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Show Page 6 THE OGDEN VALLEY NEWS Volume III, Issue II November 15, 2000 The Athena PowerLink Program Meeting the needs of women business owners The ATHENA PowerLink program the needs and goals of that particular (APL) is owned by the ATHENA business, but will typically include a Foundation, headquartered in Lansing, banker, CPA, lawyer, human resources Michigan. The foundation is a non- manager, marketing professional, etc. . profit organization dedicated to open- . . The business owner learns to neting doors of leadership for women. work, access capital and implement The APL program was sound business praccreated in 1992 by two tices from their profesPennsylvania businesssional volunteer adviwomen, to “link” sors. women business owners The first two busiwith successful role nesses chosen by the models and mentors in WBEP were: order to help them effecKathleen’s’ Career and tively reach their busiFormal Wear and Old ness goals. Firehouse Child Care. To meet the needs of Other women business local women business owners, wishing to owners, the apply, must meet the Ogden/Weber Chamber following criteria: of Commerce and the 51% owned and North Davis Chamber actively managed by a Becky Daugaard of of Commerce, together woman. Old Firehouse Child Care with their affiliated Minimum of two fullWomen in Business Organizations, time employees (including owner). established the Women’s Business Minimum of two years in operation Enhancement Program (WBEP) in Annual minimum gross revenues of November, 1999. Through the cour- $250,000 for manufacturing and retail tesy of a grant from the US WEST businesses. Foundation, the WBEP organized a Annual minimum gross revenues of non-profit, volunteer governing body $100,000 for service businesses. to implement the ATHENA PowerLink Specific reasons for seeking an adviprogram. sory panel to help meet objectives. The APL program provides, to choTo receive a brochure and confidensen businesses, a volunteer profession- tial application, contact Holly at the al advisory panel to assist the business Women’s Business Enhancement owner at no cost for one year. The Program at 801-393-3995. panel is specifically designed to meet FUND RAISERS TO BE HELD LOCALLY FOR BURN VICTIMS Weber State University Retirement Planning: Understanding Your Withdrawal Alternatives More than 20 million Americans currently participate in 401(k) plans through their employers with an average account balance around $30,000. These pension plans can help to provide security for a comfortable retirement. It’s important to understand, however, the tax implications of these pension plans when you decide to change employers or, perhaps, are a victim of corporate downsizing. If you’re a plan participant, there are several alternatives available to you: Your first option is to do nothing. You may leave all or some of your retirement savings with your previous employer’s plan (although some plans may require you to “cash out” if your plan proceeds are $5,000 or less). These investments are often professionally managed at a lower cost than if you roll your account into an IRA. Unlike an IRA, distributions are not required in an employer-sponsored plan if you’re still working at age 701/2. In addition, assets in 401(k) plans are protected in the event of bankruptcy. A final advantage of leaving your current employer, you may borrow money from the plan and later transfer it to a future employer’s plan. A second option for your retirement plan savings is to transfer the money to a new plan. Internal Revenue Service rules allow a transfer of the funds from a 401(k) plan or other employer-sponsored plans to retirement plans of your new employer. This can be done even though you may not be eligible for the new plan for several months. When making these transfers between employers, the investments are first converted to cash and then the reinvestment is made. A third option is to withdraw all or a portion of your retirement savings as a lump sum. Any remaining balance in your plan will continue to grow taxdeferred. If you are under 59-1/2 years old, be advised that you must pay Federal income tax on the entire amount you receive, state and local taxes and a 10 percent IRS penalty for early withdrawal. In addition, the IRS requires a 20 percent automatic withholding if you’re not rolling it over to another retirement plan or an IRA. By making a total lump-sum withdrawal, you do control all of your assets. However, you are now solely responsible for managing your money efficiently in order to meet your income needs. Lastly, your retirement savings can be transferred to an IRA. In this case, your savings continues to accumulate tax-deferred until you begin making withdrawals. If you choose this option, you might want to consider having the money transferred directly to your new IRA account. Here’s why: if you receive your lump-sum amount check first and then deposit it, 20 percent is withheld because the IRS is assuming you’re planning to cash out your entire savings. So one of the most important things you may want to remember if you decide to leave your current employer, is to investigate your options before making any final, irrevocable decision. You may profit by it in the long run. 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