Union Bank And Trust Retirement

Are There Mandatory Distribution Requirements For An Education Savings Account

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Although contributions must stop when the child attains age 18, the account can remain open until the child turns 30. If the funds have not been distributed by that time, the account balance must be withdrawn within 30 days or transferred to another child within the same family within 60 days. The mandatory distribution requirement does not apply to students with special needs.

How Are Sep Ira Distributions Taxed

Distributions from a SEP IRA are generally taxed like distributions from a Traditional IRA. Funds withdrawn prior to age 59 1/2 are generally subject to early-withdrawal penalties.

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Who Is Eligible To Contribute To A Roth Ira

There are no age limitations. Your MAGI determines your eligibility to contribute to a Roth IRA.

If youre single and your MAGI for tax year 2017 is:

Less than $118,000, you may contribute the maximum annual contribution limit to a Roth IRA
Between $118,000 and $132,999, you may make a partial contribution to a Roth IRA

$133,000 or more, you may not contribute to a Roth IRA

If youre married filing jointly and your MAGI for 2017 is:

Less than $186,000, you may contribute the maximum annual contribution limit to a Roth IRA

Between $186,000 and $195,999, you may make a partial contribution to a Roth IRA
$196,000 or more, you may not contribute to a Roth IRA

If youre single and your MAGI for tax year 2018 is:

Less than $120,000, you may contribute the maximum annual contribution limit to a Roth IRA
Between $120,000 and $134,999, you may make a partial contribution to a Roth IRA
$135,000 or more, you may not contribute to a Roth IRA

If youre married filing jointly and your MAGI for 2018 is:

Less than $189,000, you may contribute the maximum annual contribution limit to a Roth IRA
Between $189,000 and $198,999, you may make a partial contribution to a Roth IRA

$199,000 or more, you may not contribute to a Roth IRA

For more information about your IRA eligibility, consult your tax advisor.

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Who Is Responsible For The Funds

Although the account is in the child’s name, the account’s responsible individual controls the education savings account until all of the funds are distributed. The responsible individual is the individual who has the power to direct the investment of contributions redirect the initial investments and direct the financial organization regarding administration, management, and distribution of the funds .

What Is A Simple Ira Plan

A Savings Incentive Match Plan for Employees gives eligible businesses with 100 or fewer employees a way to help employees save for retirement without complicated paperwork and procedures. Each employee sets up a SIMPLE IRA, which is a tax-deferred retirement account. The employer makes tax-deductible contributions to the SIMPLE IRAs. Employees may also contribute to their SIMPLE IRAs through payroll deductions.

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Us Bank Acquires Union Banks Retirement Plan And Ria Institutional Trust Biz

U.S. Bank has acquired the units of Union Banks institutional trust business that focus on retirement plans, labor management trusts, and registered investment advisors, U.S. Banks parent, U.S. Bancorp, announced late Wednesday. As a result of the deal, which closed yesterday, U.S. Banks Institutional Trust and Custody division acquired approximately 4,300 client relationships representing $42 billion in assets under administration, U.S. Bancorp said.

This acquisition is a great fit for U.S. Bank and solidifies us as a leading provider of institutional trust and custody services by significantly increasing U.S. Banks scale supporting the retirement services, labor management, and registered investment advisor markets, Terrance Dolan, vice chairman of the banks Wealth Management and Securities Services division, said in a statement.

Jeff Kerr, president of U.S. Banks Institutional Trust and Custody division, added that the deal increases the divisions presence on the West Coast and complements its existing suite of services. We look forward to putting the resources of U.S. Bank to work for our new clients, he said.

The terms of the transaction were not disclosed.

Minneapolis-based U.S. Bank is the fifth largest commercial bank in the United States. Its parent, U.S. Bancorp, operates 3,085 banking offices in 25 states and 5,053 ATMs.

Who Can Receive Sep Ira Contributions

While employers may choose more-liberal eligibility requirements, they must include employees who meet all of the following requirements:

Are age 21 or older
Have worked for the employer during any three of the preceding five years
Earn at least $600.

Employers can exclude nonresident aliens and employees covered by collective bargaining agreements.

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Why Should I Open An Education Savings Account When $2000 Per Year Won’t Cover My Child’s Education Expenses

The education savings account is designed to be part of an overall savings plan. It offers the advantage of tax-free earnings when you withdraw the funds for qualified education expenses. Also, since 2002, you can contribute to an education savings account and to a qualified state tuition program for the same child in the same year.

