Two new employees have joined our team.
In September, Ethan Linder came aboard as an administrative associate on the personal account side. Ethan is a recent graduate of Concordia College where he obtained a bachelor’s degree in business administration and management and a minor in environmental studies. In his spare time, he enjoys going to the movies, playing hockey, and watching sports.
Steve is the founder of Heartland Trust Company. After working in the trust industry for a regional bank for 18 years, he went off on his own and started North Dakota’s first independent trust company. Thirty years later, he is the CEO and chairman of the board. The company has grown from two people to 25, with over $600 million in assets under management. Steve is very active in the community, spending many years with various local service organizations. He is currently a member of the board for the FMWF Chamber, and an International Director for the Sons of Norway.
What do you like to do in your spare time?
When I’m not at the office, it’s all about family. My wife and I try and spend as much time as we can with the grandkids.
Heartland Trust Company turns 30 this year, and we’ve accumulated a bit of history as we enter our fourth decade. Each quarterly newsletter this year has contained a feature on one of our old locations. This is the final installment.
Adapted from Broadridge Communication Services
Approximately 68 million people today receive some form of Social Security benefits, including
retirement, disability, survivor, and family benefits. (Source: Fast Facts & Figures About Social Security,
2019). Although most people receiving Social Security are retired, you and your family members may be
eligible for benefits at any age, depending on your circumstances.
Sheryl has been with Heartland Trust Company since the doors opened 30 years ago. She started out as
the original operations department. Now the executive vice president and a director on the board, she is
also the manager of the compliance and operations department.
Tell us about yourself.
I was born in Colorado and lived there until I was about seven years old when my family moved to the
family farm near Barnesville, Minnesota. After high school I moved to Moorhead and attended what is
now M State and graduated with a legal secretarial degree. After working at MSUM for about 13
months, I found my forever job in the trust services area – eight years at American Bank and Trust
Company and 30-plus years at HTC. My husband, Spencer, and I raised our family (four sons) in
Moorhead and after becoming empty nesters, we built a home on Star Lake. One Minnesota winter
commute was enough, so we now also rent a townhome in Fargo.
Heartland Trust Company turned 30 this year, and we’ve accumulated a bit of history. Each quarterly newsletter this year will have a feature on one of our old locations.
After about five years in the Lightowler Johnson space, the ever-expanding company was in need of more space once again. HTC found that space a couple of blocks away – the top floor at 120 South Eighth Street. The first floor was home to the Neuropsychiatric Research Institute (NRI).
Adapted from Broadridge Communication Services
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you’ll need to fund your retirement. That’s not as easy as it sounds, because retirement planning is not an exact science. Every situation is different, and your specific needs depend on your goals and many other factors.
The Markets
Stocks rebounded from a dismal March by posting their best monthly returns since 1987, as investors were encouraged by the expectation of additional government stimulus programs and hope that the economy would be reopening soon. The Paycheck Protection Program and Health Care Enhancement Act provided funding for additional small business loans, and offered financial support to hospitals, while increasing the availability of more virus testing. The Federal Reserve added trillions of dollars in funds to its lending programs. A few states began easing lockdown restrictions and reopening a range of businesses. While there were plenty of ups and downs in the market during the month, April closed with each of the benchmark indexes listed here climbing notably higher. The Nasdaq gained 15.45%, followed by the Russell 2000, the S&P 500, and the Dow.
Adapted from Broadridge Investor Communication Solutions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax law are discussed here.
For those seeking access to their retirement funds, these include special provisions for coronavirus-related distributions and loans. For those seeking to preserve their retirement funds, certain required minimum distributions from retirement funds have been suspended.
Coronavirus-related distributions
A 10% penalty tax generally applies to distributions from an employer retirement plan or individual retirement account (IRA) before age 59½ unless an exception applies. Due to the coronavirus pandemic, the penalty tax will not apply to up to $100,000 of coronavirus-related distributions to an individual during 2020. Additionally, income resulting from a coronavirus-related distribution is spread over a three-year period for tax purposes unless an individual elects otherwise. Coronavirus-related distributions can also be paid back to an eligible retirement plan within three years of the day after the distribution was received.
Adapted from Broadridge Investor Communication Solutions
It’s generally a good idea to review your employer-sponsored retirement savings plan at least once each year and when major life changes occur. If you haven’t given your plan a thorough review within the last 12 months, now may be a good time to do so.
Since your last retirement plan review, have you experienced any major life changes?
For example, did you get married or divorced, buy or sell a house, have a baby, or send a child to college? Perhaps you or your spouse changed jobs, received a promotion, or left the workforce entirely. Has someone in your family experienced a change in health? Or maybe you inherited a sum of money that has had a material impact on your net worth. Any of these situations can affect both your current and future financial situation and should be considered as you review your retirement savings needs.
In addition, your annual review is a good time to examine the beneficiary designations on your plan account to make sure they reflect your current wishes. This is particularly true if your marital situation has changed. With most employer-sponsored plans, your spouse is automatically your plan beneficiary unless he or she waives that right in writing.
Say, for example, you remarried and you would like your children to remain as primary beneficiaries on your retirement plan. In that case, your spouse would need to waive his or her right to the assets in writing.
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