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					Retirement Investment Options
Retirement investments give you the opportunity to make two separate sets of decisions. One set,
called “asset allocation” decisions, is the subject of PM 1821, Growing Your Nest Egg: Risk and Return.
These decisions involve choosing whether to invest in bank certificates of deposit, individual stocks
or bonds, mutual funds, or other assets and are influenced by your investment time horizon and
your personal attitudes about risk.
                                                      The second set of decisions in investing for retire-
                                                      ment involves choosing from several tax-
                                                      advantaged retirement plans, each of which
                                                      provides particular tax benefits and a possible
                                                      employer match. These retirement plans, de-
                                                      scribed in this publication, have been created
                                                      through legislation to encourage individual
                                                      saving for retirement. The plans also come with
                                                      restrictions that limit access to funds for any
                                                      purpose other than retirement. Unless specified
                                                      otherwise, the following benefits and restrictions
                                                      apply to the plans described here:
                                                      • Contributions by employer and/or employee
                                                         are not included in the taxable earnings for
                                                         the year; income tax on contributions and
                                                         account earnings is deferred until withdrawal;
                                                      • Each type of plan has a set limit (stated as a
                                                         percentage of compensation and/or a maxi-
                                                         mum dollar amount) on contributions and
                                                         tax deductions;
                                                      • Funds withdrawn prior to age 59 1⁄2 are subject

                                                         to a 10 percent penalty tax in addition to

                                                         regular income tax (certain exceptions ap-

                                   ofc                   ply—for example, see IRS publication 590);
                                ea                    • Withdrawals must begin no later than April 1
                Navigating the s                         following the year in which the employee
                                                         turns 70 1⁄2;
                                                      • Qualified withdrawals are taxed as ordinary
                                                      • Withdrawals must follow a schedule that would
                                                         deplete the account over the life expectancy of
                                                         the participant (or the joint life expectancy of
                                                         the participant and the beneficiary).

                                                      In general, retirement investment structures can
                                                      be divided into two groups – employer-sponsored
                                                      and individual plans. A subset of opportunities
                                                      is available to people employed by small busi-
                                                      nesses (including self-employed individuals).
                                                                             PM 1822 Revised February 2007
 Impact of Tax Deferral

 Most retirement investment plans allow you to                   income for that year. Also, the earnings or
 defer payment of income taxes until you actually                growth on your investment are not taxed until
 withdraw the money during retirement. Tax-                      you withdraw the money in retirement. This
 deferred retirement plans provide a double advan-               deferral allows your money to grow more rapidly,
 tage. You save on your tax bill and invest for                  since the entire balance remains on deposit and
 retirement at the same time. The amount you                     can continue to grow.
 deposit is not counted as part of your taxable

Example: The Browns choose a tax-deferred retirement investment option. The Allens choose an ordi-
nary taxable account. Both contribute each year for 35 years, earning an average annual return of
9 percent. Both have the same expenses per year and need the same net disposable income.

                                         Browns                   Allens
                                      (tax-deferred)            (taxable)              Per Year:
  Gross Earnings                            $45,000                 $45,000            The tax-deferred investment
                                                                                       reduced the Browns’ tax by
                                                                                       $911. They reduced their after
 retirement investment                         $4,000                        0
                                                                                       tax income by only $3,089,
 Earnings subject to tax                      $41,000              $45,000             but have a $4,000 investment
 Federal and State Income Tax*                 $4,463               $5,374             working for them. In addition,
 After-tax, take-home income                  $36,537              $39,626             that $4,000 will continue to
                                                                    $3,089             grow with no taxes withheld
 Taxable retirement investment                      0
                                                                                       from account earnings.
 Net disposable income                        $36,537              $36,537
 Over Time: Each family continues the same investment pattern over
 a 35-year period, then withdraws funds over a 30-year retirement
 period. Both accounts earn 9% annual pre-tax prior to retirement;
 7% after retirement. The Allens’ after-tax rate of return is 7% prior
 to retirement and 5.5% during retirement. Allens’ account earnings
 are taxed each year; Browns’ earnings are not taxed till withdrawal.
                                                                                       Comparing Final Results:
 Face value in 35 years                      $862,843             $427,014             The tax-deferred account
                                          (subject to tax   (no tax owed on with-      yields the Browns double the
                                       upon withdrawal)     drawals since earnings
                                                             are taxed annually as
                                                                                       annual retirement income
                                                                        they accrue)   provided from the Allens’
 Annual retirement income                                     Earnings continue        taxable account, even
                                              $69,533             to be taxed;         though the two families
 provided, before taxes                                       5.5% after-tax rate
                                                                    of return          experienced the same in-
 Annual retirement income                    $54,236               $29,381             come and the same invest-
 provided, after taxes                 (assumes 22%                                    ment returns for 35 years.
                                            tax rate)
*Using Federal and Iowa tax formulas for 2007, assuming married filing jointly, no children, standard deduction.

