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Los Angeles, CA (PRWEB) June 24, 2010 -

Industry organizations and documentary filmmakers joined forces today by lending their names to an amicus brief filed on their behalf by attorney Michael C. Donaldson in support of Joe Berlinger who was ordered to turn over some 600 hours of raw footage shot in connection with his film “Crude.”

American petrochemical company Chevron Corporation asked the court for the order in connection with an Ecuadorian class-action lawsuit. Chevron is being sued over environmental contamination in the Amazon rainforest (the Lago Agrio Litigation). Additionally, Chevron intended to use the footage to help fend off threatened Ecuadorian criminal prosecution of two of its attorneys in the litigation. A related international arbitration is also pending.

Chevron’s attorneys are seeking to obtain footage shot during the production of appellant Joe Berlinger’s 2009 film “Crude,” a documentary which reports on the Ecuadorian lawsuit and focuses on indigenous efforts to hold Texaco (now owned by Chevron) accountable for its role in polluting the Amazon rain forests. Chevron obtained the order to turn over the raw footage on May 10, 2010. A federal appeals court stayed the order pending the appeal, but is handling the matter on an expedited schedule due to the timing of the lawsuits in Ecuador.

The brief was filed for fear that the subpoena, if upheld in the Court of Appeal, would have far-reaching and potentially devastating consequences on documentary filmmakers’ ability to not only acquire the statements they need from confidential sources, but also to protect through anonymity those who do come forward to tell their stories, often at great personal risk to themselves and their families.

The amicus brief is filed as a friend of the court in order to bring to the court’s attention the interests of the broader group of filmmakers who are not a party to the dispute. “Allowing an entity–any entity–to have access to all the raw materials that comprise a film–any film–effectively muzzles the future of free speech as it applies to our profession,” states Eddie Schmidt, IDA President and Oscar nominee for the 2005 documentary Twist of Faith. “The scope of this order–all 600 hours of shot footage for a 105-minute film–is so vast, it threatens to swallow an entire profession along with it.”

Initially, the brief was prepared on behalf of the International Documentary Association. The following organizations joined the brief: Center for Asian American Media, Directors Guild of America, Film Independent, IFP, Inc., Latino Public Broadcasting, Native American Public Telecommunications, National Association of Latino Independent Producers, Pacific Islanders in Communications, Producers Guild of America, Tribeca Film Institute, University Film and Video Association, Women Make Movies, Writers Guild of America East and Writers Guild of America West. Individual amici also joined the brief: Patricia Aufderheide, Theodore Braun (“Darfur Now”), Kirby Dick (“This Film Is Not Yet Rated”), Alex Gibney (“Casino Jack and the United States of Money”), Andrew Goldberg (“Armenian Genocide”), Robert Kenner (“Food, Inc.”), Tia Lessin (“Capitalism: A Love Story”), Eddie Schmidt (President of the International Documentary Association) and Ricki Stern (“Joan Rivers: A Piece of Work”).

The United States Court of Appeals for the Second Circuit in New York City will rule on the decision of the lower federal court that granted Chevron’s request forcing Berlinger to hand over the footage. Attorney Michael C. Donaldson plans to attend the hearing, which will be held on July 14, 2010.

Michael C. Donaldson, of Donaldson & Callif, organized the writing of the amicus brief along with his partner Lisa Callif and their legal team: Chris Perez, Melissa Radin and Brianna Dahlberg. The International Documentary Association recruited filmmakers and organizations as declarants and signatories.

About Michael C. Donaldson, Donaldson & Callif

Michael C. Donaldson is an entertainment attorney who has been fighting for independent filmmakers for over 30 years. In addition to representing writers, producers and directors, he serves as General Counsel to Film Independent (home of the Independent Spirit Awards and the Los Angeles Film Festival) and the Writers Guild Foundation. Michael is a founding partner of the Beverly Hills-based entertainment law firm Donaldson & Callif, where he is the industry’s go-to attorney for fair use and other clearance-related issues.

