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The Ridgewood News from Ridgewood, New Jersey • 10

Ridgewood, New Jersey
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September 7, 1997 The Ridgewood News The Post Review BUSINESS Retirement planning takes a new step described below: With the enormous babyboomer bulge nearing retirement, the future of Social Security has become uncertain. Concurrently, legislators and the public in general seem to recognize that financial securi-' ty during retirement will be the responsibility of the individual, not the government. Since many Americans have inadequate savings and have largely ignored planning for retirement, the government has now formulated ways for these people to make up for lost time and more easily plan for their own future. atters By FRANK J. LAEZZA On Aug.

5, President Clinton signed the Taxpayer Relief Act of 1997 into law. It is the most sweeping new tax legislation since 1982. Coupled with tax legislation from last year that expanded the attractiveness of IRAs, the Taxpayer Relief Act swill significantly impact how investors may now save for retirement. Provisions of last year's and this year's legislation are Royak earns trip to Japan Jules Royak, executive sales representative for OrthoMcNeil Pharmaceutical, has just recently won a trip to Japan for outstanding sales performance in 1996. Only 20 representatives nationwide qualified for this honor out of a sales force of 550.

He has been employed with Johnson Johnson for 22 years and jesides in Glen Rock with his wife, Paula, and daughter, Sara. OBITUARIES Margaret Day Sept. 3. Survivors include son James br Bloomfield, son Robert of Moorestown, nine grandchiliren, 18 great-grandchildren. Mrs.

Day was predeceased by her daughter, Marjorie Golden. Funeral services were held at the C.C. Van Emburgh Funeral Home in Ridgewood with burial in Cedar Lawn Cemetery in Paterson. Donations to the Alzheimer's Association, 299 Cherry Hill Road, Parsippany 07054 would be appreciated. Bernadette Duffy LINCOLN PARK Margaret Day, 97, formerly of Nutley, died RAMSEY Bernadette A.

Duffy (nee Snyder), 80, died Sept. 2. Before retiring in 1976, Mrs. Duffy had been a bookkeeper with Reinauer Brothers in Mahwah. A 45-year resident of Ramsey, she was a parishioner of St.

Paul's RC Church. Survivors include her brother-in-law Charles B. Duffy of Hawthorne and sister-in-law Eleanor Bobenriether of Hawthorne, as well as several nieces and nephews. Mrs. Duffy was predeceased by her husband Patrick Pearse Duffy in 1992.

Mass was celebrated at 10 a.m. in St. Paul's RC Church in Ramsey with interment in Maryrest Cemetery in Mahwah. Arrangements were made by Van Emburgh-Sneider Funeral Home in Ramsey. Lisette Hildebrand HYANNIS, Mass.

Lisette J. 7 0.0. Man Emburgh. Jur. Morticians A Continuing Family Tradition of Service since 1895 Funeral Trust Annuities Insurance D.

Van Emburgh, CFSP Mgr. 306 E. Ridgewood 445-0344 RIDGEWOOD, NEW JERSEY "Traditional IRAs" Traditional IRAs have been expanded in three important ways: Current, income limits for making a deductible IRA contribution would be raised, beginning at $30,000 for single individuals ($50,000 for marrieds) in 1998 and increasing to $50,000 for singles for 2005 and thereafter ($80,000 for marrieds filing jointly for 2007 and thereafter). The annual contribution limit to an IRA for non-working spouses increased from $250 to $2,000, effective Jan. 1, 1997.

What's more, the new legislation states that an individual will not be considered an active participant in an employersponsored plan solely because his or her spouse is an active participant. However, the maximum deductible IRA contribution for an individual who is not an active participant, but whose spouse is, is phased out for taxpayers with Adjusted (Tache) Hildebrand, 79, formerly of Glen Rock, died Aug. 19. Mrs. Hildebrand lived in Glen Rock for 35 years.

She worked as an Executive Bilingual secretary for H.E.S. Industries in Carlstadt, Gently International in Fair lawn, and most recently at Duro-Tost Corporation in Midland Park until her retirement in 1986. She is survived by her husband Ernest son William E. Hildebrand, daughter-in-law Vanessa L. Hildebrand, both of Marstons Mills, and grandson Kenneth C.

