Mainebiz

W W W. M A I N E B I Z . B I Z 29 M A R C H 2 0 , 2 0 1 7 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T ITS HAWKEYE provides the highest level of proactive support, monitoring, and management for your Tivoli Storage Manager (TSM) environment. We guarantee improved backup success rates—and data recoverability—while dramatically reducing labor time and costs. Ask your ITS rep how our many strategic IT solutions, plus 24/7/365 service, can help your business grow upward and move onward in the Cloud! I T S O LU T I O N S TO P O W E R YO U R G R O W T H . . . A S LO N G A S T H E Y H AV E H AW K E Y E WATC H I N G O U T F O R I T. I T S N E . C O M / H AW K E Y E 8 8 8 - 2 6 4 - 7 8 5 2 W E B E L I E V E C L I E N T S C A N S OA R W I T H T H E I R DATA I N T H E C LO U D . . . n Maine, we're faced with what's been called the "demographic challenge," or the aging of our population. With a median age of 43.8 years old, Maine's population is older than Florida and signifi cantly older than the median for the country. While more and more people are working through the so-called retirement years, baby boomers are looking for succesors to take over businesses (see the related ESOP story) and Maine is grappling with higher taxes to pay for education (see the related tax story). Some wealth management advisors are seeing clients who would like to shift their primary place of residence to a state with a lower tax burden, but it's often easier said than done. S TA R T I N G O N F O L L OW I N G PA G E » I P O P U L AT I O N P E R C E N T O F M A I N E R S 6 5 + G ROW T H O F M U T U A L F U N D S U N D E R M A N AG E M E N T M E D I A N AG E C I V I L I A N L A B O R F O R C E PA R T I C I PAT I O N R AT E S O U R C E : Center for Workforce Research and Information S O U R C E : U.S. Investment Company Institute N O T E : Data does not include mutual funds that invest primarily in other mutual funds U.S. Department of Labor extends fi duciary rule implementation date B Y J A M E S M C C A R T H Y The U.S. Depar tment of Labor is proposing an extension of the applicability dates of the fi duciary rule and related exemptions imple- mented by the Obama administra- tion, including the "best interest contract exemption," from April 10 to June 9. The announcement follows a memo issued by President Donald Trump on Feb. 3, which directed the DOL to examine the fi duciary rule to determine whether it might adversely affect the ability of Americans to gain access to retirement informa- tion and fi nancial advice. The proposed extension is intended to give the department time to collect and consider information related to the issues raised in the memorandum before the rule and exemptions become applicable. The department will accept public comments on the proposed extension for 15 days following its publication. Comments on issues raised in the presidential memorandum will be accepted for 45 days. The DOL fi duciary rule, which was created under the Obama administration, was designed to protect the client's best interests, avoid confl icts of interest and offer transparency about compensation and fees. Retirement? Retirement proves elusive for a signifi cant sector of Mainers who are 65 or older. By 2020, the number of workers 65 or older in the labor force is expected to double from the decade before (see below): 2010: 211,100 2010: 36,300 2010: 17.2% 2020: 24.3% 2020: 292,300 2020: 71,000 2010 2015 Maine 42.0 43.8 Florida 40.7 41.4 U.S. 37.2 37.0 S O U R C E : U.S. Census S O U R C E : U.S. Census 2010: 15.3% (203,163) 2015: 17.6% (234,108) $0 $4T $8T $12T $16T '14 '12 '10 '08 '06 '04 '02 '00 '98 [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may [The rule] may significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration. — President Donald Trump Feb. 3 presidential memorandum

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