St. Norbert College sponsoring national "iOme" Challenge looking for students and faculty members to take part

From St. Norbert College, August 5, 2009
by Mike Counter, mike.counter@snc.edu, (920) 403-3089

St. Norbert College's own nationally recognized economists are encouraging teams of college, technical college, community college and university students with a faculty advisor to compete in the iOme Challenge and come up with a solution to the retirement crisis in return for a large (rolling) cash prize. To date, $26,000 is in the pot.

If current retirement policies remain in place, what does the future hold for current college students? What will their financial future and retirement look like 40 years from now? What should/could they do to help ensure their financial security?

"At St. Norbert College, we believe the iOme Challenge is a wonderfully creative way for students to really think about one of the most pressing issues facing us today --and in the process quite possibly have some effect on our nation's public policy," said President Thomas Kunkel.

First-place team will share a minimum of $15,000 plus a $1,000 honorarium for the faculty advisor. The first-place team also earns a trip to Washington D.C. to share their plan with members of Congress, policymakers and special interests during the week of the State of the Union address likely in January 2010.

The iOme Blue Ribbon panel, made up of economists, business leaders and policy experts, will select one grand champion and three honorable mentions.

Teams must identify a team leader and a faculty advisor and complete an intent to submit form by Oct. 1, 2009. Deadline for submission is Dec. 31, 2009. Entries must be a combination of an essay and a video. Winners will be announced by Jan. 21, 2010.

"First, we listen," said Michael Kiley, president of Plan Administrators, Incorporated (PAi). "Ask students what they think - and what they think we should do about this. Then, we'll take their ideas to Congress and build it."

PAi, St Norbert College and a small staff of volunteers have been working feverishly -- for nearly four months - to launch iOme this Semester. "We're providing a good incentive to get them thinking about the issue," Kiley said, "but the students and faculty are doing the heavy lifting. We're asking them to embrace the facts and a course to follow. When that conversation produces a direction, we'll work with Washington to deliver a solution."

For more information, or to fill out a submit to entry form, go to http://www.iOmeChallenge.org.