High Point Enterprise Newspaper Archives Jul 17 1974, Page 8

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High Point Enterprise (Newspaper) - July 17, 1974, High Point, North Carolina A High Point Enterprise wednesday july 17,1974 pension Reform i Reform legislation May nurture initiative by Theodor Schuchat North american newspaper Alliance Washington pending pension Reform legislation will change the Federal tax Law to encourage people who Are not covered by any pension plan to Start one of their own. When the legislation is signed by president Nixon As expected it will also liberalize the tax benefits available to self employed people who invest in retirement income for themselves and their employees. The new Law will authorize a individual retirement accounts that can be opened by individuals their employers or labor unions. Only people who Are not under a private or governmental pension plan can have an individual retirement account. Social Security coverage however will not Rule out an individual retirement account. What a More if both a husband and wife Are eligible each will be allowed to set up an individual retirement account. Qualified individuals will business Mirror be permitted to put aside up to 41,500 a year or 15 per cent of their annual earnings whichever is less. The Money can be deducted in figuring Federal income tax even if the taxpayer does not itemize other deductions. If employers provide the Money it will not be taxable income for the employee but will be subject to social Security unemployment insurance and medicare deductions. Only three alternatives will be available for investment of these tax deductible payments. They can be used to buy . Retirement Bonds from the Treasury department. They can be used for Purchase of an individual retirement annuity from an insurance company. Or they can be used to invest in an individual retirement account. These will be Domestic Trust or custodial accounts established by Banks employers labor unions or Money managers. Trustees will be subject to stiff Federal penalties for misuse of these funds. All accounts must Start to executive pay on the Rise by John Cunniff a business analyst new York a corporate chief executives did pretty Well financially last year raising their total compensation a made up of salaries bonuses deferred income and directors fees a 11.5 per cent Over the year before. While in general it was a Good year in terms of corporate profits also some of the companies involved in a Survey by Wytmar amp co., a management Counselor did t fare As Well. One company reported a loss of $189 million. Wytmar studied the compensation practices of 826 companies with a sales Range of $50 million to More than $5 billion and came up with these findings a chief executive officers were paid an average total compensation that ranged from $94,000 for companies with sales in the $50 million to $100 million Range to $481,000 for the largest companies. This average was arrived at from extremes of $160,000 to More than $900,000, the latter figure attained by the chief executive of general motors although the companies involved in the Survey were not named. A the average chief executive in the study was 57 years of age had worked 24 years for the company and had served As the top officer for seven years. A he attained the Heights most often through financial marketing or administrative routes. But in some cases even in the $2 billion to $5 billion sales Range he carved his own route. He was the founder. A the chief executive officer is a big stockholder although his holdings were Down from the year before not because he owned fewer shares but because the value of shares was lower. The median Stock ownership among chiefs of the largest companies was in excess of $1 billion and the median for All companies in the study was $557,000. That is one half the executives had More than that one half irn pay retirement income when the individual reaches the age of 70 years and six months. No payments can be made without tax penalties before the age of 59 years and six months except in Case of death or disability. Payments May continue Over the lives of the individual creating the retirement account and a spouse. Transfer of a retirement account or annuity due to