Focus on Life
Learn how to protect yourself and your loved ones from events that may affect your future: take advantage of the various insurance plans offered exclusively to ACS members. Visit the Member Insurance Booth during the spring national meeting, and the ACS staff will be glad to speak with you about how you can sign up for Term Life, 10-Year Level Term, Auto & Homeowners Plus, Disability Income, Professional Liability, Hospital Indemnity, Accidental Death & Dismemberment, Short-Term Medical, Excess Major Medical, and the Health Insurance Brokerage Service.
Members who stop by the booth will have the opportunity to speak with a licensed insurance agent. As a value-added service, members will also receive a free, on-the-spot rate quote for Term Life, 10-Year Level Term, and Health Insurance.
Insurance Benefits
Get detailed information on insurance plans for ACS members, or call 1-800-227-5558, ext. 6037.
Sponsored by the Board of Trustees, Group Insurance Plans for ACS Members.
Your colleagues working for you!
ACS Members: What You Can Do with Your IRA
New Legislation Makes Gift-Giving Easier for Individuals 70½ or Older
There’s good news for individuals who are 70½ or older and have individual retirement accounts (IRAs). Thanks to the Pension Protection Act of 2006, you now have a new option that may be a more effective way of making a charitable gift.
Sue Fahrenholtz (right) with Past
President Ann Nalley (left) and
Project SEED alum Solomon Sarfo
(center). Sarfo will graduate with a
chemistry degree from Seton Hall
University in 2008.
President Ann Nalley (left) and
Project SEED alum Solomon Sarfo
(center). Sarfo will graduate with a
chemistry degree from Seton Hall
University in 2008.
Now, you can easily make a gift to the ACS while you are living and able to witness the benefits of your generosity to chemistry. Longtime ACS member Sue Fahrenholtz and her husband, Ken, have made contributions to Project SEED from their IRAs in 2006 and plan to do so again in 2007. As Sue says, “If you’re going to give the money anyway, why not take advantage of an opportunity to make a lifetime gift using funds from your IRA without the undesirable tax effects?”
Under the new law, you can now use IRA funds to make an outright gift without the tax consequences. Although you will not pay income tax on the amount, you also cannot claim a charitable deduction. This is equivalent to having the full amount treated as ordinary income while receiving a deduction for the full amount.
You may contribute funds this way if
- you are 70½ or older;
- the gift is $100,000 or less;
- you make the gift on or before December 31, 2007;
- you transfer funds directly from an IRA or Rollover IRA to one or more public charities (this excludes IRA transfers to charitable trusts, donor-advised funds, and supporting organizations); and
- the custodian sends the funds electronically or by a check made payable to the ACS.
Be sure to contact tax professionals and your IRA custodian if you are considering a gift under this new law. Also feel free to contact Mary Bet Dobson in the ACS Development Office at 202-872-6210 with any questions.
Under the Pension Protection Act of 2006, you can now use IRA assets to make tax-free outright gifts.
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