In appreciation of his tireless work on behalf of documentary filmmakers, the International Documentary Association (IDA) recently presented Michael with its Amicus Award, an honor granted only two other times in the IDA’s 25-year history.

For more information on Michael C. Donaldson, please visit: www.donaldsoncallif.com.

Case Number: 10-1918(L).

Court of Record: United States Court of Appeals for the Second Circuit.

Media contact:

Marlan Willardson

MWPR

marlan(at)mw-pr.com

310.701.3350

###

Is a credit freeze an iron-clad, 100% guaranteed way to protect yourself from Identity Theft? Unfortunately, no. Just about anyone could fall victim, just like almost anyone could become a victim of a home burglary. But ask yourself this – if there are two homes side-by-side, one with an advanced home security system and the other without, which home do you think would stand the greater risk of being burglarized?

Think of credit “freezing” similarly – as an increased measure of security. While the term “credit freeze” may bring up some negative connotations in your mind, a credit freeze is actually a positive move you can make to reduce the chances of identity theft.

The cost is minimal – and now many of us have the option. Years ago, only victims of hackers could request credit freezes. In 2007, that changed. In that year, the three consumer credit bureaus all decided to let consumers request freezes. The fee is nominal – typically or less. Compare that with a credit monitoring service, which can run you over 0 yearly.1,2

In 2010, 47 states have laws requiring credit bureaus to offer their residents credit freezes. Some state laws arrange senior discounts for older consumers who request a freeze – in California, for example, the fee per freeze is but if you are 65 or older.3

How does a credit freeze work? The person wishing to, in essence, seal their credit history would go online and contact one of the three credit bureaus – Equifax, TransUnion or Experian – to request a freeze. (Sometimes this can be done via certified mail or even via phone.) The credit bureau would then issue a PIN for purposes of accessing those “frozen” credit reports. So, if a thief wanted to exploit that credit and/or credit history, he or she wouldn’t be able to – without the PIN.

If you need to apply for a loan or a job, you can “thaw” your frozen credit history using your PIN. There is also a fee to thaw your credit, typically about per bureau. Paying that fee may allow you a one-time thaw or a thaw for a specified time period.

Why doesn’t everyone do this? Some people don’t realize they have the option. Others have considered it, but they would rather not put up with a couple of factors. If you constantly open new credit accounts or if your credit history is checked frequently, it is irritating to pay a thaw fee again and again. Then there’s the wait: thawing your credit usually takes a few days.2

It is important to recognize that a credit freeze will not keep everyone out of your credit history – it is only as secret as your PIN. Not only that, businesses that have an existing relationship with you can still look inside your credit reports. A freeze is also not a remedy for ID theft – if theft is already occurring in one of your credit accounts, a freeze won’t stop it. A freeze must be requested before the crime is committed.2,3

Should YOU freeze your credit? The older you are, the more merit the idea may have. Credit freezes are also sometimes requested by divorcing couples when trust is in short supply between ex-spouses. You may want to freeze your credit whether you have been hit by ID theft or not – it may end up saving you money and stress someday.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese, Philip Catalan, Brent Wolf, Andy Starostecki and The Retirement Group or QA3 Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com,  hewitt.com, resources.hewitt.com,  access.att.com, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

 

For Additional Information

Citations.

1 usatoday.com/money/perfi/columnist/block/2007-10-08-credit-freeze_N.htm [10/8/08]

2 walletpop.com/blog/2010/09/03/freeze-your-credit-its-one-way-to-cut-out-the-con-artist/ [9/3/10]

3 creditcards.com/credit-card-news/credit-report-freeze-1282.php [9/2/10]

3 creditcards.com/credit-card-news/credit-report-freeze-1282.php [9/2/10]

This does not constitute an endorsement by John Jastremski, The Retirement Group or the author of the book. The opinions expressed are solely those of the author and may or may not be a representative opinion of The Retirement Group or John Jastremski. John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese Philip Catalan, Brent Wolf, Andy Starostecki, The Retirement Group, AT&T, Verizon

Free Information

Boston, MA (PRWEB) February 5, 2007

IHRDC announces a recently concluded global licensing agreement with Chevron Energy Technology Company for the internet delivery of IHRDC’s award winning IPIMS e-Learning program for the oil and gas industry. This unique learning resource, that is centered around upstream exploration and production technology, will be used to provide online support for the ongoing development of technical competencies for worldwide professional staff.

