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COMPUTER DONATIONS
 
Do you have old computers or printers collecting dust at your home or office?
Put that computer / printer to good use!
The IEEE Orlando Section is sponsoring a computer / printer donation to the
local county school systems (Orange, Seminole, etc.).
Please call David Witter, Acting Computer Society Chairman, at 407-366-3520, Witterda@ieee.org for
further information!
 
 
 Engineers Transform Dreams into Reality…. into our Future!

Everyone has been endowed with the ability to dream, to invent, to recognize problems in everyday life and to mentally solve problems to some extent. What will happen to our next generation if students no longer take an active interest in mathematics, the language of science, in physics, chemistry, engineering and computer-related sciences? Where will technology advance; in the United States or somewhere else? Will we cease to supply energy to power our cities, to build buildings to work and live in, to construct vehicles and transportation systems to move around with, and to continue to misuse and under-utilize the vast resources provided by nature to grow nutritious foods to fuel our minds and bodies?

As we look around us, everything in sight that we benefit from today that was not placed there by our Creator, has been invented and made by man. Inventors create jobs for America! We must realize that inventors and engineers are the prime movers of technological advancement which has allowed us to explore flying, the vast frontiers of space, the deepest oceans, and the smallest units of construction: atoms and their component matter. Today we can look forward to developing microscopic machines to assist failing structure in the body, such as valves, venous circulator pumps, and imbedded insulin dispensers. Nano-technology opens up a whole new world of possibilities to apply electro-chemical, electro-physical and electromechanical principles to solving problems in medicine and health and other working or living systems at the atomic or molecular level.

With a strong basic background in the physical sciences, one is well equipped to begin to understand concepts of elements and matter, and the interaction with energy fields, and how to apply established principles of nature to build machines to solve problems. It is rewarding to know that the application of personal ingenuity now benefits millions of lives medically and environmentally each day! Also, of special interest are sophisticated instruments, which extend the range of our own natural sensory systems, such as telescopes, microscopes, audio amplifiers, ultrasonic tools, x-ray machines, radar, and sonar. The laser is a device, which is uniquely man-made, not found in nature, and which enables us to communicate over vast distances, to perfect eye surgery techniques, to precisely machine metals and ceramics, and to produce and record holographic three-dimensional images.

A computer engineer designs and builds faster, higher capacity machines to assist us in our everyday calculations, communications, and other chores. An electrical engineer may team up with a mechanical engineer and a human engineer to built the robots of the future. Aeronautical engineers may build an airplane to take us for a ride in space from our local airport. Civil engineers will build the homes and workplaces, roads and bridges of the future with the co-operation of the environmental engineer. A telecommunications engineer designs and maintains the telephone networks; a lighting engineers designs the lighting systems for our roads and building spaces. The various disciplines of engineering offer endless challenges...limited only by our imagination. We are a solar-powered planet. Energy engineers will someday harness a significant percentage of our sun's energy to power our homes and factories. We have barely touched on the concepts of how to benefit from our free magnetic field environment. Engineers are constantly developing new ideas to allow us to move faster and safer, to communicate faster, and in general to live longer and healthier lives. Skilled engineers in and with government will also steer political decisions to benefit human rights and the value of freedom! You have the opportunity to help shape the future and to become a living part of our history and our heritage. What part will you and your children play in making your home a safer dwelling place and your future creative, interesting, and exciting? Consider professions in engineering, science, and technology…….this is where the positive, uplifting, and constructive action is!

A challenge by Dr. David E. Flinchbaugh, who has created over 162 inventions. He was recently recognized and honored with the "Governor's New Product Award". As a close associate observed, his success is largely due to perseverance…. he had been competing 14 year for this honor! Dr. David E. Flinchbaugh in a Registered Professional Engineer, an I.E.E.E. Life Fellow, Certified Manufacturing Engineer, Health Physicist, and is the Florida Professional Engineers in Industry "Engineer of the Year", Florida Institute of Consulting Engineers' Governor A. W. Gilchrist Award winner, and Association for the Advancement of Medical Instrumentation new product Laufman-Greatbatch Prize and AAMI Foundation Grant winner for 2002.He lives with his wife of 45 years in Orlando and can be reached at:407-760-7200

 

One-person 401(k)s make a lot of sense for self-employed
Page 3B, USA Today, 21 May 2002
 
By Sandra Block
 
You give up a lot when you go to work for yourself. Paid vacations. Holiday parties. Free herbal tea. But starting this year, you don't have to give up a 401(k) plan.
 
