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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 27, 1983
Page
30
Tax researchers explain that qualified employer sponsored retirement plans offer tax deferral on employer and salary reduction contributions. Lump sum withdrawals after age 59 or job loss receive favorable tax treatment, with options to roll over funds into IRAs or new employer plans.
Senate investigators focus on con artists selling “gold” that is wood, misrepresented as bullion. The probe targets International Gold Bullion Exchange and Bullion Reserve of America with losses in Iowa and nationwide exceeding 100 million dollars. Federal action is urged as regulators review possible agency involvement.
Stock prices drifted lower as Grenada invasion worries weighed on traders. The Dow fell 8.64 to 1,243.80 while volume was 79.57 million on the NYSE. Gold and silver mining shares slid, tech stocks tumbled, utilities gained, and several indices for the broader market declined.
All but two product lines showed declines in profits for the year. Forage seed figures rose slightly and Noland Corp of Cedar Rapids cut losses modestly due to strong Q4 sales. The earnings drop was mainly blamed on reduced corn acreage caused by federal farm programs.
General Foods shows a second quarter op rev of 2.14 billion with net income 73.4 million and per share 1.41. Six months revenue 4.27 billion with net income 133.2 million and per share 2.56. Entenmanns bakery and Oscar Mayer and Louis Rich are among its subsidiaries with recent share issuance diluting per share.
Chrysler Corp. will buy $3 million worth of Prab Robots Inc units from Kalama 700 based firm for body component manufacture. The order is the third from the automaker in 18 months and deliveries begin next year.
Iowa Electric Light and Power faces requests from the Iowa Commerce Commission staff to overhaul its disconnection notices. The agency wants a revised form by November 15 and copies of the new notice for review. The probe concerns rights to payment plans, representative name spaces, toll free numbers, and appeal rights.
In 1920 the League of Nations relocated its headquarters from London to Geneva Switzerland, marking a major shift in its diplomatic operations and European presence.
Maurice Van Nostrand 58, formerly AGRI Industries vice president of public relations, now leads a wind energy company near Los Angeles. Fired in May for whistleblowing on grain theft, he aided a U.S. attorney case that convicted AGRI officials. He joined the Iowa startup Aug. 1 to sell wind power to California utilities.
The Collins Government Avionics Division of Rockwell International received four major awards at the NAA board meeting in Arlington Virginia for Navstar I a 4228 mile Cedar Rapids to Paris flight using the Navstate GPS. Charles E Hall and Loren E DeGroot accepted for Rockwell with two pilots and managers named as recipients. The awards cite precision ground taxiing using satellite navigation and record routes Milwaukee Paris Gander Newfoundland Reykjavik Paris. The GPS system aims to grow to 18 satellites and transform civil and military navigation. The Collins unit has led GPS development for a decade and faces a 1984 production contract decision with one of two manufacturers.
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