The advantages of tax-deferred retirement investments is clear. Unless you expect to need the money
before age 59 1⁄2, a tax-deferred account is almost always preferable to an ordinary taxable account.

NOTE: Occasionally, investors may find themselves in a higher tax bracket during retirement, which
may reduce (or less-commonly, eliminate) the financial advantages of tax deferral. Investors who
anticipate this situation will generally benefit from the Roth IRA (see pages 4 and 5).

 Concept to understand
 Vesting refers to your right to permanently retain ownership of funds in your retirement ac-
 count. Contributions you make are immediately vested; that is, you immediately have the
 right to keep those funds even if you leave the employer. The same is not typically true of your
 employer’s contributions. Currently, employer contributions to defined contribution plans must
 be fully vested to the employee within one of two timelines:
 a) “cliff” vesting at three years of service, meaning that you have no rights to any of the
   employer’s contributions until you have been there for three years. Or
 b) graduated vesting over six years, with 20 percent vesting at two years, then 20 percent
   added per year until you are fully vested at six years of service. Be sure you read and under-
   stand the provisions of your employer’s plan, especially before considering a job change. See
   page 6 for information on rolling over funds when you do make a job change.

 Employer-sponsored Plans                          A Declining Trend:
                                                   Traditional (defined-benefit) Pensions
Defined contribution plans                         Many large employers have offered defined-
Through a defined contribution plan, employ-       benefit pensions, also known as traditional pen-
ers maintain a separate retirement account for     sions, in which the company defines (or promises)
each employee and define (promise) what they       the benefits that the employee will receive after
will contribute to the retirement account. How     retirement. These benefits typically use a formula
much will be available to the employee at          based on the employee’s years of service and the
retirement depends on how well the selected        employee’s salary. A generous plan might provide
investment performs. All employer plans must       30 to 50 percent of pre-retirement income to a
comply with federal regulations; however,          long-standing employee.
specific plan provisions vary from employer to
                                                   Unlike newer types of retirement plans, the em-
employer. Some plans are funded solely by
                                                   ployee has few decisions to make regarding a
employer contributions; others are funded by
                                                   traditional pension. If you have a traditional
employee contributions, with or without contri-
                                                   pension, your main responsibility is to clearly
butions from the employer. You may or may
                                                   understand the pension’s provisions:
not have a selection of investments from which
                                                   • formula for calculating benefit,
to choose.
                                                   • impact of early or late retirement,
                                                   • cost of living adjustments,
Such plans may take several forms, including:
                                                   • whether the pension fund is maintained
Profit-sharing – the employer decides each            adequately to meet commitments, and
year whether contributions will be made,           • whether it is insured through the Pension
usually tied to company performance;                  Benefit Guaranty Corporation.

Employee stock ownership plans (ESOP) – the        Traditional pensions are becoming less common.
employer’s contributions to the worker’s retire-   While a company’s long-standing employees may
ment fund are in the form of company stock or      have a defined-benefit pension plan, their newly-
stock options, rather than cash;                   hired colleagues frequently are offered another
                                                   type of retirement plan. Employees with tradi-
Money purchase – the employer contributes a        tional pensions should not assume that the pen-
fixed annual percentage of an employee’s           sion will provide adequate retirement income;
salary each year. In some cases, the percentage    instead, they should work through a retirement
is set to fund a targeted retirement benefit,      plan to assess their need for additional retirement
although no benefit is guaranteed because          investments. See PM 1818A, Retirement Income:
investment performance determines the actual       How Much Do You Need?
retirement income provided.

