. The 2015 Take Credit Program has an allocation of private activity bond volume cap sufficient to issue mortgage credit certificates for mortgages totaling approximately $42 million. The certificates are available on a first-come first-serve basis and the program will be closed for further reservations once available funding has been exhausted. More information is available at IowaFinanceAuthority.gov/TakeCredit.

 

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