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MCJHS COTILLION
Morgan City Junior High School, Marguerite Street, annual cotillion at 6 p.m. Saturday, April 29. Admission $6. Sponsored by Sisters Mentoring Organization. Public welcomed.
FISH DINNERS
Sold by New Mount Esther Baptist Church, 1211 James St., Morgan City, 11 a.m. to 1 p.m. May 7. Menu: fish, white beans and rice, salad and dessert. Donation $7.
SUMPTER REUNION
Morgan City Colored/Sumpter Williams high school reunion of classes 1958-69 is June 30-July 2. Anyone who attended or graduated invited. For general info contact emilewashington@hotmail.com or 619-277-1946, for registration info call Juanita Lagard, 985-384-5773.
SCHOLARSHIP
The Mack Energy/McCasland Foundation Scholarship Fund, at Community Foundation of Acadiana accepting applications for its scholarship cycle to award two, four-year scholarships. Open to high school seniors declaring an energy-related field major. Pays $2,000 per spring and fall semester. Students eligible in St. Mary, St. Martin and other Acadiana parishes. Applicants may attend any four-year college or university with preference given to institutions within Louisiana. Applications online at www.cfacadiana.org/MackEnergy. Must provide two letters of recommendation, a high school transcript and an essay when completing the application. Applications deadline Friday, June 2. For info visit www.cfacadiana.org/MackEnergy or contact Community Foundation of Acadiana at donorservices@cfacadiana.org.
The Daily Review/Zachary Fitzgerald
B&G Food Enterprises presents donation checks Monday at Taco Bell in Morgan City to the Morgan City Police Department, Fire Department and Petting Zoo. From left are Mayor Frank “Boo” Grizzaffi, John Hover, B&G; Greg Hamer Jr., B&G; Assistant Police Chief Mark Griffin Jr., Police Chief James Blair, Fire Chief Alvin Cockerham, Jay LeBlanc, B&G; Assistant Fire Chiefs Jesse Ratcliff and John Price, Petting Zoo Manager Christina Leonard, and Greg Hamer Sr., B&G.
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You want to save as much as possible for retirement. The financial services industry wants to make as much money off you as it can.
That thorny conflict is at the heart of the battle over what is known as the “fiduciary rule.” If implemented, it would require financial advisers to put clients’ best interests first when counseling them about retirement savings. In practice, it typically would prevent financial pros from steering you into a high-cost investment if similar low-cost choices are available.
The differences in fees — often fractions of a percent — may sound minuscule.
Over time, though, higher fees can dramatically reduce the amount of money that investors accumulate for retirement, according to the Securities and Exchange Commission and other investor watchdogs, and significantly increase the chances that savers will run out of money late in life.
Here’s an example from the Big Picture app, which helps financial advisers test investment strategies for retirement plans with historical market-performance data and inflation rates.
Assume you have a portfolio that’s divided equally between stocks and bonds, with the goal to sustain a 30-year retirement. You plan to withdraw 4 percent the first year and increase that withdrawal by the inflation rate each following year. (This “4 percent rule” is widely used in financial planning to minimize the chances that savers will run out of money in retirement.)
You’ll pay fees at every step. Mutual funds charge fees. Brokers who buy stocks and bonds on your behalf charge fees. Financial advisers charge fees. Those costs can dramatically affect your odds of success.
Based on Big Picture’s data, the chances you’ll run out of money in retirement are:
—9 percent if the annual cost of your investments is 0.5 percent
—17 percent if your cost is 1 percent
—29 percent if your cost is 2 percent
—50 percent if your cost is 2.5 percent
“High fees can cut safe spending in retirement by hundreds of dollars a month for the average retiree, take years off a portfolio’s life or leave retirees with much less in legacy capital,” said Ryan McLean , founder of Los Altos, California-based Investments Illustrated, which created the Big Picture app. “I don’t think investors have been adequately informed on these effects.”
Financial advisers understand the risks of high fees — or they should. But it may not be in their best interests to educate clients if advisers make more money pushing high-cost investments.
3 REMINDERS AS YOU INVEST
The fiduciary rule was supposed to change all that starting April 10, but the Labor Department has delayed its implementation 60 days at the Trump administration’s request. The rule may be further delayed or modified, or it may not be enforced if it goes into effect. So retirement investors should consider themselves on their own when it comes to protecting their nest eggs.
