Kokomo Tribune; Kokomo, Indiana

Breaking News

Opinion

November 3, 2013

Public Eye

Retirement issues, clarified

In last week’s Public Eye, we alluded to the late “wealth manager” Richard Schwartz, when making a larger point on concerns over current pension reform efforts.

After reading it, Kokomo city officials set us straight on some key facts regarding Schwartz’ potential involvement with some city worker-held retirement investments, which in turn led to a need to clarify.

Schwartz was formerly a broker, and was seeking to match the city with The Hartford, a company which was seeking to manage the city’s 457(b) accounts, recalled city director of operations Randy McKay, who dealt with this particular decision.

Basically a 401k for public employees, 457 accounts are entirely separate from public pension funds, and are a voluntary salary deferral into an investment account. City pension funds are invested through the state’s Public Employee’s Retirement Fund. Schwartz was simply standing to earn a commission for bringing the city’s 457 savings account business to The Hartford. The Hartford was going to manage the 457 funds, not Schwartz.

The deal bogged down, however, because Nationwide, which had been managing those accounts, also managed life insurance accounts for some city employees. McKay said the city was unable to get a deal worked out to convert those accounts to The Hartford without some employees getting hit with premium increases, so Hartford didn’t get the business, and Schwartz didn’t get a commission.

Let the primary fight begin

After defeating six other candidates in the 2012 Republican Party to win the nomination in the 5th Congressional District, freshman lawmaker Susan Brooks already has a challenger for 2014.

Carmel insurance broker David Stockdale announced earlier this year that he was seeking the GOP nomination against Brook.

Stockdale is one of the Indiana voters who filed a challenge to Sen. Richard Lugar’s residency during the 2012 campaign, which Lugar lost to Richard Mourdock.

Text Only | Photo Reprints
Opinion
  • The progress we're making Every Howard County school district published an annual report in Tuesday's edition of the Kokomo Tribune. They're required by the Indiana Department of Education, and they're worth a read. The reports assembled the most recent data available on stud

    April 23, 2014

  • ROB BURGESS: You've gotta keep 'em separated In my career as a journalist I have served my time reporting on city council, county supervisor and state regulatory meetings, to name just a few. Whatever else they might have been, they weren't holy places. In the many, many hours I spent there I n

    April 23, 2014

  • ANDREA NEAL: A committee of 10 picked Ind. capital Editor's note: This is one in a series of essays leading up to the celebration of the Indiana Bicentennial in December 2016. Anyone who's ever served on a committee can relate to the old laugh line: A committee is a group of people who keep minutes a

    April 23, 2014

  • LETTERS: Correct mistakes May 6; RNC & pals Voting mistakes can be corrected May 6 For the last several months, it seems that I keep hearing one recurring conversation. People cannot believe the arrogance being shown by some of our elected officials towards the people of Tipton County. The sam

    April 23, 2014

  • Take a stand this election Howard County Clerk Kim Wilson's office always is busy this time of year -- but more so before an election. Absentee voting for the May 6 primary election began April 8. We, too, expect more activity. We soon will receive an avalanche of candidate en

    April 22, 2014

  • MAUREEN HAYDEN: Judge in gay marriage decision is no activist When U.S. District Judge Richard Young recently ruled in favor of a lesbian couple seeking recognition of their out-of-state marriage, opponents of same-sex unions called him an activist judge who was unilaterally trampling the law. The label didn't

    April 22, 2014

  • TOM LoBIANCO: Turner ethics case tests bounds of 'citizen legislature' When a legislative ethics panel meets this week to review the case of House Speaker Pro Tem Eric Turner, members could have trouble finding clear-cut answers, in large part because of the Indiana General Assembly's status as a "citizen legislature."

    April 22, 2014

  • April 22, 2014: Letters to the editor Tipton incorporated earlier than known? A Nickel Plate Trail sign was recently put up in the northwest corner of the Tipton County Courthouse lawn. The center circle wording states the town of Tipton was founded in 1833, which is eleven years before

    April 22, 2014

  • Cleaning up Indiana could be as easy as a bottle deposit Scan the roadside on a drive through the Wabash Valley, and you might spot an empty pop bottle or two. Or two dozen. Or 200. Drink bottles have become our litter du jour. They compose an estimated 40 to 60 percent of all litter, according to the Mich

    April 21, 2014

  • Doctors Brown and Bucshon become seekers Seated across the table from me at Cafe Patachou were Drs. Tim Brown and Larry Bucshon. Dr. Bucshon was a heart surgeon from Newburgh. Dr. Brown is an emergency room physician from Crawfordsville. What made this breakfast meeting extraordinary is tha

    April 21, 2014

Featured Ads
Only on our website
AP Video
Raw: Deadly Bombing in Egypt Raw: What's Inside a Commercial Jet Wheel Well Raw: Obama Arrives in Japan for State Visit Raw: Anti-Obama Activists Fight Manila Police Motels Near Disney Fighting Homeless Problem Michigan Man Sees Thanks to 'bionic Eye' Obama to Oso: We'll Be Here As Long As It Takes Bon Jovi Helps Open Low-income Housing in Philly Pipeline Opponents Protest on National Mall Hagel Gets Preview of New High-tech Projects S.C. Man Apologizes for Naked Walk in Wal-Mart New Country Music Hall of Fame Inductees Named 'Piles' of Bodies in South Sudan Slaughter SCOTUS Hears Tv-over-Internet Case Chief Mate: Crew Told to Escape After Passengers Iowa College Finds Beauty in Bulldogs
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries
Poll