Salary Reduction Plans                                                Individual Retirement
Salary reduction plans are defined contribution                       Savings Opportunities
plans that account for a large portion of retire-
ment investments. These plans involve volun-                         Individual Retirement Accounts (IRAs) can be
tary pre-tax contributions by the employee,                          established directly with a financial institution
sometimes matched by the employer according                          (e.g., bank, credit union, brokerage house, and
to a defined formula. Three types exist, named                       mutual fund company), with or without guidance
according to the section of the tax code that                        from an investment adviser. Contributions for a
                                                                     given year may be made until the tax filing
authorizes them. An employer’s plan may offer
                                                                     deadline for that year (April 15 for most people).
several investment options (typically a selection
of mutual funds) from which the employee can                         IRA contributions are limited to $4,000 per year,
choose. In 2007 employee contribution is lim-                        and you must have earned income equal to or
ited to $15,500 per year, with total contribution                    exceeding the amount contributed. However, a non-
to all employer-sponsored plans limited to the                       working spouse may contribute up to $4,000/year to
lesser of $45,000 or 100 percent of compensation.                    his/her own IRA if the earned income of the work-
401(k) plans – available to eligible employees                       ing spouse equals or exceeds the total contributions
of private companies that sponsor plans.                             to both partners’ IRAs. The $4,000 limit applies to
403(b) plans – available to employees of cer-                        total contributions, but may be split among more
tain tax-exempt employers and certain public                         than one IRA account in an individual’s name.
school teachers (sometimes known as TSAs, tax
shelters, and savings plans).                                A 10 percent penalty is imposed for premature
457 plans – are salary reduction plans to which              withdrawal (generally, prior to age 59 1⁄2); how-
state and municipal workers can defer up to                  ever, some exceptions are allowed in cases of
$15,500 of their salary. Employer contributions              disability, excessive medical expenses, purchase
are not allowed.                                             of a first home, qualified higher education ex-
                                                                                 penses, and early retirement
Chart 1 – 2007 IRA deduction guidelines                                          between age 55 and 59 1⁄2. IRS
                                                                                 publication 590 offers more
If you are covered under an employer-sponsored retirement plan, your
contribution to a traditional IRA is tax-deductible only if your income is       details.
below federal guidelines. Chart 1 identifies the income range in which the
deductible contribution is reduced (below $4,000) or eliminated.                           Traditional IRAs
                                                                                           Traditional IRAs offer the
                                         IRA deduction              IRA deduction          benefits of tax deferred invest-
                                         is reduced                 is eliminated          ing (see example, page 2) and
                                         if income* is              if income* equals      similar withdrawal regulations
 Filing Status                           between:                                          to the plans already described.
                                                                    or exceeds:
 Single or Head of household  $52,000 - $62,000                            $62,000         To contribute to a traditional
 Married filing jointly      $83,000 - $103,000                           $103,000         IRA, you must be under age
 Married filing separately         $0 - $10,000                            $10,000         70 1⁄2 at the end of the tax year
                                                                                           in question.
If you are not covered by an employer retirement plan, but your spouse
is, your IRA deduction is reduced or eliminated entirely depending on                      Deductible? If you are covered
your filing status and modified (AGI) as shown below.                                      under an employer’s pension
                                   IRA deduction                  IRA deduction            plan, your income in combina-
                                   is reduced                     is eliminated            tion with your tax filing status
                                   if income* is                  if income* equals        determines the deductibility of
 Filing Status                     between:                       or exceeds:              your IRA contribution, as shown
Married filing jointly             $156,000 - $166,000                                     in Chart 1. If you are not covered
                                                                                           by an employer-sponsored
Married filing separately                  $0 - $10,000                    $10,000
                                                                                           pension plan, your contributions
* This chart refers to modified adjusted gross income (AGI), which includes your taxable   to a traditional IRA are deduct-
earned and unearned income, and does not take into account certain deductions              ible regardless of your income.
including student loan interest, IRA deduction, and others.