Hildebrand. Funeral services were private. Memorials in her name may be made to a charity of one's choice. Arrangements were made by John-Lawrence Funeral Home in Marstons Mills, Mass. Erwin Koval RIVER EDGE Erwin Koval died Sept.

3. Mr. Koval is survived-by his wife Therese D. Loving, son Malcolm L. Koval and his wife Patty, daughter Suzanne R.

Weiner and her husband Jeffrey, grandchildren Allison and Cassie Koval and Chelsea, Zoe, and Taylor Maw Weiner. Graveside services were held at Mount Lebanon Cemetery in Pittsburgh, Pa. Memorial donations may be made to The American Diabetes Association. A memorial service will be held at Temple Shalom in River Edge. For time and day of memorial service, call Louis Suburban Chapel at 791-0015.

Adolph Kretschmer FRANKLIN LAKES Adolph C. Kretschmer, 93, died Sept. 2. Before retiring in 1971, Mr. Kretschmer was Executive Vise President for Frank A.

McBride Hawthorne, was a member of The Ridgewood Country Club. in Paramus and Pine Tree Golf Club in Boyton Beach, Fla. He was also a member of the U.A. Plumbers Union, Local Lodi. Survivors include son Raymond of Woodcliff Lake, granddaughter Barbara Ball of Alexandria, two grandsons Raymond of Hillsdale and David of Ramsey, as well as nine great -grandchildren.

Gross Income (AGI) between $150,000 and $160,000. If you have a few or many years before retirement, putting the maximum allowed contribution into an IRA can add significantly to your family's nest egg: A yearly contribution of $2000 yields $31,291 in 10 years, $98,846 in 20 years, or $244,692 in 30 years. A yearly contribution of $4,000 yields $62,582 in 10 years, $197,692 in 20 years, or $489,382 in 30 years. The increased savings in a spousal IRA has the potential to double your family's retirement nest egg over the long term. The example above uses an rate of return.

Source: Smith Barney. Exceptions will be provided to the early withdrawal tax for distributions from IRAs for first-time home buyer expenses up to $10,000 (lifetime cap), as well as highereducation expenses. Effective date: Tax years beginning after Dec. 31, 1997. "Roth IRAs" The new tax law creates "back-loaded "IRA called the "Roth IRA." Contributions would not be deductible but distributions, if certain requirements are met, will be tax-free.

Full contributions to a Roth IRA are permitted if the contributor's AGI is below $95,000 if single, or below $150,000 if married. Contributions to Roth IRAs are phased out for individuals with AGI beginning at $95,000 and joint filers with AGI beginning at $150,000. Effective date: Tax years Funeral services were held at the C.C. Van Emburgh Funeral Home in Ridgewood with burial at George Washington Memorial Park in Paramus. Donations to St.

Joseph's Medical Center in Paterson would be greatly appreciated: Richard Lauretta MIDLAND PARK Richard Lauretta, 71, died Sept. 3. Before retiring in 1991, Mr. Lauretta was a bartender at The Ridgewood Country Club in Paramus. He was also a member of the VFW in Barnegat.

Survivors include his wife Sheila, daughter Lynn Lauretta-Spaeth of Hamilton, son Richard of West Milford, stepson Steven Webb of Midland Park, sister Marie DeMaria of Fair Lawn, and seven grandchildren. Funeral Mass was held at St. Anne's RC Church in Fair Lawn. Arrangements were made by C.C. Van Emburgh Funeral Home in Ridgewood.

Edward Olsen RIDGEWOOD Edward C. Olsen, 85, died Sept. 1. A 54-year resident of Ridgewood, Mr. Olsen had been employed as a chemist for the Allied Chemical Company in Haledon, before retiring in 1974.

