Cedar Brook Financial Partners' Ted Lorenzen, ChFC, and Anthony Podojil, PhD, Specialize in Financial Issues Facing Educators

Cleveland, OH, April 21, 2013 - Cedar Brook, one of the largest wealth management firms in the region, is pleased to announce that two of its partners, Ted Lorenzen, ChFC, and Anthony Podojil, PhD, are helping educators navigate the dramatic changes to their pension plans.

During recent presentations on the topic, Messrs. Lorenzen and Podojil shared three changes they believe every educator needs to know:

Change #1: Cost-of-living adjustment (COLA)

The difference between retiring before and after July 1, 2013 is huge! Members retiring after July 1, 2013 will not receive a COLA increase until the fifth anniversary of their retirement.

Change #2: Increases in member contributions

Starting July 1, 2013, member contributions to the pension plan will increase 1% per year through July 1, 2016. That means educators will go year after year without a corresponding increase in benefits.

Change #3: New final average salary (FAS) calculation

Today, pension benefits are determined by age, years of service and FAS, which is based on the average of the last three years of service. Beginning August 1, 2015, the new FAS calculation will be the average of the five highest years of earnings. That means that after July, educators will be contributing significantly more than they are today and their salary average, for the purpose of computing their final pension benefit, will ultimately be lower because of the new averaging process.

About Cedar Brook Financial Partners

Headquartered in Cleveland, OH, with offices in West Bloomfield, MI, Naples, FL, and Clearwater, FL, Cedar Brook is one of the largest independent wealth management firms in the region, according to Crain’s Cleveland Business 2012. Cedar Brook’s now seventy-plus professionals deliver customized, personal services including comprehensive wealth strategies, investment and insurance advice, retirement plan consulting, and group benefit programs to physicians, corporate executives, privately held business owners, and families. Cedar Brook has been recognized again, as a Top Workplace in Northeast Ohio by WorkplaceDynamics according to the Plain Dealer's 2012 study. The firm offers securities through Securities America Inc., member FINRA/SIPC. Advisory services are offered through Securities America Advisors Inc., an SEC Registered Investment Advisor.

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