Non-deductible? Even if your IRA contribution is                         Roth vs. Tax-deferred plans
not fully deductible, you may still contribute up to
                                                               To make the best choice for you, it is important to
the $4,000 annual limit to a non-deductible IRA, in
                                                               understand the features of the Roth IRA and how
which your investment earnings grow tax-deferred               they compare to tax-deferred plans (such as
until withdrawal. Distributions from a non-deductible          401(k) plans or Traditional IRAs). The best decision
IRA are partly taxable. The portion of distributions           for you is affected by several factors. Working out
that represents your non-deductible contributions              the specific tax and yield projections is the best
has already been taxed, and will not be taxed again.           way to be sure which choice is right for you, but
If you have a non-deductible IRA, it is advisable to           some generalizations are identified below. In
maintain it separately from any deductible IRA                 addition, certain situational factors tip the balance
account, to simplify the tax calculations at the               clearly in one direction or the other.
time you withdraw your investment.
                                                              Features Tax-Deferred Plans    Roth IRA
Roth IRAs
                                                              Taxes Contributions tax-       Contributions taxed
Roth IRAs offer tax advantages that are the re-
                                                                       deductible            now
verse of traditional IRAs. Contributions are not                       Withdrawals taxed     Withdrawals tax-free
tax-deductible. But qualified distributions during                     (principal and        (earnings never
retirement are completely tax-free; the account                        earnings)             taxed)
earnings are never taxed. To qualify as tax-free,             With- Must begin by age        No required
Roth IRA distributions must be made:                          drawal 701⁄2                   withdrawals
• at least 5 years after the first contribution, and          Regula-                        Penalty for
• after age 59 1⁄2, or due to death or disability, or         tions                          withdrawal during
   for a down-payment on a first home.                                                       first 5 years

Unlike most other retirement plans, a Roth IRA                              General Decision Factors
has no required withdrawal schedule; you may                  Years till funds needed        Longer favors Roth
leave the funds intact past age 70 1⁄2. Eligibility to        Rate of return on investment Higher favors Roth
contribute to a Roth IRA is dependent on income,              Current tax rate               Lower favors Roth
as illustrated in Chart 2.                                    Expected tax rate in           Higher favors Roth
Rolling funds into a Roth IRA. Funds deposited
in a Traditional IRA may be rolled over into a Roth
                                                                                Situational Factors
IRA, if adjusted gross income is below $100,000. You
                                                              •    Use Roth if you cannot deduct your traditional
also may roll over funds from an employer plan if
                                                                   IRA contribution.
you leave that employment. However, you must
                                                              •    Use Roth if you know you want to leave the
pay ordinary income tax on any amount rolled
                                                                   funds intact beyond age 70 1⁄2.
over, so rollover decisions must take into account
                                                              •    Increase contributions to 401(k) or other salary
how much additional federal and state income
                                                                   reduction plans if that will result in additional
tax you can afford to pay in the current year.
                                                                   employer match.
Chart 2 – Roth IRA contribution guidelines
                             Roth IRA contribution       No Roth IRA contri-
                             limit is reduced            bution allowed if
                             (below $4,000) if           income equals or
 2007 figures                income is:                  exceeds:
 Single or
 Head of household           $99,000 - $114,000                   $114,000
 Married filing jointly      $156,000 - $166,000                  $166,000
 Married filing separately           $0 - $10,000                  $10,000