Provisions in last year's tax-cut bill made one-person 401(k) plans, also known as individual or owner-only plans, less costly and more attractive for self-employed workers. Financial companies say the plans offer several advantages over traditional retirement programs for the self-employed, such as Keogh plans, SEP individual retirement accounts and Simple IRAs. Among them:
 
* Higher contribution limits. Self-employed workers can contribute up to $40,000 a year to a one-person 401(k) plan. That's more than double the maximum for some traditional self-employed retirement plans. If you're 50 or over, you can contribute even more: up to $41,000 in 2002, says Art Creel, senior vice president of John Hancock Funds.
 
The amount you can contribute is based on your income, so the maximum for many business owners will be less than $40,000. But in most cases, it will still be more than allowed by other plans for the self-employed (see box). As is the case with regular 401(k)s, contributions reduce your taxable income. You won't pay taxes on your contributions or investment gains until you take the money out.
 
* Borrowing privileges. You can borrow from a one-person 401(k), just as you can from an employer-provided plan. You must pay the money back, usually within five years, says Debra Zipp, manager of retirement sales for Waddell & Reed. Interest is based on market rates. She recommends making quarterly payments.
 
Borrowing from a 401(k) isn't always a good idea: It will slow the growth of your savings, and if you're unable to pay back the loan, you'll face taxes and early withdrawal penalties. But if a big customer is behind on payments and your mortgage is due, borrowing from your 401(k) beats pawning your guitar.
 
* Rollover options. You may be able to jump-start your one-person 401(k) by rolling over other retirement savings into your plan. For example, if you leave a job to start your own business, you can roll your employer's 401(k) into your individual plan, Zipp says. Many financial advisers are recommending self-employed clients roll their Keogh plans into one-person 401(k)s, says Christopher Guarino, president of BISYS Retirement Services, which helps financial companies set up the plans. Rollovers will help you consolidate your savings and increase the amount you can borrow. Not all retirement plans can be rolled into a one-person 401(k), so be sure you consult with an adviser first.
 
* Low cost. One-person 401(k)s have actually been around for years, but the administrative hurdles made the cost prohibitive. The new rules, combined with technology, have knocked down the price. John Hancock Funds, for example, charges $150 a year. And many providers require no minimum investment to start a one-person 401(k).
 
* Protection from creditors. Like regular 401(k) plans, one-person 401(k)s are covered by the federal Employee Retirement Income Security Act, which means they're protected from creditors and bankruptcy claims, Zipp says. If your business goes under, your creditors won't be able to go after your retirement savings to pay off your debts.
 
Who shouldn't invest
 
For all their advantages, individual 401(k) plans aren't appropriate for all business owners. If you're planning to expand your business and add more workers, you should probably stick with a traditional self-employed retirement plan.
 
Once you establish a 401(k) plan, you must make it available to all of your full-time employees, other than your spouse, says Elise Pilkington, a director for Principal Financial Group. You must meet these requirements even if you hire just one full-time employee. If your employee decides not to contribute, you can't either. In addition, the paperwork and administrative costs will increase the cost of maintaining the plan, she says.
 
If you violate the rules, the Internal Revenue Service could disqualify your plan, forcing you to pay taxes and penalties on your savings.
 
But for independent contractors and other one-person businesses, one-person 401(k)s ''are a great way to maximize retirement savings,'' Pilkington says.
 
So far, a handful of financial companies are offering one-person 401(k)s, but the number is expected to grow as demand increases. Layoffs and early retirement have forced many workers to start their own businesses. ''The market opportunity is huge,'' Guarino says.
 
 
George F. McClure
g.mcclure@ieee.org
Ph. 407-647-5092
Fax 407-644-4076
1730 Shiloh Lane
Winter Park, FL 32789

 

 
 
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Updated 07/30/02