Summer is right around the corner and my term as President is coming to an end. This was a busy year; a time when the economy is still struggling and organizations are finding it hard to get support and gain new members. But in spite of all of that we grew. We had great speakers, fun events and successful fundraisers.

I really believe that our success was due to the energy and enthusiasm of our members. There are so many people that stepped up to help this year and bring new ideas to the table that I don't even know where to begin in thanking them.

I am confident that the new board will keep this enthusiasm going and will bring us another great year. It will be a packed year as we continue to prepare for the California Council and keep supporting all of our charities. I don't think there will be a dull moment anytime in the near future.

I just want to thank everyone for your support and encouragement. I have learned so much from each of you and have enjoyed getting to know our new members this year. All of you have encouraged me more than you know and I thank you for helping make this such a great year!

In fellowship,

Jennifer Hetzel

It has been a wonderful year for membership and as you know SDIW picked up many new members to where it appears we have broken all recent records!  Congrats to all of the new member. We look forward to getting to know you better in the coming year.

Please remember renewals are all due to NAIW no later than July 1^st, which is right around the corner.  If you have misplaced your renewal notice, please let us know so we can get you in touch with John McCullough at National for a replacement.

Also, we will be installing any new members who have not been previously installed in the past year at the June meeting. If this is you, please contact me as soon as possible if you will be in attendance so you will not be left out.

In fellowhip,

Kathleen Kerstenbeck, ARM, CPIW 

Senators Herb Kohl, Democrat from Wisconsin, and Mike Enzi, Republican from Wyoming, have jointly proposed the Savings Enhancement by Alleviating Leakage In 401(k) Savings Act (SEAL), which would limit the number of loans that a participant can take from their company 401(k) plan to no more than three at a time.

Currently, an employee with an outstanding loan who loses his/her job, must pay back the loan within 60 days.  The SEAL Act would give the member until the tax deadline for that year to repay the loan and allow them to deduct the early withdrawal penalty from the loan balance.   In addition, while those who have an outstanding loan currently may not contribute to their 401(k) for six months, SEAL would lift that restriction.

"While having access to a loan in an emergency is an important feature for many participants, a 401(k) savings account should not be used as a piggy-bank," Kohl says.  "As the frequency of retirement fund loans have gone up, the amount of money people are saving for their retirement has gone down."

Enzi added:  "Our bill would allow for a greater period of time for the loan to be paid back, thereby helping families pay back the loan and allowing the fund to be put back into their retirement savings."

According to Aon Hewitt, 28% of 401(k) participants had an outstanding loan in 2010, up from 22% in 2005, with the average loan being $7860.

(Information taken from EmployeeBenefit News) 

In Fellowship,

SAN DIEGO INSURANCE STAFFING has moved! Our new address is:

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Elvira Chavez - June 18, 2008