Roth 401(k) and 403(b) Plans                           When rolling funds from an employer-sponsored
The Roth 401(k) and Roth 403(b) combine features       plan into an IRA, it is advisable to keep the
of the traditional 401(k) and 403(b) with those of     “Rollover IRA” separate from other IRAs to which
the Roth IRA. These new plans are available only       you have contributed over time; this separate
to employees whose employer elects to offer this       Rollover IRA leaves you free to roll the funds into
new retirement savings option. Employee contri-        a new employer’s plan if the opportunity arises.
butions are made with after-tax dollars but
withdrawals at retirement are not taxed. Em-           Note that when you leave a job, you may also
ployer matches are made with pre-tax dollars and
                                                       have the option of leaving your retirement funds
the match accumulates in a separate account
                                                       in that employer’s plan. That may be a desirable
that will be taxed as ordinary income at with-
                                                       option, and is certainly preferable to cashing out
drawal. Unlike the Roth IRA, there are no income
restrictions for the Roth 401(k) or 403(b). Also, an   your retirement benefits. All-too-often, employees
employee may contribute a larger amount to the         opt to withdraw and spend their retirement funds
Roth 401(k) or 403(b) ($15,500 in 2007). (Note:        at the time of a job change. They pay two high
The $15,500 limit applies to both types of 401(k)
plans or 403(b) plans. One cannot save $15,500 in a      Concept to understand
401(k) and another $15,500 in a Roth 401(k).)            Portability can be a major attraction of
                                                         defined contribution plans. Employees who
                                                         change jobs may be able to move accumu-
                                                         lated assets in their previous employer’s
                                                         retirement plan to their new employer’s
At the time of a job change, or perhaps a change         plan. Check with your former and new
in investment goals, it may be desirable to              employers on provisions for releasing and
transfer funds from one retirement plan to               accepting rollover contributions.
another without experiencing tax ramifications.
This is done by “rolling over” the funds from an         (Note: If your funds remain in a former
employer plan to an IRA (either Roth or Tradi-           employer’s plan, they will continue to grow
tional) or a new employer’s plan. Rollovers also         and will be available to you on retirement.)
occur when individuals transfer assets from one
IRA investment to another IRA. The smoothest
way to make this transaction is to have the funds      costs for this spending decision: 1) substantial
transferred directly from the original financial       income tax and early withdrawal penalty; and 2)
institution to the new one, so that you never          (less evident, but usually more significant) the
have the money in your possession, and you             loss of those funds and the growth they would
therefore incur no tax obligation or penalty.          have accrued over time to help them build a
                                                       secure retirement. Legal provisions adopted over
It is possible to receive the distribution from one    the past few decades promote individuals’ ability
fund, and make an equal deposit into a new             to maintain the value of their retirement ac-
fund within 60 days; however, the distribution         counts, through earlier vesting and easier rolling
from the original fund will be subject to 20           of funds. You take advantage of those provisions
percent tax withholding. Thus if you withdraw          when you preserve your retirement funds.
$10,000, you will receive a check for only $8,000,
because of the withholding. However, in order to
avoid paying tax, you’ll need to deposit the           Special Options for Small Business and
entire $10,000 in the new account. You will            Self-employed Individuals
receive a refund of the $2,000 tax that was
withheld, but not until you file your tax return       The special needs and limitations of small busi-
for the year. Therefore, it is generally preferable    nesses and self-employed individuals are usually
to arrange for a direct rollover.

met by one of the following options. All provide        A SEP-IRA cannot be designated as a Roth IRA.
the two tax advantages of tax deductible contri-        Employer contributions to an SEP-IRA will not
butions plus deferral of tax on earnings. In addi-      affect the amount that an individual can contrib-
tion, all are subject to withdrawal regulations         ute to a Roth IRA. SEP-IRA distributions are
similar to those that apply to other tax-               subject to IRA distribution rules and early with-
advantaged retirement investments. Note: If you         drawal penalties. An employer cannot prohibit
are an employee covered by a retirement plan at work,   distributions from an SEP-IRA, nor make contri-
but also have part-time self-employment or small        butions on the condition that any part of them
business income, you may be eligible to contribute to   must be kept in the account.
one of the following plans a portion of your earnings
from your own business, as a supplement to your         SIMPLE plans (Savings Incentive Match Plan
employer-sponsored plan.                                for Employees) are the newest retirement invest-
                                                        ment option for self-employed individuals and
Keogh Plans (also called HR 10 plans) were the          small business. This plan can be set up as either a
first tax-advantaged pension options developed          SIMPLE IRA or a SIMPLE 401(k) account. A
specifically for self-employed individuals and          SIMPLE IRA cannot be a Roth IRA. An employer is
non-corporate employers (sole proprietorships           eligible to use SIMPLE plans only if it has 100 or
and partnerships). They are covered by similar          fewer employees who earned compensation of
regulations as other qualified plans; as a result,      $5,000 or more during the year.
they are somewhat complex to establish and
administer. You may use an IRS-approved stan-           SIMPLE plans involve both employee and em-
dard prototype (available through most financial        ployer contributions. The maximum employee
institutions) to simplify the establishment of a        contribution for 2007 is $10,500. The annual
Keogh plan; however, setting up an individual-          employer match is generally required to be a
ized Keogh plan, with provisions that fit your          dollar-for-dollar match up to 3 percent of the
particular situation, can offer some advantages,        employee’s compensation. Instead of using a
despite the additional costs. In 2007, the limit on     match formula, the employer can choose to make
total contributions to a Keogh plan is $45,000.         flat contributions of 2 percent of compensation
                                                        (up to $225,000 in 2007) for every eligible em-
SEP (Simplified Employee Pension) is, as its            ployee up to a maximum contribution of $4,500.
name denotes, a written plan that allows employ-
ers to make contributions toward their own (if          Some limits apply to rollovers from SIMPLE plans
they are self-employed) and their employees’            during the employee’s first two years of participa-
retirement without the administrative complexi-         tion. In addition, premature withdrawals (prior to
ties of a qualified plan. Under a SEP, the employer     age 59 1⁄2) that occur during the first two years of
contributes to a traditional individual retirement      participation are subject to 25 percent penalty tax
arrangement (called a SEP-IRA) set up by or for         rather than the usual 10 percent penalty.
each eligible employee. SEP-IRAs are owned and
controlled by the employee, and the employer            Retirement Plans for Small Businesses, publication
sends contributions directly to the financial           560 from the Internal Revenue Service, provides
institution where the SEP-IRA is maintained.            details on these three retirement plans. It is
Contributions are not required every year. If           available free at 800-829-3676 or at http://
contributions are made for any employee, then 
they must be made for all eligible employees
according to a written formula that does not
discriminate. In 2007, the maximum contribution
is 25 percent of compensation (up to $225,000),
or $45,000, whichever is less.

