We are planning the annual meeting for late September/early October, Details of the meeting, which will be as short as possible and followed by time to get together with appropriate libations, in our next letter. Please let us know by August 1 if you have nominations for Board members. {more information is under "Elections", below.) If you would like to submit a nomination, or volunteer, please contact Ellen Hoff at 301-654-1144 or email to e.hoff@wlpco.com.
Meanwhile the April 2006 reunion in Washington was a great success; with a chance to catch up with friends and enjoy the good food. Pictures will be posted on the website [thanks to Paul Schrantz for pitching in as photographer].
Ellen Hoff
President, for the COMARA Board
Denis Curtin, Irv Dostis, Ron Garlow, Jack Hannon, Ellen Hoff, Bob Kinzie, Tom Kirkendall, Walt McKee, Peter Weiss
Bill Calloway reports: "In 2000 I began to construct a small shopping center on the old family property in Callaway, Maryland (that's in St. Mary's County near the Patuxent River Navy Base). We now have an A&W restaurant with a convenience store and Sunoco gas station, a laundromat, a car wash and 12 rented stores. Things are going just fine. When Lorraine and I have any free time we spend it at our condo in Myrtle Beach SC. If some of our old friends want to contact us we can be reached at Willorcal@aol.com."
Denis Curtin has been named the 2006 recipient of the American Institute of Aeronautics and Astronautics (AIAA) Aerospace Communications Award. This award is presented for outstanding contributions in the field of aerospace communications, and was presented to Denis "For outstanding leadership to the communications satellite industry from research on a new solar cell to chief responsibility for the design, test and operations of complete satellite systems."
The award was presented June 12, 2006 during the 24th AIAA International Communications Satellite Systems Conference (ICSSC), held in conjunction with the 5th annual International Satellite & Communications Conference and Expo (ISCe) in California.
Rich Dineley lives in Atlanta, where his Delta Vectors firm does telecom consulting and financial planning, specializing in new product and service strategy. He can be reached at rdineley@deltavectors.com.
Dan Harrold is at the FCC's Office of General Counsel, and is currently working on Intelsat PanAmSat issues...
Eric Novotny from June 1 is Vice President for Programs at the United States Civilian Research and Development Foundation. He will be supervising over 60 professional staff, and have an annual grant-making budget of over $75 million. CRDF is a nonprofit organization chartered by the US Congress and established in 1995 by the National Science Foundation. It is a unique public-private partnership that promotes technological and scientific collaboration between the United States and other countries through grants, technical resources, and training. Its core areas are international scientific communication, WMD counter-proliferation, economic development, and high technology industry partnerships.
Judith Shannon has completed service as a Peace Corps volunteer in the Ukraine, and notes "Where did the two years as a Peace Corps volunteer go? There were some really hard times, but also some absolutely magnificent and memorable experiences. Teaching university students, many regular sessions with students who were not in my classes but who had the initiative to ask for time, running an English speaking club, helping with scholarship applications... I organized the writing team and then edited the "Handbook for Non-Governmental Organizations (NGOs)" on how to achieve sustainability. We interviewed NGOs across the country to find inspiring, real stories, then wrote a book with "best practices" in all key functions, from strategic planning to marketing and advocacy. We produced a printed version in Ukrainian and English, and a CD-ROM version adding Russian as the third language with videos and samples of materials from NGOs."
Dan Swearingen will be playing trombone with the National Concert Band of America at free & al fresco concerts in Fairfax County parks: Sunday, June 18, 7:30 at Mason District Park, Fairfax County Friday, June 30, 7:30 at Lake Accotink Park, Fairfax County July 16, 8 PM at Lubber Run Park in Arlington.
Andy Werth may not have ridden his bicycle at Comsat, but he has pursued it with a vengeance since then. Andy was three-time United States national champion (in 2000, 2004 and 2005) in the 10 mile point race. He now focuses on time trials and sprints.
Several Board seats will be up for election. If you have a former colleague that you think would make an excellent member of the COMARA Board, please contact him or her, obtain their consent to stand for election, then forward the name and contact information to COMARA President Ellen Hoff (e.hoff@wlpco.com) by August 1. We'll send the ballot out after nominations are in.
If you are not interested in joining the Board but would like to volunteer on a specific project, please let us know. Help in updating mail/email addresses, and arrangements for the 2007 get-together would be terrific.
We know that our grandchildren, nephews, nieces, etc. are going to face a severe challenge in saving for retirement. Virtually no one in that generation will have the benefit of a pension, so their retirement will consist of their 401(k) or equivalent, which is much less generous than, for example, COMSAT's defined benefit pension; a Social Security payment, if the system hasn't crashed; and whatever taxable savings they have managed to accumulate. Most of that generation will not have the discipline to start saving for retirement in their 20s, much less in their teens. But the "hockey stick-type" profile on an IRA or 402(k) really only kicks into gear between age 55 and 65, and only if the money has been invested for at least 35 - 40 years. Are you still with me? In other words, the big gains in the total value of the account come only when the assets have been subject to "compounding" for a very long time. The data shows that if you contribute $4,000 a year to an IRA only between age 21 and 30, and stop then, and the money earns 7%, you will have more money at age 65 than if you started contributing $4,000 a year at age 30 and continued doing so every year, earning the same interest rate, until you are 65!! So there is a very large advantage to starting early. So, if you have the flexibility to do so, which is of course a big "If," think about helping your young relatives establish an IRA as early as they start working part-time. You can "match" dollar for dollar what they earn and have them sock it into a non-taxable Roth IRA., "set it and forget it." You can even establish such an account, with them, then they are teenagers. Here's an except from Albert Crenshaw's analysis
"Building a Nest Egg Doesn't Come With Blueprints,"
which explains this phenomenon very well; it ran in the Business section of the Washington Post on April 2, 2006:
And here's a reminder for today's parents and grandparents: When your teenaged child or grandchild goes out and gets a summer job, fund a Roth IRA for him. Annual contributions are limited to earnings or $4,000, whichever is less. You can't expect the child to sock the hard-earned cash away for 40 years, but you can open the account and fund it with a gift up to the limit. Pick a good mutual fund, and then let it ride. Repeat the process every year the child works if you can afford it. It's amazing what this can compound into, including a good lesson on the benefits of saving.
Read the article at www.washingtonpost.com/wp-dyn/content/article/2006/04/01/AR2006040100172_pf.html
A Roth IRA is better for this situation because, while it must be funded with post-tax dollars, there is no requirement that the holder of the IRA start withdrawing funds from the account at age 70 1/2, and when they do start withdrawals, the money is not taxable, which is a HUGE benefit.
And yes, I have practiced what I am "preaching" here.
Jack Hannon
Barbara Coburn
Bill Hamilton
Carl Reber
Paul Weeks
Larry Whitmeyer
If you haven't had time to mail in your check yet, please help us cover expenses by sending it to:
COMARA
PO Box 34594
Bethesda
MD 20827
We spend a lot of time chasing down new addresses; it would be a great help if you could let us know of any changes and any other information you want to change.
Any news for our next newsletter?