Indianapolis Recorder, Indianapolis, Marion County, 10 November 2000 — Page 28

> FRIDAY, NOVEMBER 10,2000 ■ PAGE D1

INSIPE«P«SECTION»CLASSIFIED»REAL ESTATE Power industry doubtful about deregulation chances next year

By the Associated Press Supporters of deregulating Indiana’s electric industry have all but abandoned hope that state lawmakers will tackle the issue this winter, a move that could delay any potential rate cuts. Strategists with the trade group that crafted a deregulation proposal said they believe the political atmosphere in Indianapolis is too unstable to deal with the complex and potentially divisive issue. Ed Simcox, director of the Indiana Electric Association, said the group will wait until after the Nov. 7 election before deciding whether to put deregulation on hold for the General Assembly’s 2001 session. But given the short period of time between Election Day and the January start of the legislative session, he said the group and the utilities it represents will probably shelve the issue until a later session. “We see ourselves as victims of timing,” Simcox told The Times of Northwest Indiana. “There is not a lot of time to get out there with a complex piece of legislation like this.” Deregulation of Indiana’s $4 billion electric utility industry would

phase in retail competition, ending the monopoly status of existing utilities and giving customers a choice in picking their electricity provider. Earlier this year, the electric association membership agreed to a deregulation proposal that would freeze rates for five or six years and eventually allow homeowners and small businessmen to shop around for electricity suppliers. Deregulation advocates argued that homeowners would benefit because independent power suppliers would enter the market, driving down prices and giving consumers an edge in deciding whp to. buy electricity from. . , . But in the intervening months, deregulation horror stories surfaced in California, where short supplies and transmission bottlenecks forced utilities and consumers to pay greatly inflated prices to keep the lights and air-conditioning running. Under traditional regulatory arrangements such as that which now governs Hoosier utilities, consumers are protected from such price shocks because the utility ’ s shareholders must absorb the costs of poorly conceived or risky business strategies.

But consumer advocates worry that the electric association’s deregulation proposal will expose Hoosiers to price shocks and power shortages like those seen this summer in California. Members of the Citizens Action Coalition also suspect the utility industry is only backing deregulation so it can pursue high-profit customers like steel mills and other big manufacturers and drop residential business, which has a relatively thin profit margin. “The fear is we won’t get any real competition,” said Roger Voelker, a member of the coalition, a nonprofit consumer advocacy group. Many questions about deregulation remain unanswered because the industry W beeri inepudg most of the specifics under wraps. Voelker believes the industry is keeping the proposal secret so that efforts to line up votes in the General Assembly will not be disturbed. Simcox, however, said the electric association has already pledged to make the details of the proposal known to all interested parties so there can be thorough discussion and debate. The electric association represents Northern Indiana Public Service and four other publicly-owned energy companies: American Electric Power, Cinergy Corp^ Vectren and IPALCO Enterprises.

__ . __ m p Here are 10 steps for planning

a financially successful retirement

Nike appoints Mundy Nike Inc. has announced that Leslye L. Mundy, formerly vice president of internal communications for AutoNation Inc., was appointed director of global corporate media relations. Mundy will be responsible for Nike’s strategic global media relations with special emphasis on business and financial media. In addition, Mundy will manage the global corporate Web site: nikebiz.com. Mundy has had diverse professional experience in the field of public relations, community affairs and media relations. She was din tor of corporate relations Viacom’s Blockbuster Entertainment Group and Discovery Zone and held communications positions with Hoechst Celanese, the National Urban League and the Wall Street Journal. A graduate of Howard University in Washington with a double major in political science and public relations, Mundy has also done graduate work in public policy at Georgetown University in Washington. Nike Inc. headquartered in Beaverton, Ore., markets its products in more than 100 countries and is the world’s leading sport and fitness company.

*'-• * - ’ " - M'-i

Leslye L. Mundy

Indiana Multicultural Job Fair On Nov. 10 there will be a job fair at the Indiana Convention Center’s 500 Ballroom from 10. a.m. to 3 p.m. The Indiana Multicultural Job Fair will promote workplace diversity by bringing togetherqualified candidates with recruiters from more than 90 companies nationwide. Seniors, graduate students and alumni are welcomed from institutions throughout the U.S. seeking internship and full-time positions. Worker’s compensation workshop The Indiana Chamber of Commerce will present the 2000 Indiana Worker’s Compensation Conference. This conference offers practical, easy to understand advice and easy to implement strategies for managing worker’s compensation issues in your company. The conference will be held Nov. 8-9 at the Ritz Charles in Carmel. Pre-conference workshops are planned for Nov. 8 on two relatively new issues that present enormous challenges for employers: the proposed ergonomics standards and ensuring your company provides a drug-free workplace to reduce liability and to protect employee’s rights. The conference on Nov. 9 will focus on important issues such as worker’s compensation liens, workplace violence/security, the top 10 ways to save on attorney’s fees and strategies to reduce your worker’s comp claims. To register, or for additional information, contact Glenn Harkness at 264-6885 or e-mail seminars @ indianachamber.com. King Park 2000 annual meeting The King Park Development Corp. annual meeting will take place on Friday, Nov. 10, at Citizens Gas & Coke Utility. Unfortunately no walk-ins are allowed. Call 972-6663.