 Catch-Up Contributions
 Individuals age 50 and over may make additional catch-up contributions to retirement plans. In 2007,
 the additional contribution is limited to $5,000 for 401(k), 403(b), and 457 plans. A $1,000 catch-up
 contribution may be made to an IRA. An additional $2,500 may be contributed to a SIMPLE plan.

 Tax Credit for Contributions
 Low and middle-income taxpayers may receive a tax credit up to $1,000 per individual for contributions
 made to an IRA, 401(k), 403(b), 457 plan, SEP, SIMPLE, or other qualified retirement plan. The appli-
 cable credit percentage is applied to retirement contributions not exceeding $2,000 for each individual.

 Credit                   Adjusted Gross                Adjusted Gross                         Adjusted Gross
                          Income of Single              Income of Married                      Income of Head of
                          Taxpayer                      Filing Jointly                         Household
                                                        Taxpayer                               Taxpayer
 50% of contribution      $0 - $15,500                  $0 - $31,000                           $0 - $23,250
 20% of contribution      $15,501 - $17,000             $31,001 - $34,000                      $23,251 - $25, 500
 10% of contribution      $17,001 - $26,000             $34,001 - $52,000                      $25,501 - $39,000

IRS Form 8880, Credit for Qualified Retirement
Savings Contributions, is used to determine the rate
and amount of the credit.                                 Written by Barb Wollan, ISU Extension family
                                                          resource management field specialist. Revised by
This is one in a series of publications written to        Patricia Swanson, CFP® certificant, ISU Extension
challenge your thinking about retirement. You             family resource management state specialist and
also can find several other ISU Extension publica-        adjunct assistant professor, Human Development
                                                          and Family Studies. Edited by Carol Ouverson,
tions that can help you design your future. Ask at
                                                          communication specialist. Designed by Jane
your local county office of ISU Extension for
                                                          Lenahan, graphic artist.
additional publications. Also follow the publica-
tions link on the ISU Extension Web site at                         FIle: Economics 3

PM 1816     Begin by Planning Today
PM 1817A    Picture Your Future
PM 1817B    When Life Changes
PM 1818A    Retirement Income: How Much Do You Need?
PM 1818B    Estimating Your Retirement Expenses
PM 1819     Money Math
PM 1820     Where Will Money for Your Nest Egg
            Come From?
PM 1821     Growing Your Nest Egg: Risk and Return
PM 1822     Retirement Investment Options                 . . . and justice for all
PM 1823     Painting Your Retirement Picture: Special     The U.S. Department of Agriculture (USDA) prohibits discrimination in all
                                                          its programs and activities on the basis of race, color, national origin,
            Considerations for the Self-employed          gender, religion, age, disability, political beliefs, sexual orientation, and
PM 1824     Update Your Home for a Lifetime of Living     marital or family status. (Not all prohibited bases apply to all programs.)
                                                          Many materials can be made available in alternative formats for ADA
PM 1825     Decisions at the Time of Retirement           clients. To file a complaint of discrimination, write USDA, Office of Civil
PM 1826     If You Want to Know More                      Rights, Room 326-W, Whitten Building, 14th and Independence Avenue,
                                                          SW, Washington, DC 20250-9410 or call 202-720-5964.

                                                          Issued in furtherance of Cooperative Extension work, Acts of May 8 and
Additional World Wide Web resources:                      June 30, 1914, in cooperation with the U.S. Department of Agriculture.                       Jack M. Payne, director, Cooperative Extension Service, Iowa State
                                                          University of Science and Technology, Ames, Iowa.

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