Retirement Plans
© Harvey Payne
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Your retirement plan is designed to benefit you during your retirement. However, you may name beneficiaries for your plan in case you pass away with funds still in your account. Along with family, relatives and friends, a charity may also be named as the beneficiary.
Retirement fund assets can be great charitable gifts because of the tax implications to your non-charitable beneficiaries. Most retirement plans are income tax-deferred, meaning you do not pay income tax on the funds contributed to your plan or on the growth of the assets within the fund. However, you are responsible for paying the tax when the funds are distributed. Your beneficiary(ies) are also required to pay the income tax that has not been paid.
Charitable organizations, like The Retirement Resource
Organization, are tax-exempt and not liable for the unpaid taxes. If you name the
Organization as a beneficiary of your retirement plan, the full amount of your gift will be used for conservation priorities.
Benefits
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Personal Satisfaction – In completing your estate plan and providing for the people and charities that matter most to you.
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Easy to Give – Involves little effort or paperwork.
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Freedom and Flexibility – You can change your mind and your beneficiaries at any time.
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Future Tax Savings – Removes the asset from your estate and saves your beneficiaries from paying the remaining income tax.
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Leave a Legacy – Your gift will ensure
retirees and caregivers will be helped across future generations. Become a Legacy Club member.
Naming or changing your beneficiary(ies) is easy. Simply contact your plan administrator and request a beneficiary form.
How to Name Us as a Beneficiary – Legal designation information for beneficiary forms
How It Works (example)
Alice began participating in her company’s retirement plan when she first started working. At the time, she named her brother as her beneficiary. Since then, she has named him as the beneficiary of other assets in her estate. Having been a loyal member of the
Organization for years, she makes us the beneficiary of her retirement plan instead. Her gift will ultimately be used to help
provide material and financial assistance to retirees and caregivers around the
state.
Contact Us
Would you like more information on naming the
Organization as a beneficiary or becoming a Legacy Club member? Please contact us, e-mail
legacy@retirement-resource.org
or call us toll-free at (877) 855-3718.
Gift Planning Home | Name a Beneficiary Home | Comparison of Giving Options | Contact Us
Information provided on our Internet site is not intended to be tax or legal advice.
Rates used in the example are for illustrative purposes only. Please consult a qualified financial advisor before making a gift.
| The Retirement Resource Organization, Inc. is a tax-exempt charitable organization under Section 501(c)(3) of the Internal Revenue Code.
Donations are tax-deductible. | |
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