In addition, he had been active with the Boy Scouts of America for over 60 years, a member of the Ridgewood United Methodist Church and the Methodist Men, a member of the Hobbyist Group in Ridgewood for many years and a 50-year member of the American Chemical Society. Survivors include four daughters, Carolyn Olsen of Ridgewood, Janet McGee of Hampton, Lois Traweek of Solon, Ohio, and Florence Mead of Ft. Lauderdale, and six grandsons, Edward McGee, Kevin McGee, Daniel Traweek, Keith Thaweek, Matthew Steven Traweek. He by his wife Florence (Johnson) Olsen. Memorial services were held at the Ridgewood United Methodist Church.

Interment will be at a later date. Donations in his memory may be made to the Ridgewood beginning after Dec. 31, 1997. "Education IRAs" The legislation also creates a new "Education IRA" that can be established for any child under the age of 18 to cover qualified higher, education expenses. Annual contributions are nondeductible and are limited to $500 per beneficiary.

However, distributions used to pay for qualified education expenses of the beneficiary (or certain family members) will be tax-free. The $500 contribution limit is phased out for individuals with AGI beginning at $95,000 and joint filers with AGI beginning at $150,000. Effective date: Distributions after Dec. 31, 1997. Small Business Owners Employers with 100 or fewer employees can establish a "Savings Incentive Match Plan for Employees" (SIMPLE) Plan.

This new retirement plan can be set up in two ways as a SIMPLE IRA or SIMPLE 401(k) plan. Both will be exempt from previously cumbersome nondiscrimination testing and top-heavy rules, as long as certain employer matching or non-elective contributions are made. Smith Barney has a special report to help you understand some of the provisions of the new legislation and its effect on your current and future financial security. Please contact your financial consultant for a copy of "The Taxpayer Relief Act of 1997: 12 Strategies to Consider Now." Frank J. Laezza is a financial consultant for Smith Barney in New York City.

United Methodist Church, Memorial Fund, 100 Dayton Street, Ridgewood 07450. Arrangements were made by Lord Funeral Home in New Hampshire. Virginia Peneno HO-HO-KUS Virginia M. Peneno, 74, formerly of Fair Lawn, died Sept. 1 in Ridgewood.

A secretary for Peneno Printing in Fair Lawn for many years, she was also a parishioner of St. Gabriels RC Church in Saddle River, a former parishioner of St. Catherine RC Church in Glen Rock where she was a member of its Rosary Altar Society, a CYO Girls Basketball coach for St. Catherine's, and a Den Mother and Weblo Mom for the Boy Scouts as well. Survivors include her husband Henry Peneno, Sr.

of HoHo-Kus, son Henry Peneno, Jr. of Ridgewood, son Robert Peneno, Sr. of Waldwick, daughter Janice Peneno of Boston, brother Walter Hess, Jr. of Pompton Plains, sister Grace Pipitone of California, father Walter Hess, Sr. of Paramus, granddaughter Denise Casapulia, grandson Robert Peneno, granddaughter Gina Peneno, great-granddaughter Alexandra Casapulla.

Funeral Mass was held at St. Gabriels RC Church in Saddle River with interment at George Washington Memorial Park in Paramus. In lieu of flowers, donations may be made to: Holy Name Hospital Kidney Disease Fund, 718 Teaneck Road, Teaneck 07666. Arrangements were made by Feeney Funeral Home in Ridgewood. Forrest Peters SADDLE RIVER Forest A.

Peters, 79, died Sept. 3. Mr. Peters was a member of the Saddle River Valley Club, Paterson Skating Club, and Bicycle Club. He was a real estate broker in Lyndhurst with Andrew M.

Peters Inc. for many years and with Suburban Real Estate and Insurance Brokers in Fair Lawn for several years. Before retiring in 1972 he was the director of sales in the foundry division of Bendix 124 DAVID SPORTS LEVESQUE, D.P.A SURGERY PODIATRY ANTHONY VASSALLO New neighbor Westwood Mayor Bernard "Skip" Kelley welcomed Dr. David Levesque who recently opened a new practice at 124 Third Ave. in Bergenfield.

