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The Ohio Patrolmen's Benevolent Association (O.P.B.A)

Letter of Appreciation

August 12, 2013
Re:
Executive Director, Jeff Pedicino

On behalf of the Norton Police Officers bargaining membership, we would like to extend our gratitude for the efforts of you, Executive Secretary Thomas Austin, Staff Attorney Max Rieker and Counsel to the Board Andy Douglas in the defeat of the City of Norton Charter initiative known as Issue 1. Mr. Pedicino, your correspondence with our city administration, regarding the OPBA's opinion on this issue and your reassurance in working with them to defeat this issue was highly motivating. The media presentation by Thomas Austin and Andy Douglas supporting a no vote on this issue was professionally conducted and completely changed the momentum, positively influencing our membership to get actively involved . It quite possibly polarized the Norton community to vote down this issue. Max Rieker orchestrating the media event and staying informed on this issue set the stage for a positive result. I am sure other OPBA staff members were also involved in reviewing this detrimental issue that potentially could have financially crippled the City of Norton. Thanks to all for your support and conviction.

Respectively submitted,
Dan Beavers / OPBA Director, City of Norton

 

Valued Supporters of the OPBA Charitable Foundation

Allotta and Farley

American Income Life Insurance

Jeff Pedicino, Executive Director

Argie, D’Amico and Vitantonio

Guardian Protection

Ciuni & Panichi

Independent Insurance Agency

Retired Irish Police Society

Lineweaver

Friends of Tom Patton

Debra Gasser

Badges Plus

Thank you again for your generous donations.

 

Which 457 Deferred Compensation Plan is Right for You?

Life used to be simple.  Your community’s 457 deferred compensation plan probably offered only one option.  Now, however, many communities have adopted several options that are represented by various private financial firms, along with the state-run plan.  Each plan may have different features and investment options, along with a range of fees.  Some plans provide active management and will choose the funds on your behalf, making adjustments based on market conditions--while others require you to make the decisions yourself.  You may find yourself wondering which plan or plans are most suitable for your situation and how to know if you’ve picked the right one.

With the pension reform that took place last year, and more potential changes on the horizon, your deferred compensation assets are going to become even more important in your retirement planning strategy.  We encourage all employees to at least contribute something to a 457 plan, even if it’s a small amount to start.  Your contributions go into your plan pre-tax, thus lowering your taxable income for the year.  They potentially grow tax deferred throughout your career, and then will be taxable as earned income when you take distributions in retirement.  This compounding effect can really help you save money over your career as a Police Officer or Firefighter.  457 plans also allow for high contribution rates.  If you are under the age of 50, you can contribute up to $17,500 this year.  If you are age 50 or older, you can contribute an additional $5,500 for a total of $23,000!  Some employees are also eligible for a “special catch-up contribution,” which could allow you to contribute up to $35,000 per year for up to three years prior to your retirement (restrictions may apply).  The bottom line is that whatever amount you can spare to save, you will want to make sure it is managed properly and you are making the best use of these funds.

Our company currently services numerous municipalities in the Greater Cleveland area as a deferred compensation provider.  We are constantly fielding questions on how all the different plans work and their advantages and disadvantages.  To help you through this process, we felt it would be important to arm you with some questions you can ask your provider(s) to ensure you know how your deferred compensation plan works and to help you decide if it matches your goals and objectives.

Here are some questions to get you started:

  • How many investment options are available?
  • What are your current fees and fund expenses?
  • Does your current plan have a surrender charge?
  • Does your plan allow for an easy access emergency loan program? What are the start-up costs and interest rate charges?  Is any of the interest credited back to your account?
  • Does your plan have a principal protection feature, regardless of market conditions?
  • Does your plan have an income or withdrawal benefit attached to it?  If so, what are the fees for this and how does it work?  What are the restrictions?
  • Does your deferred compensation provider offer full financial planning services to handle and coordinate all your financial, tax, legal, and insurance matters? Do they offer an ongoing program of current educational programs for you and your family?

At Lineweaver Financial Group, we feel knowledge is important, and an informed client often results in a happy client.  Retirement planning can be a very stressful process-- and in some cases, you may not get a second chance.  Having a properly structured deferred compensation plan can be critical to the success of your plan.  If you have further questions or would like a complimentary analysis of your plan versus your other available options, feel free to give us a call.  We would be happy to assist you.

Lineweaver Financial Group

9035 Sweet Valley Drive

Valley View, OH 44125

216.520.1711

Securities offered through Sigma Financial Corporation. Member FINRA/SIPC

Lineweaver Financial Group is independently owned and operated.

This is for informational purposes only and should not be construed as tax, legal, or financial advice. Please consult your tax, legal or financial advisor.

 

In Memoriam

Our thoughts and prayers go out to the families and friends of the following OPBA members who have recently passed away: 

Richard Haverlack, Retired Member

Maurice Lamar, Cuyahoga County Sheriff’s Office