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Retirement Funds To Boost Benefits

LongIsland.com

Window Closing For Educators To Shift If you're a Long Island educator interested in maximizing your retirement income, you'll want to know about a program that expires the end of this year, which ...

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Window Closing For Educators To Shift

If you're a Long Island educator interested in maximizing your retirement income, you'll want to know about a program that expires the end of this year, which can prevent you from losing money from your retirement portfolio at the same time making it more flexible and profitable.

Called the "90-24 transfer," the program--which the IRS is eliminating in January 2008--allows you to transfer funds from one of the approved vendors of your 403(b) account into another vendor, without a penalty. "This program enables you to move retirement money into investments with quality low-fee companies, even if they're not on your employer's approved vendor list," says Gerard Simonelli, CFP, a financial advisor with ARS Financial Services, Jericho.

"Some investors unhappy with their initial 403(b) choices may contribute to money market accounts of companies on their employer's approved vendor list. Money market funds, which often have no surrender charges, can be transferred to vendors of the investors' own preference," Simonelli notes.

The 90-24 transfer allows investors to take control of their investment choices while still working for their same employer, says Simonelli. "Some educators have all their 403(b) funds locked into fixed or variable annuities because of the limited options of the approved provider they opened their account with. A 90-24 transfer enables them to shift some or all of their retirement investments in mutual funds or fixed income funds, among other investments."

Simonelli says that investors should determine whether their 403(b) account is performing up to their expectations and, if not, explore the options created by the using the IRS-approved 90-24 transfer. He adds that the transfer may be made not only by current employees but also retirees or beneficiaries of retirees.

Below are some other educational courses being served to people in the counties by Gerard.

ARS Financial Services Educational Track Program, announces a series of courses designed for a diverse client base of individuals seeking knowledge to implement plans for personal and business financial stability. The following seminars have been scheduled in Nassau County.

Wednesday, September 19,2007

Elmont Memorial Library
7:00 PM
What To Do When You Leave Your Job
Gerard Simonelli

Wednesday, October 24,2007

Massapequa Public Library
7:00 PM
What To Do When You Leave Your Job
Gerard Simonelli

Thursday, November 8,2007

Hillside Public Library
7:00 PM
What To Do When You Leave Your Job
Gerard Simonelli

Tuesday, November 13,2007

East Meadow Public Library
7:00 PM
What To Do When You Leave Your Job
Gerard Simonelli

MISSION FOR EDUCATIONAL PROGRAM TRACK

To become a leader in the field of financial education providing knowledge to individuals and businesses on Long Island, and providing quality advice and solutions in achieving goals towards financial freedom. To register for classes or for more information, visit

www.arsfinancial.com

or call Danette Gramegna or Valentina Janek at 516-932-5130.

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About Gerard Simonelli,

www.gerardsimonelli.com


Gerard Simonelli is a Senior Certified Financial Planner at ARS Financial Services Inc., and member of the Registry of Financial Planning Practioners of the Financial Planning Association of Long Island, Gerard works with corporations and communities advocating for mature individuals and retirees on LI. He is a registered representative with Cadaret Grant and Company Inc., and is a licensed life, health, property and casualty agent. As a 20 year veteran, Gerard is a big proponent of working in the community on numerous invitiatives fostering training, awareness and communication to his clients regarding their financial independence. A sought after speaker and expert on Long Island, Gerard recently was quoted in Newsday's Ask The Expert and It's Your Money on Long Island.