divorce will not be taxable. Moreover increases in the value of the retirement account because of investment or interest earnings will not be taxable until the retirement income is paid. Under the new Law too workers who change jobs will be allowed to Transfer their vested pension Benefit amounts in the employers plan to an individual account without payment of Federal taxes. Special tax rules will apply if Lump sum payments Are made from individual retirement accounts instead of periodic payments Over a Span of years. The new Law also liberalized tax treatment of retirement plans set up by self employed people for themselves and their employees if any. These Are generally known As Keogh or . To retirement plans named after the congressmen and legislation originally creating them. At present self employed people May invest up to $2,-500 or to per cent of their earned income annually whichever is less and deduct the amount when computing Federal income tax. If the Boss has a plan he must also contribute for most or All of his employees. A amp a camper sales amp service a Sta Craft fold out campers 1 Sta Craft amp wilderness travel trailers 19-27ft. Now in Stock july special 11,000 Btu duo therm air cond. 355�� self storing Falkner awning buy prom us 1�?85 South at Groomtown re. Greensboro n. C. Phone 292-0054 Box of 200 kleenex tissues 3 $100 for assorted or White Al kleenex towels save jumbo Rolls our regular 49c save limit 3 39 c each body All deodorant ptoooran1 a Jhaj St i 8 of. Size a $1.98 value re car or new formula 98 c you save $1.00 w/0 talc open daily 9-6 Friday 9-9 limit 3 bottle of 36 a 95c Volue you save 22c 73� pegs Dent 7 of. Family size a $1.18 aha value y j i iou sine 57c i Massengill. Intimate cleanliness intimately understood. Anuran 134 n. Main High Point i 19 Salem St. Thomasville a $2.19 value we open daily 10-108 wed., thurs., fri., sat. Low gut foot socks our Reg. 54 4 Day Only walk in Bare leg Cotton stretch Nylon. Ideal tor sneakers. 8-111/. Us Dull old 42 dependable timepieces in c96 0 q66 7.96 9 clock 14.76 of watch travel alarm clocks with Luminous dial. Calendar sports watch Swiss movement. Semi annual wig Sale our rag. 7.88 to 29.88 wigs wiglets every style. Including Cool no Cap and Carefree mod acrylic in talc 6 88 to 19.88 folding door save on workshop tools Mechanic a a 90-pc. Set Bath tub enclosure Reg. 13.84 9 54 a a a a. 48.88 32.88 Reg. 46.57 39 88 tool set includes flex handle Cross bar sockets ratchets punches ignition 32x80" copay hard plastic folding door wrench kits hex keys screwdrivers Hacksaw and Blades Metal Box with mahogany look. Hardware and track. F0te Troy. Tub enclosure has two door sliding panels in Crystal Clear tempered Glass. Towel bar. A. Clothes dryer 84 i Tjw Fol la base storage Chest 17 Reg. 12.44 4 Days outdoor umbrella Type. 30 73�?� plastic lines. Steel Post. 9 Reg. 1.93 i dazzle yarn 68 Reg. 1.27 Reg. 2.43 Ion Fry pan 48 i Floral design on fibreboard Fristic handles. 28x1616x12yi. 4-oz. Creston acrylic Nylon. 16 Brilliant colors. Pull skein. Puce in press a Armstrong Quot Exselon tile 10�?o so. Take All the work out of putting Down a floor. Ploce n press self adhering 12"xl2" squares. So easy. Reg. Mirror tiles 14.88 12x12" mirrors. Self stick Tope. Carton of 12. Super hard Teflon la covered Interior aluminium. 0j Pont cd a Titi get it on Mam Wood toilet seat 56 Reg. 3.28 j enamel finish. Plastic hinges Metal studs. Model 2000 our Reg. 66.88 22�?� 3�?T/2-hp Mower 52.88 rotary Mower with Briggs amp Stratton recoil Start engine. Side shovel Reg. 2.87 j.97 Long wooden handle round part for transplanting. Model 3000 vertical pull Start 62.88 our Reg. 77.88 22" rotary Mower. 3ft-hp Briggs 8, Stratton engine fold Down handle. Corrugated own edging 72 Center height 97 Reg. 1.97 heavy gauge plastic edging 4" High by 40 feet Long. Metal storage shed 90.88 Reg. 98.88 7 x to Strong and so useful Utility House of hot dipped galvanized steel easy to erect Avocado and White. Own edging Reg. I 2.17 a. Corrugated aluminium in 4�?�x40�?~ Roll. Hose Hanger Al i 37 keeps Hose neat and Handy attaches easily to Wall. Fine Bahk mulch Reg. 1.97 1.27 retain moisture a retard we a it growth. 3 cd. It. I Marr 2300 North main St

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