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New law encourages workers to save more: Pension Protection Act lifts retirement account limits, steers people into 401(k)s

A major provision of the Pension Protection Act signed into law by President Bush last month encourages companies to register workers for retirement plans without requiring them to “opt in.” Putting the onus on employees to decline enrollment is a savings caveat financial planners favor. “Anytime you leave it up to somebody to do something on their own, you increase the odds that it’s not going to happen,” said Grace Worley, president of Indianapolisbased Worley Financial Group. “If they’re [enrolled]…

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VIEWPOINT: Heads out the door-not the only answer

Aug. 25-Unemployment in Indiana has hit the highest level in three years, preliminary government figures show. Whenever I read unfortunate news such as this, I recall a conversation I once had with a senior executive. He casually summed up his strategy for achieving supe rior financial results: “Heads out the door. That’s the first thing I do. That’s the only way I know with certainty that the financial results will be improved.” Heads out the door. This made me think…

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Is it ever too late to build a nest egg?: Even those 55 and older with little savings should still put together a retirement plan, financial planners say

Many Americans are woefully unprepared for retirement, according to a recent study from the Employee Benefit Research Institute. The Washington, D.C.-based organization’s latest Retirement Confidence Survey shows 44 percent of Americans age 55 and older have saved less than $100,000. Moreover, only 13 percent have saved at least $250,000, while 30 percent either didn’t know or declined to answer the question. The statistics are hardly surprising to financial planners on the front lines of the battle to convince Americans they…

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NOTIONS: Of errors, apologies and redemption

Last week, a friend and I stopped by Nordstrom so she could purchase some cosmetics. She found one needed product on the shelf, then asked the clerk if the item she’d asked to be sent from another store had arrived. The clerk said it had, but that they’d sold it to another customer because my friend hadn’t called for it. My friend said she’d never been notified the product was in. The clerk repeated that it’s store policy to sell…

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Ivy Tech to host SBDC: State hopes partnership will end instability, help local center shine as consultant

The Central Indiana Small Business Development Center hasn’t exactly been a pillar of stability that budding entrepreneurs seeking its advice could emulate. The entity, part of a statewide network of 11 such centers that counsel fledgling businesses, has struggled to find a permanent home-and a capable director-for five years. But state officials, eager to end the strife, have stepped in to lead a reorganization they hope will return the center to prominence within the local small-business community. For starters, Ivy…

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TAWN PARENT Commentary: Our dead deserve better than this

Forget coming late to the daylightsaving time party. Even higher on the list of things we Hoosiers should be embarrassed about is our coroner system. Of course, embarrassment isn’t the half of it. More troubling is that we elect and counties pay coroners who need no qualifications whatsoever, other than being adults and living in the county where they’re elected. (Their day jobs range from truck driver to boat pilot.) Worst of all is the hindrance these underqualified officials can…

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ECONOMIC ANALYSIS: It’s time to get realistic about the federal deficit

Most of us know that the dollar figures used to describe the national economy are awfully large. That includes the dollar totals that pertain to the operations of the federal government as well. We’re a big country, with a population nearly 300 million strong. We have the world’s largest economy, and, yes, the world’s largest government. And every newly elected congressman or congresswoman soon gets comfortable tossing around multibillion-dollar spending commitments as if they were salt and pepper shakers at…

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ATA flies closer to black: Airline doing better, but doesn’t plan to resume local service

ATA, the incredibly shrinking airline that once was the busiest at Indianapolis International Airport, appears to have shrunk in a favorable category-its financial losses. The Indianapolis-based carrier that ended scheduled service here in January had a loss of $5.27 million in the second quarter, according to data compiled by the U.S. Department of Transportation. Now privately owned, ATA Holdings Corp. lost $26.3 million during the second quarter in its domestic operations, according to DOT. But it earned $21 million in…

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INVESTING: For investors, a world of opportunity awaits in Singapore

Westerners have been dreaming about the riches of the Far East for centuries. Christopher Columbus didn’t set out to discover America. He was looking for a faster route to India and China. More than 500 years later, the dream is not completely fulfilled, but riches can still be had, as long as you have some to begin with. I just returned from Singapore. This tiny nation-state is the most densely populated country on earth, and it is smack dab in…

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Mentoring initiative aims to grow Hispanic businesses: Applications available soon for three-year program

Leaders of the growing Hispanic community have high ambitions for a new business-mentoring program with a modest price tag. In October, the Greater Indianapolis Chamber of Commerce’s Hispanic Business Council will debut its volunteer “Mentor/Protégé” initiative, which will annually match three promising Hispanic companies to local professionals that can spur their growth. Whether the Hispanic firms need help with accounting, legal counsel, supply chains or sales, the Chamber will leverage its network of contacts. And if the threecompanies-per-year pace is…

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NOTIONS: Five years after 9/11, will we let freedom ring?

