News Briefing: Nonprofit Workers Face Retirement-Plan Deadline

• The Gates Foundation announces $4.5 million in grants to provide housing and services for homeless families.  [Seattle Times]

• Nonprofit employees with 403(b) retirement plans have a week to transfer assets to another provider without a tax penalty.  [CNN]

• The Belo Foundation gives the University of Texas $15 million for a new convergent media center.  [Houston Chronicle]

• The Sisters of Bethany's convent in Santa Barbara will be sold to help the Archdiocese of LA pay for its $660 million settlement.  [Los Angeles Times]

Comments

[short term funding]

Since our economy declined two years ago, saving money for future is very crucial. But a lot of the options for short term funding have been drying up. Short term funding is a necessary thing to have around, and going through traditional channels such as banks isn't an option for a lot of people anymore – basically it's only open to Ken Lewis. Installment loans are an option, but some people, including senior citizens, have been thinking about raiding their retirement fund. Getting into your pension retirement plan or 401(k) funds is the last thing you want to do if you don't qualify for any withdrawals yet. The penalties are substantial, and you'll end up needing installments loans to pay them if you use retirement funds for short term funding.