Retirement Plans

Naming the Community Foundation of Bloomington and Monroe County as a beneficiary of your retirement funds, such as an IRA, 401k or 403b, is a simple and effective way to benefit the community while avoiding significant, often unanticipated tax penalties. Your retirement plan is tax-deferred only until death. The remainders of these assets are subject to multiple taxes, if left to an individual other than your spouse. Donating retirement accounts can reduce or eliminate these taxes completely while allowing you to make a significant impact on the community.

As of 2015, Congress permanently instituted the IRA Charitable Rollover as a way for donors to use their required minimum distribution to benefit nonprofits such as the Community Foundation. For eligibility requirements and more information view our IRA Charitable Rollover E-Booklet. IRA Rollovers are a simple and advantageous way for donors to accomplish their charitable giving.

Contact us to learn more.