About IHRDC

Headquartered in Boston with offices in Amsterdam, Cairo and Caracas, International Human Resources Development Corporation (IHRDC) is a privately owned company that has been providing highly regarded management, technical and operations training programs and competency-based e-learning systems to the oil and gas industry for more than 35 years.

The company’s e-Learning program, the International Petroleum Industry Multimedia System (IPIMS) is licensed by over 55 companies worldwide and recently won the 2003 Corporate Award for Excellence in Distance Learning Programming from the U.S. Distance Learning Association in Washington, DC.

For more information contact:

Theresa Donohue

617-536-0202, ext. 225

http://ipims.com/

# # #

Provide employee health insurance, or pay a penalty? Small business owners worry about having to face that choice. That possibility moved a step closer to reality in mid-July, as three of five Congressional committees approved new legislation to remake American health care – legislation that could expand health insurance coverage to 46 million uninsured Americans, with potentially harsh consequences for business owners.1,2

Two variations of pay-or-play. TheHouse version of the bill would levy a fine on employers that don’t offer health coverage – a fine as large as 8% of a company’s annual payroll. However, some businesses could qualify for tax credits and some very small firms wouldn’t have to pay such penalties.2

The Senate alternative would spare small companies (25 workers or less) from annual penalties. It would require a business with 25 or more employees to fork over 5-750 per worker annually if that business refused to offer health coverage or paid less than 60% of employees’ monthly health plan premiums.2,3

Could businesses handle this? After all, some companies have considered dropping health plans altogether. Health insurance premiums paid by businesses have increased more than 200% in the last ten years, according to a Kaiser Family Foundation report; in 2008, single coverage averaged ,704 and family coverage ,680. The report found that less than half of businesses with three to nine employees offered health plans at all last year.2

The House version of the bill would require a small business with a payroll of 0,000 or more to provide coverage or be penalized. The penalty would actually be a sliding-scale payroll tax: it would be 2% of payroll at 0,000 and climb to 8% of payroll for companies with 0,000 payroll or greater.3

What if you’re self-employed? No break for you. In the Senate version of the bill, any self-employed individual would have to buy health insurance or pay a 0 penalty annually. However, insurers could not use past claims history or pre-existing medical conditions to deny you coverage. Individuals whose income is within four times the poverty level (i.e., ,000 or lower for a family of four) could qualify for subsidies.3

As for the House version, it asks self-employed individuals to buy coverage or pay a tax equivalent to 2.5% of the difference between their adjusted gross income and the tax filing threshold (which was about ,000 in 2008). Sliding-scale subsidies would be offered to self-employed Americans so that they would not have to spend more than 11% of their income on health coverage. As in the Senate bill, insurers could not wiggle out of providing coverage by citing pre-existing medical conditions.3

What would the long-term impact be? In the bleakest scenario, businesses would be hard pressed to offer workers decent wages or decent health coverage. Nationally, fewer and fewer companies are offering health benefits in the first place. A 2008 National Small Business Association poll found that just 38% of small companies could afford health plans at all, compared to 67% of small businesses in 1995.4

A sunnier outlook comes from the Small Business Majority, a nonprofit advocacy group founded by small business executives. Its report examined three scenarios using different levels of employer tax credits and employer payments. It concluded that the proposed health care reforms could save small businesses as much as 5 billion, and preserve as many as 128,000 jobs that would have been lost because of runaway health insurance costs.4

Stay tuned. Will Congress give business owners more of a break? Could penalties be reduced, or requirements eased? Will fewer businesses offer health plans, assuming that their employees could qualify for federal subsidies toward individual health insurance? At this point, there are more questions than answers – but with the median health insurance cost for U.S. businesses already at about 11% of payroll, any increase would be unkind.2

http://www.theretirementgroup.com

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese, Philip Catalan, Brent Wolf, Andy Starostecki and The Retirement Group or QA3 Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.  The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com,  hewitt.com, resources.hewitt.com,  access.att.com, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

Citations.

