LeTort Trust Foundation donated $25,000 to the Bethesda Mission Community Center as its first charitable contribution under the new name.

Harrisburg, PA April 10, 2024- LeTort Trust Foundation, formerly known as the Atgooth Foundation, proudly donated $25,000 to support phase two of the Bethesda Mission Community Center expansion project. Having supported phase one of the expansion with an initial donation of $25,000 in 2016, we were thrilled to witness the profound impact it had on the youth of our community. We recognized the tremendous opportunity this brought, and we were eager to support the additional expansion. As the charitable arm of LeTort Trust, this marked the foundation’s first contribution under its new name.

The Bethesda Mission Community Center has been supporting the community for over 30 years, providing children and their families with resources and skills to help enrich their lives. In August of 2023, several members of LeTort Trust had the privilege of touring the completed project and discussing the facility’s needs for the ongoing expansion of the Community Center with the Youth Ministry Manager, Nashon Walker. Nashon shared his enthusiasm and passion for providing a safe space for the community’s youth to come and have engaged experiences with their families.

LeTort Trust President, Katie Clarke, shared, “It was Nashon’s passion for his community that inspired us to pledge our support to the organization for phase two of the Community Center expansion. This next phase will provide much-needed space for the youth and their families, so it just made sense to support their continued expansion. They were changing lives and supplying opportunities to the children and families that were part of the program, which reflected the LeTort Trust Foundation’s mission and commitment to building brighter futures in our community.”

As part of this contribution, LeTort Trust presented a check to the Bethesda Mission, symbolizing the foundation’s ongoing support for the mission’s initiatives. Accepting on behalf of the Mission was Nashon Walker, along with Cindy Mallow, Director of Development and Andre Cooper, Basketball Coach and Community Center Director. Andre shared, “That this is a huge blessing. Support from organizations like LeTort Trust, help us to facilitate our Seven C’s objectives, while expanding services to the youth and their families at the same time.”

 

 

 

To find out how you can support the Mission’s Youth Center Expansion Project, visit their website at Bethesda Mission.

About LeTort Trust
LeTort Trust is a private Trust Company, providing comprehensive Qualified Retirement Plan and Wealth Management services, designed for complex financial needs of businesses and individuals.

IRA and Retirement Plan Limits for 2024

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.

Highlights of changes for 2024

The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500.

The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment but remains $1,000 for 2024.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024. Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024. The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2024.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase‑out ranges for 2024:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $77,000 and $87,000, up from between $73,000 and $83,000.
  • For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000, up from between $116,000 and $136,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The income phase-out range for taxpayers making contributions to a Roth IRA is increased to between $146,000 and $161,000 for singles and heads of household, up from between $138,000 and $153,000. For married couples filing jointly, the income phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $76,500 for married couples filing jointly, up from $73,000; $57,375 for heads of household, up from $54,750; and $38,250 for singles and married individuals filing separately, up from $36,500.

The amount individuals can contribute to their SIMPLE retirement accounts is increased to $16,000, up from $15,500.

Additional changes made under SECURE 2.0 are as follows:

  • The limitation on premiums paid with respect to a qualifying longevity annuity contract to $200,000. For 2024, this limitation remains $200,000.
  • Added an adjustment to the deductible limit on charitable distributions. For 2024, this limitation is increased to $105,000, up from $100,000.
  • Added a deductible limit for a one-time election to treat a distribution from an individual retirement account made directly by the trustee to a split-interest entity. For 2024, this limitation is increased to $53,000, up from $50,000.

Details on these and other retirement-related cost-of-living adjustments for 2024 are in Notice 2023-75, available on IRS.gov.

LeTort Trust announces the renaming of the Atgooth Foundation to the LeTort Trust Foundation

Mechanicsburg, PA, (March 6, 2024)- This was a move intended to better align the business success with its charitable giving, LeTort Trust proudly announces the official name change of its charitable foundation from Atgooth Foundation to the LeTort Trust Foundation.

The Atgooth Foundation was originally founded in 2011 as the charitable arm of LeTort Trust. Leveraging the financial success of LeTort Trust, the foundation has been primarily dedicated to providing financial literacy and educational opportunities for youth in the Harrisburg area.

Over the last 13 years, LeTort, through the Foundation, has supported organizations in the Greater Harrisburg and surrounding areas that have helped fulfill our mission, including The Joshua Group, Junior Achievement of South Central Pa, the Foundation for Free Enterprise Education (PFEW), Harrisburg University and the STEAM Academy, among many others. The Foundation has also extended its support beyond the general mission to respond to general community aid, through financial gifts to organizations such as the YWCA, the Bethesda Mission, Leadership Harrisburg Area, CREDC, and the Central Pennsylvania Food Bank. Since the foundation’s initiation, LeTort has supported local non-profit initiatives and organizations with direct gifts exceeding $1.5 million dollars.

LeTort Trust President, Katie Clarke, expressed enthusiasm about the change, stating, “We are excited to unveil our new identity as the LeTort Trust Foundation. The communities in which we serve have been critical to our business success. This name change brings it all together.”

The LeTort Trust Foundation’s commitment to making a positive impact in our community remains steadfast, and the name change is just the next step in our continued journey to support our local youth to live better lives and brighter futures.

About LeTort Trust
LeTort Trust is a private Trust Company, providing comprehensive Qualified Retirement Plan and Wealth Management services, designed for complex financial needs of businesses and individuals. For additional information on LeTort Trust or LeTort Trust Foundation, please visit our website at www.letorttrust.com.

LeTort Trust Announces the Appointment of Aimee Hultzapple as Communications Manager

Mechanicsburg, PA (January 23, 2024) – LeTort Trust is pleased to announce the recent appointment of Aimee Hultzapple as Communications Manager.

Communication Manager LeTort Trust

Aimee is responsible for overseeing the strategic planning of all our internal and external communications, including client communications, press releases, website administration, and the maintenance of the Financial Literacy program. She plays a key role in preserving LeTort’s story and mission. Before joining LeTort Trust, Aimee held the position of Head of Communications, where she managed strategic and corporate communications, media relations, and event planning.

Aimee earned her Bachelor of Arts Degree in Communication and Media Studies from Penn State University.

“We are thrilled to welcome Aimee to the LeTort Trust team,” said Katie Clarke, President of LeTort Trust. “We are confident in her ability to foster effective communication strategies through her art of visual storytelling and compelling narratives. Aimee brings a touch of innovation that will be critical in continuing to evolve LeTort’s digital presence and strengthen our relationships with clients and the community.”

LeTort Trust is an Independent Trust Company, providing comprehensive Qualified Retirement Plan, Personal Trust and Wealth Management services designed for the complex financial needs of businesses, institutions and individuals. For further information on LeTort Trust, please visit our website at www.letorttrust.com.