Here’s what to keep in mind:
—There’s no such thing as a “no-cost” investment. Investors always pay something, either as a direct cost such as an annual expense ratio or an indirect cost such as a reduced return. Fixed and indexed annuities, for example, are often pitched as no-cost investments, but the insurer typically pays the investor less than what the account earns.
—Lower-cost investments tend to outperform higher-cost ones. Decades of research have shown that lower-cost mutual funds offer above-average returns, while higher-cost ones tend to trail market averages. When it comes to costs, what’s considered “low” or “high” varies by the investment. For example, mutual funds cost an average of 0.61 percent, according to Morningstar. Variable annuities, which are insurance contracts with investments similar to those in mutual funds, cost an average of 2.24 percent.
—Investment management doesn’t have to cost a lot. Digital investment companies, or robo-advisers , offer computerized investment management for an all-in cost of about 0.5 percent of your portfolio. That includes an investment management fee plus the cost of the underlying exchange-traded funds. Some robo-advisers, including Betterment and Vanguard Personal Advisor Services, offer access to financial advisers for a slightly higher fee.
By contrast, human advisers charge an average of 1 percent for the first $1 million they manage, on top of any underlying investment costs. A 1 percent fee may be justified if the financial adviser offers other services, such as comprehensive financial planning, or keeps an investor from fleeing the market in a panic. But it’s a pretty high toll if all the client gets is investment management.
Ultimately, you’re the one who has to live on what’s left after all the fees are paid. That’s a good incentive for keeping a lid on them.
—This column was provided to The Associated Press by the personal finance website NerdWallet.
Weston is a certified financial planner and columnist at NerdWallet.
RELATED LINKS:
NerdWallet: The Best Robo-Advisers for 2017 https://nerd.me/2nVbpBi
Should the Legislature unlock the state’s dedicated funds to free up more money for the budget?
An affirmative answer is one of the war cries coming from Republicans in the House and Senate this session.
These are funds that, for one reason or another, were given special protections by the Legislature over the years, which means the money they’re holding cannot be accessed by lawmakers and used on other needs.
It’s a perennial topic at the Capitol — as universities and hospitals have seen their budgets cut, lawmakers have been barred from dipping into a variety of protected funds that could have helped ease the pain.
Debating the importance of these protections will once again be an issue as lawmakers continue with their regular session that adjourns on June 8.
To be certain, extra cash is exactly what Gov. John Bel Edwards is calling for, although he has taken no firm stance on whether dedicated funds should be unlocked.
The governor’s executive budget has $440 million in needs that are not yet fully funded and there’s an additional $1.3 billion in temporary taxes that expire in 2018.
That’s why some lawmakers contend that this latest incarnation of the dedicated funds debate will bring with it some urgency.
To better understand the issue, here’s a look at the four categories of dedicated funds that some lawmakers want to open up:
— There are 19 constitutionally-dedicated funds holding $2.5 billion in appropriations this fiscal year, according to information provided by the House Appropriations Committee. The TOPS Scholarship Fund and the Artificial Reef Fund are two examples.
— There are also 124 statutorily-dedicated funds from special revenue sources such as fees and licenses holding $664 million. You can find the Boll Weevil Eradication Fund and the Concealed Handgun Permit Fund in this category.
— Plus there another 97 statutory funds for “local support,” including sales tax dedications, holding $70 million. These are largely local funds, like the East Baton Rouge Parish Community Improvement Fund and the Lake Charles Civic Center Fund.
— Finally there are 42 statutory funds for agency and department support holding $716 million, which is money that would otherwise be a part of the state general fund. The Tobacco Settlement Enforcement Fund, Louisiana State Police Salary Fund and Fireman Training Fund are all examples.
There are also a flowchart and graph that offer a broader view of how the funds are organized.
You can review each and every one of these funds, and their totals, on the LaPolitics website. There are links to thosw items on this column at StMaryNow.com.
In terms of related policy pushes this session, House conservatives are looking with interest across Memorial Hall to Sen. Sharon Hewitt, R-Slidell, who has SB 226 to eliminate a number of different funds — none of them constitutional.
Hewitt’s proposal uses criteria that the Legislature’s Joint Budget Committee is supposed to be applying during regular fund reviews.
Those reviews, however, have not been taking place, said Hewitt.
Some lawmakers are already expressing support for the approach, especially compared to across-the-board reductions or eliminations.
