Just a reminder to pick up your name badge when you come into the meeting. Please wear it so that others will know your name and you will know theirs. It will make introducing yourself much easier and also help us all remember others’ names too. Don’t forget to return your badge at the end of the meeting. If you’ve lost your badge, come see me at the Membership Table and I’ll have a new one for you at our next meeting.
JUlrich
Legislative Report…Daniel Nnorth and Claudia Schott
Let’s talk about the Department of Labor’s (DOL) Fiduciary Rule delay. Apparently, then-President Obama asked that the DOL set up a rule that made retirement advisors put the needs of their clients first, before any financial gain to themselves. (Huh, go figure.) This rule was written, approved and signed by April of 2016. It was supposed to go into effect this month. However, during the first session of congress this year, Representative Joe Wilson (R, S.C.) introduced a bill that would delay the Fiduciary Rule by two years.
This was probably due to more protests from the financial industry groups. They had already protested vehemently back in 2010, stating regulatory costs, liability costs and client concerns were going to be a problem. Especially since the Fiduciary Rule set a much higher standard than the suitability standard from 1974. (This was way overdue to be overhauled, folks.)
Many industry groups have already jumped onboard with the new plan, including the CFP Board, the Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA). Supporters applauded the new rule, saying it should increase and streamline transparency for investors, make conversations easier for advisors entertaining changes, and most of all, prevent abuses on the part of financial advisors, such as excessive commissions and investment churning for reasons of compensation. A 2015 report by the White House Council of Economic Advisers found that biased advice drained $17 billion a year from retirement accounts.
However, the legislation has met with staunch opposition from other professionals, including brokers and planners. Financial advisors would rather be held to a “suitability” standard than a “fiduciary” standard because the latter will cost them money – in lost commissions and the added expense of compliance. The stricter fiduciary standards could cost the financial services industry an estimated $2.4 billion per year by eliminating conflicts of interest like front-end load commissions and mutual fund 12b-1 fees paid to wealth management and advisory firms.
Now this delay is costing us money and we need to do something about it, since the main impact is on retirement accounts and IRA’s. Three lawsuits have been filed against the Fiduciary Rule and it can be stopped. Not something we want. I believe we need to talk to our representatives and Senators and get the ball rolling again to keep the new standard from falling through the cracks.
Program…Gene Lennon
John Lehman is currently launching a commercial company, WhoSangIt, which will retrieve all individual songs (singles) by dates of popularity for any date beginning in 1890, and continue to provide memory kits through touchscreen partners. An amateur musicologist, John has collected music since 1959 and has one of the largest private single record/song collections in the world, covering every single from 1890-today.
John is the founding Board Chair, and currently Executive Director, of Senior New Ways, a Palo Alto, CA 501(C)(3) non-profit. He created Vintage Music for Memory Therapy, beginning in 2008, for both groups and individuals, and delivers it to six day care and residential care centers.
Established care center volunteer visiting service for fifteen care centers.
Created and lead men’s caregiver resource groups and whole health chat groups, in place since 2004.
Developed 50+ interactive presentations for groups on laughter therapy, music memories, creating legacies, etc for groups in the Bay Area.
He made a video “Laughs and Brains” for homecare and healthcare groups and individuals.
A Vietnam era veteran, prior to 2005 John spent 36 years in high-tech software, including founding Verity Inc., Sageware Inc., and HighClassify Inc., specializing in text search and classification.
May Meeting
MAY 16 MEETING IN Q80
10:00 a.m. Social Time 9:30 a.m.
Please bring books to share. Leave clean clothing and bedding and nonperishable food for Sacred Heart on the bench outside. Please do not bring garage sale type items for Sacred Heart. Put new and used greeting cards in the box on the troop table. Bring your items for the GI’s into the meeting area. Put your volunteer hours in purple envelope at sign-in table.
Lunch after meeting:
Mama Mia’s
200 E. Hamilton Ave, Campbell
Between Winchester & Hwy 17
408-379-3333
Jokes
- If God wanted me to touch my toes, he would’ve put them on my knees.
- Why do I have to press one for English when you’re just gonna transfer me to someone I can’t understand anyway?
- I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
- I’m going to retire and live off of my savings. Not sure what I’ll do the second week.
- When I was a child I thought Nap Time was a punishment. Now, as a grown up, it just feels like a small vacation.
President…Ken Schieck
It is my sad duty to pass on the sad news that Sheila Gold died on Tuesday, April 25; she had been in hospice care for almost three months due to the recurrence of cancer. Sheila had a vibrant personality, and she was one of the most enthusiastic museum supporters you could ever meet. As our Community Service rep, she was very active in seeking our support for the services at Sacred Heart ministries. After she retired from teaching Spanish and French to high school students, she spent volunteer hours in a local program called Reading Partners, where she taught reading skills to below grade level students. If you wish to make a contribution in her memory, Reading Partners was her first choice. She will be missed. A memorial service is scheduled for Sunday, May 7, at 2 p.m. at Temple Emanuel, 1010 University Ave, San Jose, a few blocks east of the Alameda.