1 nytimes.com/2009/07/18/health/policy/18health.html?hp [7/17/09]

2 dallasnews.com/sharedcontent/dws/bus/stories/DN-localhealth_16bus.ART.State.Edition2.4bde27c.html [7/16/09]

3 businessweek.com/smallbiz/content/jul2009/sb20090716_683119.htm [7/16/09]

4 cbsnews.com/stories/2009/06/16/politics/main5092451.shtml     [6/16/09]

http://www.theretirementgroup.com/new/retiregroup2/content.asp?contentid=2016566134

 

70% of people currently over age 65 will require some long term care someday. That is the estimate of the U.S. Administration on Aging, a division of the U.S. Department of Health & Human Services.1Will Medicare or private health insurance pay for it? The short answer is “no”.

In the decades ahead, baby boomers will reach their seventies, eighties and nineties. With aging parents of their own, some are learning how much long term care really costs. Some are still unaware.

How many of us are financially prepared for the possibility? Here are a couple of “averages” to consider from MetLife’s 2009 survey of LTC costs. The average annual cost of nursing home care is now ,935 or 9 per day. That’s up 3.3% from 2008. The average nursing home stay is about 2.5 years, which means you would need roughly 0,000 to pay those bills.2

Can you imagine paying it out of pocket? Taking out a reverse mortgage to do it? Using Medicaid because you have nothing left? No one wants these financial circumstances. The clear answer is long term care insurance coverage.

How expensive is LTC coverage? Annually, it typically costs about as much as a cheap used car. MarketWatch cited an example from the MetLife survey: in 2009, a 52-year-old federal employee could pay ,524 annually for an LTC policy with a 0-per-day benefit for three years and a maximum lifetime benefit of about 0,000.2

Does ,500 or ,800 or ,100 annually (just to throw out a few numbers) sound expensive? These premiums are certainly inexpensive compared to the staggering bills you may face if the need for LTC enters your life. Yes, there is a chance that you may never need LTC coverage. However, with advances in medicine and healthcare, we may live much longer than we anticipate before we leave this world. Factor in diseases such as Alzheimer’s and Parkinson’s and other gradually disabling disorders, consider the population wave of baby boomers maturing, and you see why this coverage makes so much sense for so many.

Partnerships to make paying for it easier. Many states have created partnership programs to encourage people to buy LTC coverage. Essentially, these plans provide dollar-for-dollar asset protection when you buy an LTC policy. So for every dollar the policy pays out in benefits, you get an equal dollar amount in asset protection under a state’s Medicaid spend-down regulations.

For example, let’s look at Ohio. Let’s presume a couple have a 0,000 LTC policy. If they use up the whole 0,000 to pay for LTC, they would have to spend down their assets to ,250 to qualify for state Medicaid benefits. But … if they exhaust a 0,000 partnership policy, they can potentially qualify for Medicaid coverage and still retain 1,500 of their assets.3 State governments are increasingly offering to partner with LTC policyholders with inflation-adjusted policies.

A new option (and a nice tax break). There are now whole life insurance policies and annuities structured to provide either a long-term care benefit or a death benefit – and thanks to the Pension Protection Act, starting on 1/1/10 the interest deducted to pay premiums and benefits from tax-qualified LTC coverage will no longer be taxed. (This applies to combination whole life/LTC policy plans and combination annuity/LTC policy plans; premiums for traditional LTC insurance policies will still be paid with after-tax dollars. So with these new combination whole life/LTC and annuity/LTC policies, you will now have tax-free premiums and tax-free benefits.)4

59% of Americans are wrong when it comes to long term care. AARP conducted a survey in 2006 and found that 59% of respondents believed Medicare would pay for extended nursing home care. Another 52% incorrectly thought that Medicare would cover assisted living costs. In 2009, AARP found that 44% of Americans were “not very prepared” or “not at all prepared” to bear sudden long term care expenses.