Union Bank Ceo Others Resign As Titan Trust Completes Acquisition

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Union Bank Plc has announced the completion of core investors sale of a majority shareholding to Titan Trust Bank.

In a statement on Thursday, the bank also notified the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.

The directors included: the Chair/Non-Executive Director, Mrs Beatrice Bassey, and the Chief Executive Officer, Mr Emeka Okonkwo.

It stated that, Following the banks notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders Union Global Partners Limited, Atlas Mara Limited, et al. and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Banks issued share capital to TTB.

Consequently, it added, in compliance with the NGX rule book and the amendments to the listing rules, Union Bank notified the NGX, its stakeholders and the investing public of the new developments.

Union Bank notified the NGX that with the completion of the transaction, TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank.

Consequently, UBUK is not included in the transaction with Titan Trust Bank.

Union Banks Retirement Planning Services Include:

Traditional IRA: a tax-deferred retirement account you pay taxes on income when you begin to withdraw funds in retirement. Avoiding taxes until retirement allows the money in your IRA to grow faster than other taxable options. Dividends, interest, and capital gains compound year after year.

Roth IRA: Unlike a traditional IRA, contributions to a Roth IRA are made after-tax. Roth IRAs are funded with after-tax dollars the contributions are not tax-deductible. Once you start withdrawing funds, the money is tax-free.
Rollovers: consolidate multiple retirement accounts that you may have as a result of switching jobs.
Investment Management: gain access to the expertise of our asset managers while taking a more active approach to making and monitoring your investments, or let our experienced retirement advisors manage your assets based on their knowledge of your financial goals. We have options to fit the needs of every investor.

: helps small business owners plan for their own retirement and that of their employees.

Contact our retirement planning specialists today or stop by any of our local branch offices to discuss your retirement goals.

*Unlike traditional bank deposits, non-deposit investments are not insured by the FDIC are not deposits or other obligations of Union Bank and are not guaranteed by Union Bank and, are subject to investment risks, including possible loss of the principal invested.

What Are The Advantages Of A Simple Ira Plan

For employers:

Tax benefits: deductions for both employee deferrals and matching contributions
Ease: a retirement plan that’s easier to set up and more economical to administer than a 401 plan

For employees:

Tax benefits: contributions and earnings are tax-free until withdrawn
Retirement plan: employees of small businesses build retirement savings

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Explore Your Investment Options

UnionBanc Investment Services has access to a wide variety of investment optionsfrom mutual funds and exchange-traded funds to fixed-income products and annuitiesand the guidance to help you choose whats right for you.

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What Are The Advantages Of A Sep

For employers:

Tax benefits: employer contributions are tax-deductible business expenses.

Flexibility: employers can decide how much to contribute, up to the IRS-imposed limitations, or whether to contribute at all.
Ease: a retirement plan that’s easier to set up and more economical to administer than a 401 plan.

For employees:

Tax benefits: contributions and earnings are tax-free until withdrawn.
Retirement plan: employees build retirement savings.

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Zenith Gtbank Lead List Of Nigeria’s Most Valuable Banks

Meanwhile, Legit.ng in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian banks closed at N194.5 billion.

In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.

What’s The Difference Between A Traditional Ira And A Roth Ira

With a Traditional IRA, you pay taxes on principal and earnings when you withdraw them. Depending on your income, you may be able to deduct the initial contribution to a Traditional IRA. With a Roth IRA, you pay income taxes on your contributions, but the earnings on qualified withdrawals are tax-free.

Who Is Eligible To Contribute To An Education Savings Account

Any qualifying individual can contribute to an education savings account, making this an ideal savings option for parents, grandparents, other relatives, and friends.

You are eligible for a full contribution to an education savings account if your adjusted gross income is:
Less than $95,000
Less than $190,000

You are eligible for a partial contribution to an education savings account if your adjusted gross income is:
Between $95,000 and $110,000
Between $190,000 and $220,000

What Is A Coverdell Education Savings Account

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A Coverdell Education Savings Account allows you to save up to $2,000 per child, per year until the child turns 18 for elementary, secondary-education, and higher-education expenses, subject to eligibility requirements. While contributions are not tax-deductible, earnings grow tax-deferred, and qualified distributions are tax-free.

