Herald & Lantern 5 October '83

Three IRA Options^ Added by Sturdy

business

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STONE HARBOR - Sturdy Savings and Loan has added three new highyield options to its progressive Individual Retire ment Account (I.R.A.) pro^ gram and named financial veteran Paul A. Bisulca as assistant vice president and I.R A. coordinator, announced John L. Armour, president. "Paul has a strong financial background and is particularly suited to coor dinate this impdrtant ser vice of our savings and loan,” Armour said. "He will be available to provide personal counseling for our I.R.A, customers to insure they choose the plan which suits them best." ACCORDING TO Bisulca, as of-Oct. 1, Sturdy will add three high-yield certificates to its I.R.A. program, including an 18-month variable rate, a three-year fixed rate and a five-year fixed rate certificate. The I.R.A. program previously included only the 18-month fixed rate certificate. "With this expansion of our I.R.A. program, we will be able to offer each I.R.A. customer the ideal savings plan for his or her individual needs, ’ Bisulca said. Bisulca explained that an I.R.A. is a tax-defeixed savings, plan which allows depositors to accumulate interest on savings without paying federal taxes on the annual contributions or the accumulating interest until the funds are withdrawn at retirement. "EVERY WAGE earner — even those covered by company pension plans — can start an I.R.A.,” Bisulca said. Individual wage earners can contribute $2,000 each year to an I.R.A., and up to $2,250 with a non-working spouse. Couples who both

work can contribute $2,000 each to separate I.R.A.s for a total of $4,000, he said He added th^t an individual saves tax dollars with an I.R.Ax in three ways. "First, your I.R.A. contribution is tax deductible from your gross income. Secondly, all the interest your I.R.A earns is tax- „ deferred until you withdraw it;” Bisulca explained. "Finally, when you retire and begin making withdrawals from your I.R.A., you’ll probably be in a lower tax bracket, so you’ll save even more," he added. Sturdy’s I.R.A. coordinator explained that withdrawals are permitted any time after age 594. "So you don’t have to be retired in order to make withdrawals from your I.R.A.,” Bisulca said.

LATEST ARRIVAL — New resident Edna Wright of Court House arrives at Eastern Shore Nursing and Convalescent Center, Swainton, just in time for the ribbon cutting ceremony Friday. With her at the opening are, from left: Melvin Miller, president; and Benjamjn Miller, secretary and vice president.f

Kinsing Named By MU A

Giannattasio Wins Honor

Joseph Giannattasio, a graduate of Middle Township High School, has been selected for the 1963 Outstanding Young Men of America Award. This honor is awarded to selected young men nationwide in recognition of their outstanding personal and professional achievement, superior leadership ability and exceptional service to

the community.

Giannattasio is the ex-

ecutive director of the . authority's contracts for Hospital Physician Place- construction supervision

SWAINTON - A civil engineer who has resided in Ocean City and who has 25 years experience supervising major construction projects throughout the world has been named construction manager by the Cape May County Municipal Utilities

Authority.

Charles Kinsing will begin his new duties Oct. 3, according to Charles Norkis, MU A Chief

Engineer.

"We are very pleased to have Kinsing join our staff," Norkis said. "He brings a wealth of construction experience and will be a great asset to the authority in the construction management area." NORKIS NOTED the magnitude of construction work presently underway at the pumping stations and wastewater treatment facilities in the Cape May Region, and tbe composting facilities in Middle

Township.

"Work will begin soon on projects amounting to $80 million more in construction,” Norkis added. "The landfill and recycling center will be constructed in the solid waste area as well as the Ocean outfalls, pumping stations, conveyance systems and a treatment facility* in the wastewater program for the Wildwood-Lower and Seven Mile-Middle

Regions."

Kinsing’s main duty will be the management of the

contractor,” Norkis said. IN ADDITION. Norkis said, he will supervise the construction management work that will be done by the authority's own staff by pulling together a professional team that will indude resident engineers, inspectors; and subcontractors who will undertake the required disciplines. A graduate of Penn State and Rutgers Universities, Kinsing has been involved in heavy construction projects throughout the world.

His most recent assignment was in the Middle Eastern country of Kuwait. ' In a related matter it was reported that Jack Jones, a staff employee, will assume the non-technical tasks related to construction which were previously performed by the recently retired construction coordinator, Kennth Holms trup Administrative Assistant Leon Cheesman will assume several of Holmstrup's a d - ministrative functions.

Dividends

MORRISTOWN -r The board of directors of Horizon Bancorp has declared regular quarterly dividends of $0.38 per share payable to shareholders of Horizon Bancorp's Common Stock, and $0 6875 per share to shareholders who will receive Horizon's new Adjustable Rate Preferred Stock to be issued in con nection with the planned acquisition of Northern N^ tional Corporation on September 30. 1963 Both dividends are payable Nov ,1. Bank Women Meet at Cape WILDWOOD - The New Jersey State Council of the National Association of Bank Women, Inc. held it£ fall planning.session at the Marine National Bank here recently. Mrs Polly De Giovac chino, vice president of Princeton Bank, incoming state chairperson, was in charge of the meeting. Ms Patricia H. Ewan, assistant vice president and incoming Chairperson of the Southern Shores Group of NABW, was host banker

STONE HARBOR Dl'PUCATE BRIDGE CLUB WISSKRN Sept, a

NORTH >

iSOUTH

1 Bob Owem and Bill Coan ' 114 2 Louia Kilborne and Laura Mowbray *« 3 Mr and Mra Prank Meade S3 EAST and WEST 1. Vivian Cameron and Peg She kirn • 112 2 Betty Deeney and Bill Kentner 82 3, Tie ' Dons barker and Claire Menge, ■Eater Stobbart and Betty Parker 86

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ment Systems, a division of PW Communications Inc., a medical communications conglomerate headquartered in New York City with offices throughout the world. A resident of Orange City Township for the past three years, Giannattasio is also a board trustee for Record Ambulance Service, the oldest private ambulance service in operation in the United States In May Giannattasio was re-elected to a third term as Democratic County Committeeman and was successful in his first bid for West Ward Chairman in

Orange.

This will include the selec-\ tion of engineering firms and the negotiation of con-

tract terms.

"As the construction progresses, Kinsing will monitor the work of outside consultants to insure .that the authority’s interests are protected and he will eventually coordinate con-

tract closeout

He will be responsible for review of proposed change orders and for review of payment requests by' the

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