I urge you to join the ranks of the prepared. November is Long Term Care Awareness Month – a good time to look at ways to plan for long term care needs. Now is the time to confer with an insurance advisor or financial advisor to learn more about your options.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese, Philip Catalan, Brent Wolf, Andy Starostecki and The Retirement Group or QA3 Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com,  hewitt.com, resources.hewitt.com,  access.att.com, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

Citations.

1 naifa.org/newsevents/releases/200810212_LTCMonth.cfm [10/21/09]

2 blogs.marketwatch.com/retirement/2009/10/27/long-term-care-insurance-is-it-worth-the-bet/ [10/21/09]

3 ltc4me.ohio.gov/faq.aspx [8/08]

4 seniormarketadvisor.com/r/smaMag/d/contentFocus/?adcID=c52394c846a85ab7538a370dfea5a92f [10/16/08]

5 aarp.org/research/ppi/ltc/Other/articles/the_costs_of_long-term_care__public_perceptions_versus_reality_in_2006_–_aarp_fact_sheet.html [12/13/06]

6 assets.aarp.org/rgcenter/il/bulletin_ltc_09.pdf [4/09]

New York, USA, (PRWEB) April 10, 2006

Chevron Corporation, which acquired Unocal few months back, has expressed its desire to sell its assets in Bangladesh to Reliance Industries, a private energy company of India which will export gas from Bangladesh to India in liquefied form, according to an Indian newspaper.

‘…in the dialogue that the two companies had few weeks ago Chevron has expressed its desire to sell its Bangladeshi assets to Reliance,’ the daily Pioneer reported on April 6.

‘The proposal under discussion includes Reliance acquiring former Unocal’s [now a part of Chevron] 16.1tcf reserves in Bangladesh. Chevron, it is understood, is reviewing the assets that Unocal had acquired because it makes very little economic sense for the company to own these assets,’ it said.

Chevron officials in Bangladesh said the report was completely ‘baseless’ and the company was not in talks with any company to sell its assets in Bangladesh.

‘It is completely baseless. We are not in talks with any company to sell our Bangladeshi assets,’ a Chevron official told reporters on Friday.

The Pioneer report said ‘at present, Chevron owns Jalalabad gas field which produces 100 million cubic feet a day, supplying about 10 per cent of Bangladesh’s consumption. Besides this, there are two other fields – Bibiyana, which is estimated to hold about 6 trillion cubic feet of gas reserves, and Moulvibazar, which is now being assessed for reserves’.

It claimed that there was ‘no’ domestic market for the gas as the demand from households and industry was low.

Petrobangla currently supplies around 1480 million cubic feet of gas per day against the demand of around 1,650mmcfd.

‘For Reliance the same asset makes very good business sense as it is already developing the eastern pipeline grid for transporting the gas from Krishna-Godavari Basin. The company, if it acquires the asset, will set up a pipeline from Bangladesh to evacuate the gas, which could join the eastern grid that it is already developing,’ the newspaper said.

It claimed that ‘besides its (Reliance) own gas fields development will change the fortunes of the country and partner company Petrobangla can export gas alongside other foreign companies operating in the region’.

Unocal wanted to export gas in 2002-2003 to India but the government had to backtrack in the face of strong protest from various quarters.

# # #

New Orleans (Vocus) June 26, 2010

Gulf Coast American Indian Tribes in southeast Louisiana impacted by the Deepwater Horizon oil spill will be hosting a cultural exchange with their Ecuadorean counterparts who have been severely impacted for decades by Chevron’s oil contamination in Ecuador’s rainforest. The Amazon leaders will tour areas of the Bayou affected by the spill, have community exchanges with the Houma and other Gulf coast residents, and participate in a public meeting in the heart of the largest Houma community on Thursday evening. The Ecuadorean leaders are scheduled to arrive Sunday and hope to share their experiences in recovery and protecting health, livelihoods, and culture in the wake of an oil disaster of this magnitude.

