THE UKRAINIAN NATIONAL ASSOCIATION FORUM (03/09/97)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

Financial corner

UNA annuities offer more than interest

by Joe Binczak

Over the past five years, UNA annuity products were purchased with earning competitive tax-deferred interest in mind. However, many of our members are presently enjoying income from their annuities. And the best part of income from our annuities is that most of the monthly income is tax free - almost 85 percent tax free.

The UNA's annuities offer the option to receive a set monthly payout, known as "annuitization." Since annuity payouts are calculated by life expectancy, annuitants may receive longer payouts that result in higher returns on their investment. This, of course, is assuming the annuitant is in good health and enjoys a long life. The insurance industry has acknowledged the fact people live longer than ever before and current mortality tables are being reviewed to reflect this increased life expectancy. This being the case, annuities are very attractive vehicles for retirement income maximization. Once the annuitant elects to annuitize his policy, he can never change it back.

Because of this, our annuity offers a free withdrawal feature that can be useful in supplementing retirement income on an "as needed" basis. Perhaps one year some unexpected emergency occurs, or you decide to spend more than your pension allows - you can depend on the UNA to send you money from your annuity without excessive fees or charges.

When you consider the living advantage of our annuity programs that includes tax-deferred growth of earnings, named beneficiary so probate fees are eliminated, no loan or service fees charged to your deposit and the options to receive income when you need it, you can feel secure that your money is working for you and not vice-versa. Call the UNA today to enjoy these and other benefits of membership.

We have been offering security to our members for over 100 years, and we look forward to continuing our tradition. With your patronage of various products and services, we can continue investing in our communities and help maintain a strong Ukrainian heritage. For a list of our products, call the UNA: (800) 253-9862.

New tax changes offer members greater savings

by Joe Binczak

IRS legislation effective January 1, 1997, creates significant new opportunities for financial and retirement planning. These new changes affect:

401(K) plans,
spousal IRA accounts; and
a new IRA called Simple IRA.

With tax season quickly approaching, we all need to continue our personal efforts in saving more and paying less in taxes. The UNA is proud to be able to offer financial products for retirement and savings plans that can be either an IRA or a regular savings plan.

1997 offers two very important options for taxpayers and their spouses. First, spousal IRA's are expanded from $250 to $2,000. The result is that couples - one employed spouse and one non-employed spouse - can contribute up to $4,000 per year versus the previous limit of $2,250.

The next opportunity is called Simple IRA. This plan is for employers with under 100 employees who earn at least $5,000 per year. If you work for a company with under 100 employees you could establish a Simple IRA and contribute up to $6,000 per year. The employer is not required to file federal reports like other pension plans. However, they are required to match up to 2 percent of the contribution by eligible employees.

This information is prepared for members of The Ukrainian National Association and is not intended to offer any type of advice or consultation regarding individual tax planning. It merely states general ideas that should not be interpreted as advice; any ideas put forth should be addressed to your tax or financial advisor.

UNA homepage now on line

JERSEY CITY, N.J. - The UNA's homepage is now on line and may be viewed at http://www.tryzub.com/UNA

The site, set up by the UNA General Assembly's Internet Committee, includes a lead article titled "About the UNA," which covers the fraternal organizaton's history, support of Ukrainian causes, patronage of the arts, charitable activity, publications, promotion of sports, programs for youth, care of senior members, Soyuzivka and other fraternal benefits.

Also available on the homepage are the names and addresses of members of the UNA General Assembly (executive officers, auditors, advisors and honorary members), and information about sales offices and publications.

In addition there are separate sections titled: "Membership," "About Insurance," "Your Benefits," "Fraternal Activities" and "Aid to Ukraine." Each of these sections contains several articles, covering everything from UNA scholarships and annuities to the UNA's annual almanac, mortgage loans for UNA members and the English Teachers for Ukraine program.

The title page features the UNA emblem in color, and color photographs illustrate many of the articles.

There is a link to the homepage of Joe Binczak, the UNA's manager of insurance sales and marketing, as well as another link to the highlights of The Ukrainian Weekly that appear each week in the Current Events section of the Ukraine FAQ Plus site (http://www. std.com/sabre/UKRAINE.html).

Soon to be added: a calendar of events at Soyuzivka, the UNA's upstate New York resort.

To obtain additional information (and to report problems), e-mail should be sent to the attention of the site's webmaster to the address: of [email protected].

OBITUARY
Anna Mandziuk, Branch 143 secretary

GREAT MEADOWS, N.J. - Anna O. Mandziuk, secretary of Branch 143 of the Ukrainian National Association, died on January 11 at the age of 45. She became branch secretary in 1979 and carried on her duties for 18 years.

Born February 13, 1951, in Jersey City, N.J., she lived most of her life in Great Meadows. She resided with her mother. She was employed as an office administrator and served as a secretary of Our Lady Protection Society.

She is survived by her mother, Christina Kuzmeca Mandziuk; two sisters, Olga Mandziuk and Luba Mosner; nephews and nieces.

The funeral liturgy was offered at St. Nicholas Ukrainian Catholic Church in Great Meadows, where Ms. Mandziuk was a parishioner.

The duties of UNA branch secretary will be assumed by her sister Luba Mosner.

Young UNA'ers

Joseph Hutzayluk, son of Pamela J. and Joseph Hutzayluk, is a new member of UNA Branch 147 in Allentown, Pa. He was enrolled by his grandmother Mary Kozy.

Liam D. Weingartner, son of Alice and Anthony Weingartner, is a new member of UNA Branch 238. He was enrolled by his great-grandmother Sophie David.

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