On the first anniversary of 9/11, I knew just how Americans should mark the occasion. “Hang ten. Hang it up. Hang out. Paint a portrait. Paint the town. Watch your weight. Let it be. Say hey. Strike back. Roll a strike. Spare a dime. Rock the boat. Do time. Take a shot. Do your best. Give back. Give a damn. Turn a cheek. Heal the sick. Feed the poor. Hold hands. Make love. Love life. Hug kids. Wave flags. Play…

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EYE ON THE PIE: Property taxes: Indiana’s soap opera

Hoosier propertytax laws are so bad, they should be totally revised, but not discarded. As it stands, there is little economic sense in how those laws are written or applied. We have homeowners ranked against renters, plus residential, commercial, industrial and agricultural interests are in perpetual conflict. The only beneficiaries of this ceaseless conflict are the party automatons in the General Assembly. Let’s consider the simplest case. Mr. Gold lives in a house with an assessed value of $150,000. Mr….

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ECONOMIC ANALYSIS: Strong economy draws out plethora of spending plans

If you ever want to satisfy your curiosity about recessions and business cycles, travel over to the Web site of the National Bureau of Economic Research. It has recorded and documented every downturn and uptick in the U.S. economy since 1857. And over that century and a half, the bureau has noticed certain regularities to the boom and bust of the economy around us. In the first stages of recovery from a recession, for example, it is quite common for…

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INVESTING: Watch out, mutual funds-a competitor eyes your turf

Mutual funds became truly dominant in the early 1980s when our government strengthened the 401(k) rules. Most 401(k) plans do not allow participants to buy individual stocks, or much of anything besides mutual funds. So these massive institutions are supported by legions of workers mechanically depositing small amounts every month. The gig has gotten even better for the fund providers over the last 25 years because 401(k) participants have developed habits of doing almost nothing with their money after they…

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VOICES FROM THE INDUSTRY: City must continue to encourage public-art projects

Since 1821, when Alexander Ralston first began incorporating spaces for public art in his design of Indianapolis, the city has been able to maintain a strong tradition of public art. Today is a good time to evaluate what must be done now to sustain and enhance that 185-year tradition. Public art also bolsters an area’s economic value and makes it more appealing for investors. Outside businesses looking to relocate a branch or headquarters will look more favorably on a community…

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Former Mays exec grows business of his own: Thompson gains notice in local construction industry

If it weren’t for an article that appeared in The Wall Street Journal more than 20 years ago, John Thompson likely would have never come to Indianapolis and ultimately start his plumbing and electrical supply distributorships. Thompson, 52, launched Thompson Distribution Co. Inc. in 2001 after purchasing the old Mutual Pipe & Supply company in the 2200 block of North College Avenue. Two years later, he founded First Electric Supply Co. Inc. at the same location. Mutual brought in $1…

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EYE ON THE PIE: Let’s ditch revenue forecasting

“This humidity is the worst part of living in a Hoosier forest. I can’t take off more clothes and maintain an appropriate degree of decency. Even then, this soggy air still would be oppressive.” Faye of the Forest was perched on my deck railing complaining about the weather. I just endured, puffing a cigar as if I were Sydney Greenstreet in one of those 1940s movies set in the jungle. All I was missing was the white suit. “So,” she…

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St. Vincent makes bigger investment in charity care: Need drives construction of Primary Care Center set to open in mid-2007

Here’s a lesson they don’t teach in business school: Take an entity that loses $4 million annually and expand it 50 percent. That’s the plan St. Vincent Indianapolis Hospital unveiled earlier this month when it broke ground on a new, larger Primary Care Center serving indigent, underinsured and uninsured patients. That population of poor, mostly Spanish-speaking patients has more than doubled its annual visits since 2000. St. Vincent officials say the new $4 million center is 10 years overdue. Their…

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TAWN PARENT Commentary: Community woes? Not my problem

Soaring crime rates. Declining school performance. Litter. It’s easy to find things to complain about. And I do my fair share. Since my son started kindergarten at an Indianapolis Public Schools magnet last year, I have lamented the lack of parental involvement. “It’s a shame that some kids don’t have anyone to help with their homework,” I say to myself. “It’s a shame that some moms and dads don’t make it to parent-teacher conferences. It’s a shame that some of…

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NOTIONS: Has our love for labor been lost?

Bruce Hetrick is on vacation this week. In his absence, this column, which appeared on Sept. 1, 2003, is being reprinted. The Labor Days of my memory are happy-sad affairs. The weather is muggy. The family’s gathered at some park or pond, river or lake. Burgers sizzle on the grill. Frisbees fly through the air. And after supper, there’s touch football with dads and brothers, kids and cousins, until dusk drops her shadowy curtain on yet another summer. In my…

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