“The Gulf spill is an absolute threat on who we are as Houma people and our way of life. Our homeland and the health of our people are at risk and we must plan for the long-term effects of this catastrophe,” said Thomas Dardar Jr., Principal Chief of the United Houma Nation. “We look forward to meeting our brothers and sisters of the Amazon and sharing ideas and solutions regarding protecting the indigenous way of life when faced with such huge environmental impacts.”

The United Houma Nation is a state recognized Tribe of approximately 17,000 citizens that reside along the coastal marshes of southeast Louisiana. Traditionally Houmas have lived off the land and work as fishermen and trappers. As the Deepwater Horizon disaster unfolds it holds a deeper meaning for the Houmas, who reside on the front lines – it is the uncertainty of whether the culture of the Houma as it stands today will survive.

“Our hearts broke upon seeing images of the tragic spill in the Gulf of Mexico,” said Emergildo Criollo, a leader of the Cofan tribe in Ecuador’s rainforest who will participate in the delegation. “We are honored to accept the invitation of the United Houma Nation to visit the Gulf. We hope what we have learned from our own torment at the hands of Chevron will strengthen the resolve of the communities affected by the BP spill.”

Experts estimate that approximately 345 million gallons of pure crude were discharged into Ecuador’s rainforest and waterways relied on by local groups for fishing, bathing, and drinking. For decades, Texaco (now Chevron) deliberately dumped 18 billion gallons of toxic oil waste, 17 million gallons of oil, and left over 900 unlined oil pits in Ecuador’s Amazon rainforest. The contamination has decimated Indigenous groups in Ecuador and caused an outbreak of illness, birth defects, and cancers that account for at least 1,400 deaths.

Rainforest Action Network and Amazon Watch, two U.S.-based advocacy organizations that have long-supported the communities in Ecuador, are helping to coordinate the delegation.

For more information, visit www.ChevronToxico.com or www.ChangeChevron.org

Who:     Indigenous and community leaders from Ecuador and Gulf Coast Native tribes

What:     Boat tour of oil spill affected areas, public community meeting, cultural exchange

When:     June 28 – July 2. Highlights include Tuesday boat tours out of Grand Isle, Wednesday leadership reception/exchanges in the Houma Nation, and a public forum in Houma Thursday at 6 pm.

Where:     New Orleans and Louisiana Gulf Coast

###

Don’t stop saving for retirement. Even if you think you’re wealthy enough to forego putting money in your 401(k), you could end up seriously shortchanging your retirement savings potential by reducing your retirement plan balance or elective salary deferrals.

A 401(k) plan is a great retirement savings vehicle – and the fact is that most Americans have not saved enough for their retirement years. Additionally, if you withdraw money from a 401(k) plan before age 59½, you’ll face a 10% tax penalty (with few exceptions) and you may end up spending money today that could have enjoyed tax-deferred compounding in the future.1

Don’t expose more of your money to taxes. Usually, contributions to a 401(k) are tax-deductible.2 If you decide not to make those contributions, here’s a consequence: the IRS and your state government will claim more of your income. So you’ll wind up with less money in your wallet today and less money in your retirement account.

Don’t lose out on a match. Will your employer match your contributions – say, a dollar-for-dollar match on the first 3% of salary? If you make ,000 per year, 3% is ,800. Would you throw away ,800 worth of free money each year? You shouldn’t, especially given that this money will grow tax-deferred.1

Do keep contributing steadily. It’s a good idea to keep up the dollar cost averaging and continue to make steady month-to-month or paycheck-to-paycheck salary deferrals. In all probability, this is central to your financial plan – and how will you amass the retirement savings you need if you stop contributing? Sure, there are other ways to build retirement savings, but dollar-cost-averaged contributions to a 401(k) represent a consistent, recurring way to get that job done.

