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Show October, 1972 Salt Lake City, Utah Qualified Trust onsion ' (PART II) Treasure, Country Country Mutual Mutual Life Dies Founder, Dies. J. Ray Garrett, member By of the Board of Directors of Country Mutual Life and Treasurer of the same, died of an apparent heart attack, August 27, 1972. Mr. Garrett was a successful businessman in a number of capacities. He was serving as president and general manager of JuniorF. Stewart CLU Vice-Preside- nt Marketing CML Norbest Editors note: First printed in Association. Turkey Growers August issue Farm Bureau News. He was a director of the Poultry and Egg Institute of III. of the Pacific Egg and Poultry Instruments that may be adapted to establish a Pension Tijlist Plan. ' There are basically two methods 6f setting up a Pension Plan. The most popular and simple method is by adopting a Prototype Pension 1. Plan which has been previously approved by the Internal Revenue Service and is funded by annuity contracts. Under this method a life insurance company develops a plan that is used to fund a Pension Trust Plan. This plan is then submitted to the IRS for their approval. After it is approved by the IRS, interested corporations may adopt this plan as their own, without submitting it for IRS approval. This helps to simplify the adoption of a program and helps to expedite the plan. Life insurance companies who have a Prototype Plan available have the forms available to set up the plan for the corporation. Corporations are encouraged to contact their attorneys before entering into such an agreement. The other method that may be used for a qualified Pension Plan is for each 2. individual corporation to its own plan through the Profit-Sharin- g method. This plan is ordinarily more adopt expensive for the corporation to implement. Approval to the IRS must be submitted on an individual basis and necessitates doing work that has already been done under the Prototype Plan. The cost of developing an individual plan must be absorbed by the corporation. America in Chicago, past president director of the Turkey Federation, a member of the board of directors of the National Council of Farmers Cooperatives in Washington, D.C., and other significant positions in Agriculture. Association, National Mr. Garrett was an active member of the Church of Jesus Christ of Latterday Saints, a high priest in the Parley First Ward, and had served in the Sunday School superintendency. He was born July 26, 1910 in Nephi to James Garrett and Eliza Ann Boswell Garrett, Jr., he married Bula Fisher on. June 29, 1936 in the Salt Lake LDS Temple. He is survived by his widow, three sons and two daughters. Mr. Garrett has contributed extensively to the growth and development of Country Mutual Life. Farm Bureau members, leaders and associates of Country Mutual Life express their deepest sympathies to Mrs. Garrett and Dr. Francis W. Kirkham was 95 years of age when he died Sep- tember 14, 1972. He was an educator, author and promoter of insurance protection designed to give the maximum coverage for the least possible cost All of his accomplishments, positions and assignments through his life could be listed, and they are many, but would not reflect the greatness nor the gentleness of his character.. Up until a year ago Dr. Kirkham filled his life full of activity, including swimming at Deseret Gym, that would characterize a person 50 years his junior. He had an enormous resilience of the human spirit to display in his active life pattern. Touching on a few of his accomplishment in education he was graduated from the University of Michigan in 1906 with an A.B. degree and received an LL.B. degree from the University of Utah in 1913 and a Ph.D. from the University of California in 1930. He taught at various schools including BYU, was Superintendent of Granite School District and assisted in the organization of the White House conference on Child Health and Protection and was appointed by President Herbert Hoover to serve on the White House committee on Children. His work here helped the nation to see the problems and opportunities for Page 3 children as they have never been ' seen. He was author of A New Witness for Christ in America which includes two volumes. He has written many articles and pam- phlets on the Book of Mormon. Dr. Kirkham was at the age of retirement when he felt the need insurance cooperative protection that could benefit for participants. After searching for a organization that could sponsor him he came to Utah Farm Bureau. The organization agreed to the arrangement and Dr. Kirkham personally financing the initial organization, sought to establish the legal number of participants that would form the nudeous of an insurance company. The company began with about $500 of assets and has grown into a non-prof- it company with $78, Million of business with an annual premium income of $1.5 million dollars. Organizing a company in a depression in 1937 at retirement age shows clearly the indominable character of this man. His activities have touched the lives of many thousands and what he has done he has done in the interest of in-for- ce others with little thought for personal gain.. He will truly be missed by all who came to know him and feel his kind and loving spirit. Dr. Francis W. Kirkham family. 1. They must take ap- propriate corporate action to approve the proposed plan and trust, appoint the trustee and pension trust committee and authorize the necessary corporate contributions. 2. Complete and execute an adoption agreement. 3. Advise all eligible employees of the adoption of the plan, distribute to them a discription of the principal features of the plan and obtain from each eligible employee his written election to participate. 4. Make the initial contribution to the trustee who will acquire the appropriate contracts. 5. Complete and file with the IRS Form 4462, together with the supporting documents required. There are advantages and There are two sources that a disadvantages to both methods of corporation may use to help them funding. This depends on the adopt a Pension Trust Plan. One, structure and financial picture of and the most important is to the corporation. The annuity contact their attorney. Incontract pays a guaranteed fixed struments drawn up to implement benefit along, ordinarily, with such a plan are of a legal nature g dividends. The plan and must be drawn up by a does not have a fixed benefit but qualified tax attorney. adds incentive to the employees performance to increase the profit The other source is your Country Mutual Life agent. He is well picture of the corporation. qualified to help a corporation IV. How does a family corporation determine which plan is the most set up a Pension Trust Plan? economical for the corportion, which plan will provide the There are certain requirements greatest benefits and the that a corporation must execute in necessary steps to implement a order to establish such a plan. Pension Trust Program. Profit-Sharin- Coyotes At It Again At 9:30 a.m. three coyotes were seen along the roadway. The owner was notified and before he could get there the above pictures reveal what he found. These pictures were taken in Duchesne County on the premises of Art Taylor. Many other experience similar loses on a regular basis. Sheepmen are finding it more and more difficult to stay in the business with predators causing extensive damage to flock numbers. Restricting the methods of control will continue to aggravate the problem of predator losses. Farm Bureau Presents Prizes While Utah Farm Bureau In- surance agents met for an insurance conference at Park City, Legrand Jarman, Director of Field Services presented gifts to four outstanding agents. The gifts were presented in recognition of agent activity earlier in the year when Bureau leaders were working hard to get quota and an Farm high in membership. The agents who were foremost in obtaining new member subscriptions included Carl Loveless, Provo, Lloyd Horlacker, Richfield, James Kulow, Tooele and Heinz all-ti- I Agents receiving awards for membership work from to r. Carl Loveless, Lloyd Horlacher, LeGran Jarman, Field Services, Jim Kulow, and Heinz Bruehl. Bruehl, Ogden. Each agent recognized received a quality fishing tackle box for their efforts. We congratulate these agents and all of the other who participated to e achieve an high for Utah 1972. Farm Bureau in all-tim- 900 DON'T TRWT LAW ABIDINS AMERICAN CITIZENS |