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Gifts from a Retirement Plan

A retirement plan such as a 401(k) or an IRA can face double taxation and is likely to be among the largest assets in your estate. This means your retirement plan may be diminished by estate taxes, and if the recipient is someone other than your spouse, the recipient must pay a death-time income tax on it.

By giving retirement plan assets to the university, you increase the proceeds available to your heirs by avoiding income taxes and potentially creating charitable deductions that save estate taxes.

Implementing your wishes is accomplished by a written “beneficiary designation.” Simply advise the plan administrator of your decision and sign the form the plan requires. For an IRA or another plan you administer personally, notify the custodian in writing, and keep a copy with your other valuable papers.

Once we receive confirmation of your gift, you will enjoy the benefits of membership in the Saxifrage Society.

To learn more, please contact Alumni and Development.

Benefits:

  • Reduction of your tax exposure and avoiding potential double taxation.
  • Continued regular lifetime withdrawals and the ability to maintain flexibility to change beneficiaries if your circumstances change.
  • Potentially the most cost-effective gift you can make to the university.