If you contribute to your 401(k) plan through a dollar cost averaging approach, your investment dollar is buying shares at a lower price in this down market – and it is also buying more shares for your money. That could put you in a really good position when the market rebounds.

It’s a good idea to keep contributing even if you are falling behind financially. Should you pay down debts with your 401(k) assets? Only as a last resort. In fact, if you are looking at a bankruptcy or similar financial pressures, a 401(k) account is a really good place to put some of your money (the 2008 contribution limit is ,500, with a ,000 ceiling on additional “catch-up” contributions for workers 50 and older).3 Pension plan, IRA and 401(k) assets are protected in bankruptcy proceedings in most states.4

Do review your goals with your financial advisor. Look at your time horizon. Look at your overall financial plan. Whether you are nearing retirement or far away from it, you will see that your 401(k) is a vital tool for pursuing your financial objectives. So don’t be discouraged by the short-term headlines; abide by the long-term plan created personally for you.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese, Philip Catalan, Brent Wolf, Andy Starostecki and The Retirement Group or QA3 Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

The Retirement Group Website:

http://www.theretirementgroup.com

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com,  hewitt.com, resources.hewitt.com,  access.att.com, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

Citations.

1 irs.gov/taxtopics/tc424.html x         [11/7/08]

2 fool.com/personal-finance/retirement/2008/10/15/your-retirement-is-now-a-lot-more-complicated.aspx              [10/15/08]

3 buffalonews.com/businesstoday/businessfinance/story/481670.html                           [11/2/08]

4 nolo.com/article.cfm/pg/2/objectId/1E5D82D5-6576-491F-B763445E2CB1BE60/catId/462A9501-9B21-4E09-A08C5A7B8AF51A79/213/161/CHK/                [11/7/08]

(PRWEB) May 6, 2005

Officials with Kaplan Companies and ChevronTexaco joined today with Bayonne Mayor Joseph V. Doria, Jr. and other city officials to mark the demolition of an 800-foot dilapidated pier on the Newark Bay.

Doria said city residents have waited a long time for progress to take place on the property.

“The Texaco plant closed twenty years ago,” Doria said. “This is the first positive development in addition to the ongoing remediation. I hope that the rebuilt pier will be accessible to all the citizens of Bayonne for recreational purposes.”

Jason Kaplan, president of Kaplan Companies, agreed the pier demolition is the start of an exciting project that will transform the former industrial site.

“Working in partnership with ChevronTexaco, we will stabilize the shoreline and rebuild this old structure into a public amenity for all Bayonne residents to ultimately enjoy,” Kaplan said.

The pier and its warehouses were once used to load and store products, as a part of the Texaco lube blending facility, which operated in Bayonne from 1907 to 1985. The pier and associated platform are being demolished over the next few months; Chevron Environmental Management Company, a ChevronTexaco Company, is overseeing the project.

“The demolition of the pier, is to be completed by the fall, and is part of ongoing remediation activities at the site,” said ChevronTexaco Project Manager Michael Coats . “It is a visibly significant step in transforming this 66 acre former industrial site for redevelopment as a productive and vital mixed-use community in lower Bayonne.”

Rebuilding the pier is a joint effort between Chevron Land and Development, a ChevronTexaco Company, and the K-Land Corporation, a part of Kaplan Companies of Highland Park.

The plan calls for the pier to be reconstructed into a public use pier with a fishing area, benches, a gazebo, pavers and decorative lighting for the public to enjoy and shore stabilization for the continuation of the Hudson River Waterfront Walkway.

# # #

Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k), life insurance policy, or annuity?

You may be able to answer such a question quickly and easily. Or you may be saying, “You know … I’m not totally sure.” Whatever your answer, it is smart to periodically review your beneficiary designations.

Your choices may need to change with the times. When did you open your first IRA? When did you buy your life insurance policy? Was it back in the Eighties? Are you still living in the same home and working at the same job as you did back then? Have your priorities changed a bit – perhaps more than a bit?