“We cannot keep doing the things that we are doing now and it’s time for us to helicopter up and look at the big picture,” Hewitt said.“We need to be willing to un-dedicate these funds and put all of the money on the table and then let the administration and Legislate prioritize spending.”
Her legislation has been assigned to the Senate Finance Committee but a hearing has not yet been scheduled.
Staying on topic, here are a few related bills worth keeping an eye on:
— HB 236 by Rep. Rob Shadoin, R-Ruston, is a constitutional amendment that goes after the constitutionally dedicated funds.
— HB 458 by Rep. Beryl Amedee, R-Houma, eliminates a handful of certain statutory dedications, but doesn’t go as far as Hewitt’s proposal.
— HB 588 by Rep. Jay Morris, R-Monroe, seeks to reduce by 50 percent the revenue dedications in certain funds.
Conservative group
targets lawmakers
Direct mail pieces started hitting the House districts of six Ways and Means Committee members during the first week of the regular session. Last week digital ads surfaced as well.
Underwritten by Americans For Prosperity, a conservative advocacy group, the mailers focused on opposing a gas tax increase and the addition of new services to the state sales tax base.
The mailed included language that asked voters to contact their legislators and to tell them to “Say no to Gov. Edwards’ tax hike.”
The mailers also featured photographs of the governor and the individual lawmakers targeted.
So far the mailers have dropped in the districts of Chairman Neil Abramson, D-New Orleans, and Reps. Julie Stokes, R-Metairie; Paula Davis, R-Baton Rouge; Clay Schexnayder, R-Gonzales; Stephen Dwight, R-Lake Charles; and Mike Huval, R-Breaux Bridge.
“This is part of a larger strategy to educate citizens on policies being considered by their legislators and to give them the information needed to contact their representatives to make their voices heard,” said AFP state director John Kay.
“It is our stance that the governor’s tax proposals are nothing more than the latest version of his tax and spend song and dance. We believe that tax and budget reform are in order and his office has presented nothing of the sort.”
Political history:
Remembering Iberville
Next week (May 3) marks the 318th anniversary of a 38-year-old soldier and explorer named Iberville setting sail into the Gulf of Mexico with the seed of an idea for a new French colony.
It would eventually come to be called Louisiana.
Having explored the Mississippi River and established Fort Maurepas — now Ocean Springs — Pierre Le Moyne d’Iberville failed to convince his superiors to immediately launch a full-scale colonization for the future Bayou State.
Iberville would go on to make two more expeditions in modern-day Louisiana, with the final one taking place in 1701, thus paving the way for a permanent French settlement.
Although his name is synonymous with Louisiana, Iberville never returned to the state he helped found.
In 1706, while leading exploration vessels through the Caribbean, he contracted yellow fever and died in Havana.
No one knows where Iberville was buried, but his legacy still lives on here in the names of one of our parishes, some of our schools and a couple of our streets.
They said it
“I’m pleased to announce I came in second.”
—Rep. Rob Shadoin, R-Ruston, speaking on the House floor, after the Rural Caucus voted in its new chairman
“Special sessions are getting expensive to absorb. We are going to have to lay off five Democrats.”
—Senate President John Alario, R-Westwego, discussing the legislative budget
For more Louisiana political news, visit www.LaPolitics.com or follow Jeremy Alford on Twitter @LaPoliticsNow.
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The ARC of St. Mary Center of Hope hosted its third annual Art of Respect on Monday.
The event was sponsored by the South Louisiana Human Services Authority, which is responsible for overseeing and carrying out treatment, care and training for individuals with addictive, mental and emotional disorders.
The primary purpose of Art of Respect is to encourage the community to speak more positively toward individuals living with disabilities and to end the stigma surrounding individuals’ differences.
Individuals who participate in the ARC of St. Mary Center of Hope’s Vocational Program as well as Brittany’s project created painting, drawing and other artwork based on expression acceptance, inclusion, friendship and respect.
The event’s theme this year was “Disable the Label,” which is dedicated to help promote stopping use of the “R word” and the negative implication it evokes in the St. Mary communities.
Casey Fitzgerald smacked the walk-off homerun while Baylee Young clubbed a pair of homers in the Hanson Memorial Lady Tigers’ dramatic 12-9 eight-innings victory over the Houma Christian Lady Warriors in the Division IV regional game played Saturday at the Hanson Memorial Girls Softball Complex.
The Hanson Lady Tigers earned a berth into the Louisiana High School Athletic Association State Softball Tournament against Cedar Creek on Thursday at 2:30 p.m. at Frasch Park in Sulphur.