When he was California governor, Gray Davis, a Vietnam combat veteran, designated May as Veterans Appreciation Month. During this month, government agencies such as the Veteran’s Administration, county Veterans Services Offices, the California Employment Development Department and veterans organizations such as the American Legion, Vietnam Veterans of America and Veterans of Foreign Wars pool their resources to provide an afternoon of celebration for veterans who served both in wartime and peacetime. Along with the celebration, companies interested in hiring veterans are invited to attend and provide job-seeking veterans with information about their companies and allow the veterans to interview with them. Because of logistical difficulties, this year’s event has been re-scheduled for the month of June at the San Jose Vet Center. If you know of a company that wants to hire veterans, please have them call Juanita Morales-Euresti at the San Jose Vet Center, 80 Great Oaks, San Jose at 408-993-0729. The expected date is either June 17 or June 24.
If you are a veteran who wants to attend the celebration, of course feel free to do so; there is no charge. Also, look for local celebrations on Memorial Day, May 29. And don’t forget to thank a veteran for their service.
Legislative Report…Daniel Nnorth and Claudia Schott
Let’s talk about the Department of Labor’s (DOL) Fiduciary Rule delay. Apparently then-President Obama asked that the DOL set up a rule that made retirement advisors put the needs of their clients first, before any financial gain to themselves. (Huh, go figure.) This rule was written, approved and signed by April of 2016. It was supposed to go into effect this month. However, during the first session of congress this year, Representative Joe Wilson (R, S.C.) introduced a bill that would delay the fiduciary Rule by two years. This was probably due to more protests from the financial industry groups. They had already protested vehemently back in 2010, stating regulatory costs, liability costs and client concerns were going to be a problem especially since the Fiduciary Rule set a much higher standard than the suitability standard from 1974. (This was way overdue to be overhauled, folks.)
Many industry groups have already jumped onboard with the new plan, including the CFP Board, the Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA). Supporters applauded the new rule, saying it should increase and streamline transparency for investors, make conversations easier for advisors entertaining changes, and most of all, prevent abuses on the part of financial advisors, such as excessive commissions and investment churning for reasons of compensation. A 2015 report by the White House Council of Economic Advisers found that biased advice drained $17 billion a year from retirement accounts.
However, the legislation has met with staunch opposition from other professionals, including brokers and planners. Financial advisors would rather be held to a “suitability” standard than a “fiduciary” standard because the latter will cost them money – in lost commissions and the added expense of compliance. The stricter fiduciary standards could cost the financial services industry an estimated $2.4 billion per year by eliminating conflicts of interest like front-end load commissions and mutual fund 12b-1 fees paid to wealth management and advisory firms.
Now this delay is costing us folks money and we need to do something about it, since the main impact is on retirement accounts and IRA’s. Three lawsuits have been filed against the Fiduciary Rule and it can be stopped. Not something we want. I believe we need to talk to our representatives and Senators and get the ball rolling again to keep the new standard from falling through the cracks.
Program…Gene Lennon
If we are “vintage” enough for AARP…..we’ve gathered a lot of wit and wisdom along the way! Yes, the younger generations really do want to hear about our life learnings and experiences.The key is the fine art of sharing a story. How can we inspire others with what we have learned and accomplished with stories metaphors and humor?
Scottish storyteller and author Danni Burton was a motivational speaker, trainer, business /career mentor and advisor. For over 40 years she shared stories to inspire her clients, students and audiences around the globe.
Today she is the author of 2 books, with 110 inspirational stories collected from folks 21 to 105 Her next book will be collected stories from youth 9-19. And, she mentors other “vintage” folks to share and write their legacies.
APRIL 18 MEETING IN Q80
APRIL 18 MEETING IN Q80 10:00 a.m.
Social Time 9:30 a.m.
Please bring books to share. Leave clean clothing and bedding and nonperishable food for Sacred Heart on the bench outside. Please do not bring garage sale type items for Sacred Heart. Put new and used greeting cards in the box on the troop table. Bring your items for the GI’s into the meeting area. Put your volunteer hours in purple envelope at sign-in table.
Lunch after meeting:
Taste of China
1659 Branham Ln (at Ross) SJ 408.448.3748
Program:
DANNI BURTON
The Fine Art of Sharing A Story
President’s Message…Ken Schieck
April brings Easter and Passover celebrations this year. So happy Easter bunnies, egg hunts, and Easter parades, as well as Seders, charoseth and family stories. Remember, too, the deeper meanings of each of these feasts. With the recent defeat of the American Health Care Act in the House of Representatives, supporters of Obamacare can breathe more easily. If Congress or the president bring up this issue again, it will probably be at least a year before it happens. At the March meeting, one of the concerns that Liz Gibbons raised was the reduction of transportation outreach to seniors. There is an article in the March 24 issue of the Campbell Reporter which describes a pilot program for West Valley seniors that is sponsored by the County. The cities in the West Valley group are Los Gatos, Saratoga, Cupertino and Campbell. Look for this article on the front flag table at the general meeting. The Jewish Community Center of Los Gatos will host AARP mature driver and refresher courses in April, May and July. Look for flyers again on the flag table at the general meeting. I thank those of you who supported the Orchard City Community Chorus and the other choirs/ choruses who performed Mar. 10 at Campbell United Methodist Church for Next Door Solutions; the organization raised over $4000. Today was opening day for the SF Giants, and it seems like one of the problems they had last year is still with them. The bullpen blew a 4-3 lead in the eighth inning, leading to an eventual 6-5 loss in the bottom of the ninth to the Arizona Diamondbacks. 