No second chance for a good first impression

It’s November already and the busiest months forhome buying are past. While the market slows considerably duringthenextthree months, many people still decide to," or need to, sell ~ their homes during the fal 1/winter months. Today’s column is written for you, as well as people planning to list next spring, who want to get a head start on being well prepared The good news is that interest rates overall have stabilized and buyers who are purchasing for the first time move any time of the year. There are a large number of first time programs tailored to meet many different situations. Buyers are getting the news that they

qualify for a loan and continue to move from apartments in record numbers. The move-up market is also doing well and there are a steadily increasing number of retirees who are down sizing to get away from stairs and large yards. All of these factors are important to you if you have a house to sell. Especially this time of year as the marker begins to slow down slightly, the competition of the other houses on market can become an even more important factor. You cannot change anything about your neighborhood or the house two blocks over from you. You can make your house show its absolute best You must remember, however, you never get a second chance to make a good first impression. Whatever a prospective buyer thought or felt when they first saw your home is going to remain a very strong impression. You may change, complete, redo some things, but the first impression will always be the most important Your See SECOND, Page 03

By KAREN R. KLEINHENZ Special to The Recorder

The statistics are startling and familiar? Sixty-seven percent of Baby Boomers worry about their financial future; 68 percent say they haven’t spent enough time planning for retirement; 76 percent say their biggest concern about retirement is not saving or investing enough for it. At the same time, research by KeyCorp found 54 percent of adults say they want to spend as little time as possible making financial investment decisions. Americans are being bombarded by banks, brokerage firms, mutual fund managers, insurance companies, financial planners and others who aggressively offer retirement products and services. With so many demands on time and money, and so many specialized resources offering financial planning assistance, many Americans simply freeze from overload and put retirement planning at the bottom of their

“to do” lists.

How can people overcome their anxiety and tackle what needs to be done? Here are 10 clear-cut, simple steps for planning a financially successful retirement. ‘ L, 1 '

1 • ■ > 1 • •

itil yot^Wiearingf retHfeneBHo begin planning. The earlier you start, the easier the process will be. Think of retirement saving as paying yourself first every month. Through the simple magic of compounding, the dollars you set aside early-on work extra hard and help your funds grow more substantially over time. Even though it’s best to start early, it’s never too late to start saving.

PLAN

Don’t assume you’re saving enough. Do the math. Set goals. Devote the appropriate amount of time and energy to ensure the desired results. None of us goes to the grocery store without planning long enough to consider what we need and making a list. Shouldn’t, that same principle apply to retirement planning? Many Web sites offer retirement planning calculators that are easy to use and extremely helpfiil. K % V . ^ • SAVEt'’’ 1 \ $ p*.- 1 #*. &■ Put away as much as you can afford, but not so much that you’ll have to tap into it for minor financial emergencies. Consider your retirement savings as “untouchable.” This means making some tough choices. Perhaps you’ll have to forgo a few luxuries today so you will have the nest egg in place when you need it. INVEST FOR THE LONG TERM Don’t try to time the market, jumping in and out. The ups and downs of the stock market definitely favor the long-term investor. If you sit on the edge of your seat spellbound to CNBC everyday, you’re probably worrying too much about the wrong things. Relax a little and let your investments work on their own. That’s the beauty of compounding. DON’T BE TOO CONSERVATIVE WITH YOUR INVESTMENTS Inflation is the enemy and time is your friend because it reduces market volatility. Some amount of risk is good and necessary to experience long-term growth. TAKE ADVANTAGE OF YOUR EMPLOYER’S GENEROSITY If you’re offered a 401(k) plan where you woik, join! Save at least enough to maximize your employer’s match in a 401(k). It’s like free money. You’re not likely to find a higher return on your investment anywhere. If your employer doesn ’ t have a 401 (k) plan, contribute the maximum amount you can to an IRA or Roth IRA. SEEK ADVICE EARLY ON Get professional help with your retirement planning and investment decisions, even if just to confirm the directions you’re considering. Retirement is too important to rely on underinformed instincts. DON’T CASH OUT EARLY... FOR ANY REASON Whether you’re facing a job change, the need for a larger home or your kids’ education, don’t touch your retirement nest egg. Consider retirement savings as sacred. There are better ways to finance life’s other necessities. UPDATE YOUR RETIREMENT PLAN REGULARLY Annual reviews of your retirement plans are important, but the closer you get to that magic end-of-career date, the more frequently you ’ 11 need to review your plans to make sure they ’ re

on track.

ENLIST THE HELP OF A TRUSTED ADVISOR

You’ll need assistance with detailed financial, estate and distribution planning as you near retirement. These are complex issues requiring highly specialized advice. Making sure you are doing the right things to meet your objectives is worth the modest fees you will pay. It is important to remember that retirement planning done well—when critical long-term decisions are based on good information and sound advice—pays off. And heed the ancient Chinese proverb, “A journey of a thousand miles starts with a single step.”

Karen R. Kleinhenz is KeyCorp's senior executivefor Retirement Services. KeyCorp is one of the nation’s largest multiline financial services companies. To order a free copy of Key’s Retirement Guide, you can call

l-S88.KEY.2020 or visit Key’s Web site: Key.com/retirement.

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