While your beneficiary choices may seem obvious and rock-solid when you initially make them, time has a way of altering things. In a stretch of five or ten years, some major changes can occur in your life – and they may warrant changes in your beneficiary decisions.

In fact, you might want to review them annually. Here’s why: companies frequently change custodians when it comes to retirement plans and insurance policies. When a new custodian comes on board, a beneficiary designation can get lost in the paper shuffle. (It has happened.) If you don’t have a designated beneficiary on your 401(k), the assets may go to the “default” beneficiary when you pass away, which might throw a wrench into your estate planning.

How your choices affect your loved ones. The beneficiary of your IRA, annuity, 401(k) or life insurance policy may be your spouse, your child, maybe another loved one or maybe even an institution. Naming a beneficiary helps to keep these assets out of probate when you pass away.

Many people do not realize that beneficiary designations take priority over bequests made in a will or living trust. For example, if you long ago named a son or daughter who is now estranged from you as the beneficiary of your life insurance policy, he or she will receive the death benefit when you die, regardless of what your will states.1

You may have even chosen the “smartest financial mind” in your family as your beneficiary, thinking that he or she has the knowledge to carry out your financial wishes in the event of your death. But what if this person passes away before you do? What if you change your mind about the way you want your assets distributed, and are unable to communicate your intentions in time? And what if he or she inherits tax problems as a result of receiving your assets? (See below.)

How your choices affect your estate. Virtually any inheritance carries a tax consequence. (Of course, through careful estate planning, you can try to defer or even eliminate that consequence.)

If you are simply naming your spouse as your beneficiary, the tax consequences are less thorny. Assets you inherit from your spouse aren’t subject to estate tax, as long as you are a U.S. citizen.2 For example, a spouse can roll assets inherited from a 401(k) plan into an IRA without incurring taxes on the wealth transfer.3

When the beneficiary isn’t your spouse, things get a little more complicated … for your estate, and for your beneficiary’s estate. If you name, for example, your son or your sister as the beneficiary of your retirement plan assets, the amount of those assets will be included in the value of your taxable estate. (This might mean a higher estate tax bill for your heirs.) And the problem will persist: when your non-spouse beneficiary inherits those retirement plan assets, those assets become part of his or her taxable estate, and his or her heirs might face higher estate taxes. Your non-spouse heir might also have to take required income distributions from that retirement plan someday, and pay the required taxes on that income.4

As a result of the Pension Protection Act, surviving spouses from same-sex couples may be allowed by employers to convert inherited retirement plan assets into inherited, traditional or Roth IRAs, avoiding taxes until those assets are withdrawn. This requires a direct transfer, not a rollover distribution.5 Before the end of 2008, Congress may vote to make this option mandatory.6

If you designate a charity or other 501(c)(3) non-profit organization as a beneficiary, the assets involved can pass to the charity without being taxed, and your estate can qualify for a charitable deduction.7

Are your beneficiary designations up to date? Don’t assume. Don’t guess. Make sure your assets are set to transfer to the people or institutions you prefer. Be sure to talk about it with the financial advisor or estate planner you know and trust.

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of John Jastremski, Jeremy Keating, Erik J Larsen, Frank Esposito, Patrick Ray, Robert Welsch, Michael Reese, Philip Catalan, Brent Wolf, Andy Starostecki and The Retirement Group or QA3 Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

The Retirement Group: http://www.theretirementgroup.com

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com,  hewitt.com, resources.hewitt.com,  access.att.com, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

Citations.

1 seattlepi.nwsource.com/lifestyle/356213_consumer25.html

2 smartmoney.com/taxmatters/index.cfm?Story=20020830

3 online.wsj.com/public/article/SB119948578270968559.html?mod=yahoo_free

4 news.morningstar.com/articlenet/article.aspx?id=212411

5 investmentnews.com/apps/pbcs.dll/article?AID=/20080331/REG/872112904/1037

6 investmentnews.com/apps/pbcs.dll/article?AID=/20080326/REG/451067155/1024/COMPLIANCE

7 news.morningstar.com/articlenet/article.aspx?id=212411