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Union Bank & Trust Retirement Plan Services

Union Banks Retirement Plan Services has been providing full service for defined contribution and defined benefit plans since 1965 and has made a major commitment to staffing and software necessary to service these types of plans. We provide retirement plan services to over 220 plan sponsors, with assets in excess of $2.5 billion and more than 35,000 participants.

Our group offers professional retirement plan services for qualified 401, profit sharing, cash balance, 403, money purchase pension, government plans, employee stock ownership plans , defined benefit pension plans and 457 deferred compensation plans. We offer a one-stop shop that sets us apart from other providers. This full package provides you with trustee, administration, record-keeping and investment services. In addition, our plan educational services are designed around the individual needs of the Plan Sponsor and their employees.

What changes have there been in the retirement industry in the past few years?

Actively seeking to retain assets within plans when an employee moves to another employer or retires. Union Bank helps with this by offering partial distributions and encouraging rollovers for other qualified plans. With us, you have fiduciary oversight, so the best interest of the participant is the number one priority.

What do you see happening with the business in the next five years?

What makes Union Bank & Trust different?

Tim Gregan, First Vice President, UBTs Retirement Plan Services

What Is A Sep Plan What Is A Sep Ira

A Simplified Employee Pension plan is an employer-sponsored retirement plan that uses IRAs to minimize cost and paperwork. Each employee sets up a SEP IRA, which is a tax-deferred retirement account. A business or self-employed individual makes tax-deductible contributions to the SEP IRA. Once an employer makes a contribution to a SEP IRA for an employee, the funds belong to the employee and are subject to Traditional IRA rules. Each employee directs his or her own investments.

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Titan Trust Retires Top Mgt Of Union Bank Directors After Takeover

Titan Trust Bank has fired the board and management of Union Bank PLC after taking over the old generation bank.

TheNewsGuru.com, reports this was contained in a statement issued by the bank notifying the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.

Titan Trust Bank, owned by TGI Group which, now controls 93 per cent of Union Banks shares, has also named Mudassir Amray as chief executive.

Does Participating In A Simple Ira Plan Affect My Other Ira Contributions

If you participate in a SIMPLE IRA plan, the IRS considers you an active participant in an employer-sponsored retirement plan. This can affect whether you can deduct contributions to a Traditional IRA, depending on your income. However, you can participate in a SIMPLE IRA plan and still contribute to an IRA, subject to IRS rules on IRA eligibility. A SIMPLE IRA plan contribution does not count against your limit for Traditional or Roth IRA contributions.

Does The Maximum Amount I Can Contribute To A Roth Ira Change Every Year

No. A law passed in 2001 defines increases in the contribution limits through 2008, with potential cost-of-living adjustment in $500 increments starting in 2009. Eligibility requirements apply. The law also allows you to make additional catch-up contributions if you are 50 or older. The maximum contribution limit for tax years 2017 and 2018 are:

$5,500 if younger than 50.

$6,500 if 50 or older.

What Is Considered A Qualified Education Expense

You can withdraw earnings tax-free and without penalty for qualified education expenses. These include tuition, fees, books, supplies, and equipment required for the education of the designated beneficiary at an eligible educational institution. If the student is half-time or greater, room and board is considered a qualified education expense. Note: Depending on the investment option chosen, Union Bank early-withdrawal penalties or compensating fees may apply if funds are withdrawn prior to the maturity date.

Does Sep Plan Participation Affect My Eligibility To Contribute To Other Iras

aIf you participate in a SEP plan, you are considered an active participant in an employer-sponsored retirement plan. This may affect whether you can deduct Traditional IRA contributions, depending on your income. However, you can participate in a SEP plan and still contribute to an IRA. A SEP plan contribution does not count against your limit for Traditional or Roth IRA contributions.

Massive Shakeup In Union Bank After Takeover

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Union Bank Plc has announced the completion of core investors sale of a majority shareholding to Titan Trust Bank .

In a statement, the bank also notified the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.

The directors included: the Chair/Non-Executive Director, Beatrice Bassey, and the Chief Executive Officer , Emeka Okonkwo.

It stated that Following the banks notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders Union Global Partners Limited, Atlas Mara Limited, et al. and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Banks issued share capital to TTB.

Consequently, it added, in compliance with the NGX rule book and the amendments to the listing rules, Union Bank notified the NGX, its stakeholders, and the investing public of the new developments.