No. 6 seed Hanson Memorial set the scene for Fitzgerald’s shot heard around the city by building an early 8-1 advantage in what turned out to be an edge-of-your-seat thriller.
Winning pitcher Baylee Young led the Lady Tigers to a 6-0 advantage after three complete innings. Baylee Young helped her own cause by smacking a two-run bomb in the first inning along with a solo blast in the third frame.
Young pitched 7.1 innings to earn the win in the circle, allowing eight runs (six earned) on six hits with one strikeout and five walks. Ashlee Meyerholtz worked two-thirds of a frame, giving up one earned run on one hit with a pair of walks.
Houma Christian’s Michaela Rousey suffered the loss, working 7.1 innings, surrendering 12 runs (11 earned) with one strikeout.
The Lady Tigers collected 12 runs on 15 hits with one error while Houma Christian scored nine runs on seven hits with one error.
Leading hitters for the Hanson Lady Tigers were: Casey Fitzgerald, 3 for 5, 3-run walk off home run, 2 runs, 4 RBI; Kaylee Broussard, 2 for 4, 2 runs; Allyssa Young, 1 for 3, triple, run, 2 RBI; Lunden Verdin, 3 for 4, double, run, 2 RBI; Baylee Young, 2 for 4, 2-run homer, solo blast, 2 runs, 3 RBI; Noel Baker, 1 for 4, double, run; Ashlee Meyerholtz, 1 for 4, run and Camille Baker, 1 for 4, 2 runs.
Hanson opened with a 5-0 lead in the first frame highlighted by Baylee Young’s 2-run blast along with a double by Noel Baker.
Casey Fitzgerald reached on a single before swiping second base and moving to third on single by Kaylee Broussard. Fitzgerald later gave Hanson a 1-0 lead after she tagged home plate on a sacrifice fly from Allyssa Young. Lunden Verdin delivered Broussard, giving Hanson a 2-0 advantage. Baylee Young belted her 2-run bomb to hand the Lady Tigers a 4-0 cushion. A short time later, Noel Baker doubled and touched home plate on Ashlee Meyerholtz’s RBI single as the Lady Tigers built a comfortable 5-0 advantage.
In the third inning, Baylee Young lined her second homer, sending the Lady Tigers ahead by a 6-0 lead.
Houma Christian collected its first run of the game in the top half of the fifth innings, trailing Hanson by a 6-1 deficit.
In the bottom half of the fifth inning, Hanson increased its lead to 8-1 with when Kaylee Broussard and Allyssa Young circled the base paths. Broussard reached on a single and scored on Allyssa Young’s RBI-triple. Young later tagged home plate on Lunden Verdin’s RBI-single, giving Hanson an 8-1 lead.
Houma Christian’s Jada Ward brought her team back with a grand slam in the top half of the sixth inning as the Lady Warriors pulled within one run of the Lady Tigers at 8-7.
Hanson manufactured one run in the bottom half of the sixth frame when Camille Baker reached on a fielder’s choice, stole second base, before scoring on an RBI-double by Casey Fitzgerald as Hanson took a 9-7 lead.
Houma Christian struck for two more runs in the top half of the nail-biting contest, knotting the game at 9-9.
Hanson had a golden opportunity to win the game in the bottom of the seventh inning but couldn’t quite cash in when Lunden Verdin was thrown out at home plate for the final out of the inning forcing the game into extra innings.
Hanson closed out the drama-filled contest with Casey Fitzgerald’s three-run blast in the bottom half of the eighth inning.
Ashlee Meyerholtz reached on an error before advancing to second on a sacrifice bunt by Meagan LeBlanc. Camille Baker lined a single, putting runners in scoring position. Casey Fitzgerald ripped the shot heard around the city with her 3-run walkoff homer in the bottom of the eighth inning, giving the Hanson Memorial Lady Tigers a 12-9 comeback victory over the Houma Christian Lady Warriors.
No. 6 seed Hanson Memorial will head to the Division IV quarterfinals at Frasch Park in Sulphur to play against No. 3 seed Cedar Creek Thursday at 2:30 p.m. on Field 19.
Franklin Banner-Tribune
P.O. Box 566, Franklin, LA 70538
Phone: 337-828-3706
Fax: 337-828-2874
Morgan City Review
1014 Front Street, Morgan City, LA 70380
Phone: 985-384-8370
Fax: 985-384-4255