| Funding an IRA Rollover with a Fixed Index Annuity (FIA)
I was once asked why I would recommend putting a tax shelter inside of a tax shelter when I recommended a Fixed Index Annuity (FIA) for an IRA rollover. Here in brief is my reply. According to the Internal Revenue Service (IRS), IRA stands for Individual Retirement Arrangement. An IRA is not an investment, but simply money that is treated differently tax wise, than other money. You can't buy a 401k and you can't buy an IRA. (Refer to section 408 of the Internal Revenue Code and IRS publication 590 for more information.) Find more information at the IRS web site www.irs.gov An IRA is much like an umbrella, and you can put just about anything under your umbrella that you want to. Stocks, Bonds, CDs, Annuities, Real Estate, a Stamp Collection, etc; etc. anything that you hope, in time, will appreciate in value.
Community State Bank sets events on money
As part of Iowa's first Money Smart Week, April 16 through 21, Community State Bank will host several financial education presentations on home buying, savings, retirement planning and insurance. Events, times and locations include:
- 6:30 p.m. April 16: Home Buying Basics, Community State Bank, 3540 E. 33rd St., Des Moines.
- 6 p.m. April 17: 401K/IRA Rollover Strategies, Altoona Library, 700 Eighth St. S.W., Altoona.
- 6:30 p.m. April 18: Teaching Children to Save, Community State Bank, 3540 E. 33rd St., Des Moines.
- 6:30 p.m. April 18: Insurance 101: Homeowners and Auto, Community State Bank, 1640 White Birch Circle, Ankeny.
- 6 p.m. April 19: 401K/IRA Rollover Strategies, Community State Bank, 817 N. Ankeny Blvd., Ankeny.
Charlotte's RolloverSystem's appoints new CEO
CHARLOTTE, N.C. - RolloverSystems, a developer of a platform that allows workers to select a new 401k plan when changing jobs, announced that it has appointed J. Spencer Williams as President and Chief Executive Officer, effective in mid-April. Williams most recently served as Senior Vice President of the Income Management Group at MassMutual. Williams succeeds Lisa Pickrum, Chief Operating Officer of The RLJ Companies, one of the investors of RolloverSystems, and a member of the RolloverSystems Board of Directors. "The members of the board are looking for a CEO who understands the need for the company to drive towards an industry standard that takes into account the complexities of the rollover services market, including the varied stakeholders who touch the end participant in the process," said Robert Johnson, CEO and Chairman of The RLJ Companies and majority owner of the NBA Charlotte Bobcats.
Barclays Completes Acquisition of EquiFirst From Regions Financial ...
NEW YORK, April 2 /PRNewswire/ -- Barclays Bank PLC ("Barclays") announces that further to the release of 19th January 2007 it has completed the purchase of EquiFirst Corporation ("EquiFirst"), the non-prime mortgage origination business of Regions Financial Corporation ("Regions"), for a consideration of approximately $76 million. The price is subject to a final adjustment of book value, which is expected to be finalized during the second quarter. Barclays does not expect a significant adjustment to book value. Barclays PLC is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. We are one of the largest financial services companies in the world by market capitalization.
Major Averages Hover Above Unchanged Line
(RTTNews) - The major averages continued to hover above the unchanged line in the middle of Monday's trading. The stocks kept off their high for the day, but remained above negative territory. The lackluster performance came as investors reacted to the new speculation that the Fed would not cut interest rates this year. This notion was spawned by the release of higher-than-expected jobs data on Friday, which showed the economy may not be slowing as much as originally thought. By 12 pm ET, the Dow and the S&P 500 were both up roughly 1%. Meanwhile, the Nasdaq was up about 0.5%. On of Monday's biggest gainers was Memory Pharmaceuticals (MEMY | charts | news | PowerRating). The company saw its stock rise on Monday following an announcement from Thursday that it had finalized its enrollment in Phase 2 testing of an Alzheimer's drug.
Bank of America exec joins Lydian
Victoria Rixon, president of Bank of America for Palm Beach County, has left the nation's largest retail bank to join Lydian Bank & Trust Co., a fast-growing boutique institution headquartered on Palm Beach. As president and market executive, Rixon will share some of the expansion-related duties with James Meany, president and CEO of Lydian Bank & Trust. Initially, she will work from the bank's headquarters at 180 Royal Palm Way. After the bank opens in Boca Raton, Rixon will be responsible for the county, "for developing, managing and growing Lydian's business," Meany said. "Victoria will add tremendous bench strength to my management team. She's one of the finest financial professionals I've ever met, and she'll make my job a lot easier," Meany said.
Mike Ivey: Put Bush tax cuts to good use
As the April 15 tax deadline looms, it's appropriate to celebrate Chuck Collins, the Madison-born great-grandson of a bologna maker Oscar Mayer. Collins grew up as one of many heirs to the wiener company fortune, inheriting some $275,000 when he turned age 21. As a college student in Michigan, Collins watched his invested windfall grow to nearly $500,000 -- proving again that the surest way to get rich is to be born rich. But somewhere during the me-first Reagan 1980s, Collins had a change of heart. He decided to give his money away, an "investment in a better world" was how he explained it at the time. So Collins split his inheritance between several different organizations pursuing social justice and progressive causes in New England and the rest of the U.S.
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