MGP Ingredients to close 2nd plant (AP) and Money talk loses its taboo as economy sours (AP)

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City of Industry, CA --(www.USEquityNews.com)-- 11/10/2008 - Retirement industry alert provided by U.S. Equity News. ATCHISON, Kan. (AP) -- MGP Ingredients is closing another manufacturing plant as it tries to streamline operations in a tough economy.The company said late Wednesday it will consolidate its wheat protein and starches operations at its headquarters plant in Atchison, effective Nov. 12.That will require closing a manufacturing plant in Pekin, Ill., affecting 70 to 80 jobs through a combination of layoffs and early retirement.Last month, MGP Ingredients announced it was closing its flour mill in Atchison, forcing the layoff or early retirement of 44 people.The company said it expects to take a $6.9 million non-cash charge for the closings, as well as pay $2.5 million in severance costs. It also will lose $3 million selling excess wheat but make up $1.2 million in deferred gains. [Read the full article]


NEW YORK (AP) -- Money used to be like religion or sex: It wasn't talked about in polite company.But the economic crisis has some people coming out of the closet about their financial troubles, commiserating about declining 401(k) balances, mounting credit card debt and a stalled housing market.

Kristi Huntington has found herself telling complete strangers that she let two of her houses go into foreclosure in September."I'm not embarrassed because so many people are in the same situation," said Huntington, 25, an accountant from Mesa, Ariz. "The foreclosure rate in Arizona is so high."Micki LeSueur is having a similar problem with a rental property she and her husband own in Chicago. Whenever she gets together with friends, talk turns to their financial troubles. Even some of her well-to-do friends are dishing up tales of woe."I think it lessens the anxiety" to talk about it, said LeSueur, 40, who works in advertising and promotions. [Read the full article]

The election is over and the message is clear -- the economy is priority one. The big question now is how some of President-elect Barack Obama's campaign proposals will affect retirees and workers with 401(k) and other retirement accounts. Looking at them a bit closer may reveal some clues.

Q: What are some of the ideas Obama has proposed that could impact my retirement planning?A: One issue Obama has endorsed may get serious consideration before he takes the oath of office in January.Obama proposed a temporary suspension of the required minimum distribution rule, which forces tens of millions of retirees to take money out of their IRA and 401(k) accounts once they turn 70 1/2. The rule is designed to give the government its share of the taxes on the money, which has been accumulating tax free. [Read the full article]

DETROIT (AP) -- With their employers poised to announce billions more in losses and further job cuts on Friday, it's worry time once again at General Motors Corp. and Ford Motor Co. factories across North America.

Both companies are spending billions more than they're making amid the worst economic crisis in decades.Both companies say that factory production needs to reflect declining sales, which means job cuts.According to Ford's top sales analyst and two people briefed on GM's plans, neither automaker is planning to announce factory closures, although they are likely to cut production by eliminating shifts, overtime bans or temporary plant shutdowns. [Read the full article]

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