The Baptist General Conference Cornerstone Fund, through a third party custodian, offers Traditional and Roth IRAs.
There is no fee to the investor for a Cornerstone Fund IRA. The minimum investment in a Cornerstone Fund IRA is $10 and can be added to in increments of $10. The interest rate will adjust semi-annually on June 30th and December 31st and is based on the interest rate of our five-year term investments.
The Fund accepts Transfers from other IRAs and Rollovers from other Qualified Plans. |
Generally you can contribute to a Traditional and/or Roth IRA up to a maximum of $4,000 for years 2005 through 2007 (subject to certain limitations). In addition, during 2008 and beyond the contribution limit will be $5,000.
A catch-up contribution is an additional contribution to a Traditional and/or Roth IRA over and above a regular/spousal contribution. Individuals who attain age 50 or older before the end of the taxable year may be eligible for a catch-up contribution. The maximum catch-up contribution amount is $1,000 for tax year 2006 and beyond.
Traditional IRAs |
Roth IRAs |
Under this arrangement, contributions may be partially or fully deductible, but distributions are generally taxable.
You can contribute:
In addition:
Contributions are often 100% deductible (limitations are based on involvement in an employer-sponsored plan and level of income) Earnings grow tax deferred until withdrawn, at which time they are taxed at your current rate as of the time of the distribution (which may be a lower tax rate because of your total income) Under current tax laws there is a 10% early distribution penalty that does not apply in any one of the following circumstances: Attaining age 59½ Incurring a disability Payment for certain health-related expenses or higher education Payment for a first home purchase Death (payments to beneficiaries)
Distributions from Traditional IRAs must start no later than April 1 of the year following the year you attain the age 70½
|
With Roth IRAs, contributions are not deductible, but distributions generally can be withdrawn tax-free.
Contributions are never deductible Earnings can grow tax-free Contributions generally can be distributed tax-free at any time Earnings generally can be distributed tax-free and penalty-free if the following conditions are met:
If Roth IRA holder made first contribution five years earlier and one of the following:
There is no required beginning date for distributions
To be eligible to contribute to a Roth IRA, an individual or married couple must have modified gross income (MAGI) below the limits prescribed by federal law. The maximum income limits are $110,000 for single individuals and $160,000 for married couples filing a joint tax return. |
Please consult a tax advisor before deciding to invest in an IRA. |
This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale is not authorized. The offering is made solely by the Offering Circular. The offering involves certain risks which are more fully disclosed in the Offering Circular under the heading “Risk Factors.” These investments are not FDIC insured. |
To download a copy of this brochure, click here.
To learn more about the BGC Cornerstone
Fund visit us at www.bgccornerstonefund.org,
call us at 1.800.323.4215 or email us at csfund@baptistgeneral.org.
|
