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Eugene W. Harris & William F. Giaquinto Jr. Earn PLANSPONSOR Retirement Professional Designation cont.

By earning the PRP designation, retirement professionals not only demonstrate their commitment to the industry, but enjoy the benefits of an exclusive ongoing support system through PLANSPONSOR. PRP designees gain insights into plan sponsors’ expectations in order to recognize business trends, better serve clients, and build their practice.  They also are trained to better identify and understand the economic and regulatory forces that influence the retirement plan market.

“Retirement plan professionals understand that today, more than ever, knowledge is critical to this business, and practical knowledge is vital to success in this business,” notes Adams.  The PLANSPONSOR Institute faculty, recognized as independent, unbiased industry thought leaders, offer a unique combination of highly regarded technical and training proficiency with real-life industry understanding gained from PLANSPONSOR’s proprietary insight.

In addition to prior experience in direct retirement industry sales, service, and/or support, PRP designees must successfully complete Web-based and multiple-day, instructor-led coursework; sign the PLANSPONSOR Institute’s Code of Ethics to verify their pledge to maintain a high standard of conduct and competency in the practice of their profession; and meet an annual continuing education requirement. Additional information regarding the PRP designation and the PLANSPONSOR Institute is available at www.plansponsorinstitute.com. 

About PLANSPONSOR

PLANSPONSOR magazine is the nation's leading authority on retirement issues.  PLANSPONSOR.com provides comprehensive news and commerce services dedicated solely to helping employers and financial advisers navigate the complex world of retirement plans on behalf of their employees or clients. For more information, see www.plansponsor.com.
PLANSPONSOR is headquartered at 1055 Washington Blvd., Stamford, CT 06901.  For additional information, contact Mary Ann Adams. Tel. (203) 595-3226. Email. madams@plansponsor.com.

Preparing for the Increasing Costs of Higher Education cont.

529 Plans (technically known as qualified state tuition plans) allow parents; grandparents and

anyone else interested in saving for college to contribute money into a tax-deferred account

for higher education. Regardless of income levels, a donor may contribute $11,000 per year

per beneficiary or $55,000 in a single five-year period ($110,000 for married couples) without

triggering gift taxes. The earnings in college savings plans grow tax-deferred from Federal

taxes. When funds are withdrawn they are received Federal income tax-free if used for

qualified expenses (tuition, books, room and board). If a child decides not to attend college,

you can defer use of the account, change beneficiaries or withdraw the assets. If the assets are

withdrawn and not used for higher education, regular taxes and a 10 percent penalty may be

imposed on the earnings.

Coverdell Education Savings Accounts (formally Educational IRAs) allow parents,

grandparents and others to contribute cumulatively up to $2,000 a year for qualified

elementary, secondary school and higher education expenses of a child. Withdrawals from a

Coverdell Education Savings Accounts are Federal income tax-free if used for qualified

expenses such as tuition, room and board. Beneficiaries of the Coverdell can be transferred to

another family member to pay for educational expenses. If the account is not used by age 30

or the funds are not used for higher education, regular income taxes and a 10 percent penalty

may be imposed on the earnings.

Custodial Accounts (UGMA/UTMA) are created for a minor usually at a mutual fund

company or brokerage firm. This account provides a simple way to transfer property to a

minor without the complications of a formal trust. When the child reaches age of majority

(age 18 or 21 depending on the state), the child then has full discretion over the account. Any

earnings on the account up to $750 are tax free if the child is under age 14. Earnings from

$750 to $1500 will be taxed at the child’s tax rate. Earnings over $1,500 are taxed at the

parent's highest marginal tax rate (for children under 14 years of age). For children over 14,

the earnings are taxed at the child’s tax rate.

Determining which approach is best can be a difficult task. A financial professional can help

you develop a disciplined approach to saving for college costs. Together, you can determine

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800-258-3648

Securities and Advisory Services offered through registered representatives of Jefferson Pilot Securities Corporation Registered Broker/Dealer, Member FINRA SIPC Eugene W. Harris & Co. and Jefferson Pilot Securities Corporation are not affiliated.