Mahwah Honda slates free clinic for Sept. 13 Mahwah Honda, located at 99 engine, brakes, drive train, susFranklin Turnpike in Mahwah, pension and steering compowill hold a free car care clinic nents. on Saturday, Sept. 13. Free food and refreshments Participants will get a free, no obligation bumper-to-bumper, will be available.

45-point inspection. This Space is limited. For more includes checking the Honda's information, call 529-3966. (Allied Signal) in Teterboro where he worked for 31 years. Survivors include his wife Marian E.

(nee Kouba), daughter Gail Peters, daughter Lynne Peters, daughter Alison Peters, and son Forest Jr. Funeral services and interment are private. Donations to Alzheimer's Association of N.J., 299 Cherry Hill Road, Parsippany 07054 would be appreciated. Arrangements were made by Van Emburgh-Sneider Funeral Home in Ramsey. Eileen Reilly LITTLETON, Colo.

Eileen Joan Reilly, 38, formerly of Ramsey and Upper Saddle River, died Sept. 2. Ms. Reilly worked with the Cobe Co. in Lakewood, Colo.

in Quality Assurance Dept. She was a member of the Ramsey Ambulance Corps. from 1985- 1992, former crew chief, former vice president and president of the Ambulance Corps. in Ramsey in 1991 and 1992. She started her career at age 16 with the Upper Saddle River Ambulance and remained a member from 1975 to 1985.

She was formerly with Osteonics in Allendale and a member of the American Society of Quality Engineers. Surviving are her parents Richard J. and Jane M. (nee Schwarz) Reilly of Upper Saddle River, sister Patricia Reilly, Ph.D. of Glen Rock, brother Donald Reilly of Colorado as well as several nieces and nephews.

Mass will be celebrated on Monday at 10 a.m. in Presentation RC Church in Upper Saddle River with interment in Maryrest Cemetery in Mahwah. Friends will be received on Sunday from 2-4 and 7-9 p.m. in the Van Emburgh-Sneider Funeral Home, 109 Darlington Ramsey. Donations to the Upper Saddle River or the Ramsey Ambulance Corps would be appreciated.

Debora Sergeant RIDGEWOOD Deborah J. Sergeant, 68, formerly of Mahwah, died Aug. 30. A graduate of Michigan State University, Mrs. Sergeant was a member of the College Club of Ridgewood.

Survivors include daughter Susan J. Farabaugh of Freehold, sons Randy W. Sergeant of Manchester-by-the-sea, Maine and Jeffrey B. Sergeant of Ponte Vedra Beach, brother William K. Johnson of San Jose, and seven grandchildren.

Mrs. Sergeant was predeceased by her husband Thomas H. Sergeant in 1984. Funeral was held at First Presbyterian Church in Ridgewood with interment at Valleau Cemetery. Donations can be made to A.L.S.

M.D.A. 55 Hartz Way, Secaucus 07096. Arrangements were made by CC Van Emburgh Inc. in Ridgewood. Dorothy Wilson NORTH CHARLESTON, S.C.

Dorothy C. Wilson (Wanamaker), 86, formerly of Midland Park and Wyckoff, died Sept. 1. Surviving are son Edward Wilson of Phoenixville, son James Wilson of Ringwood, daughter Evelyn Potter of Boca Raton, and Dorothy Lang of North Charleston, S.C., sister Elsie Bauer of Waldwick, eight grandchildren, and two greatgrandchildren. Graveside services were held at the Valleau Cemetery in Ridgewood.

Arrangements were made by the Olthuis Funeral Home in Midland Park. Kenneth Winters RIDGEWOOD Kenneth Winters, 80, died Sept. 3. Before retiring in 1981, Mr. Winters was a Director of International Transportation for Continental Oil Co.

He held the rank of Colonel in the U.S. Army and served in World War II. He was a member of Christ Episcopal Church and Hobbyists Unlimited. Survivors include his wife Harriet, daughter Laura Moore of Ridgewood, and grandson Matthew Moore. A memorial service will be held Monday at 3 p.m.

at the Christ Episcopal Church Franklin in Ridgewood. Arrangements were made by the C.C. Van Emburgh Funera Home in Ridgewood..

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