Word: keogh
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DIED. Dennis Keogh, 44, career U.S. State Department official, and Lieut. Colonel Kenneth Crabtree, 45; in a terrorist bomb explosion at a gas station just outside Oshakati, Namibia. Both were members of a U.S. liaison team monitoring the cease-fire in Namibia. South West Africa People's Organization (SWAPO) guerrillas were blamed by South African officials for the attack, but denied the charge...
With that triple dosage of encouragement, the market in the next ten months set 25 records. It was fueled by an enormous influx of cash held by pension funds and other institutions. Another source: $35 billion from individuals seeking to set up their own Keogh plans and individual retirement accounts, the latter provided under a law opening such benefits to all employees as of January 1982. Much of the IRA money was switched out of bonds and money market funds and into equity mutual funds (see chart). So was a great deal of non-IRA money. As interest rates dropped...
Merrill Lynch, which has more IRA and similar Keogh accounts than any other firm (700,000), found the rush breathtaking. A fortnight ago the broker signed up 39,000 customers in a single five-day period. Then last week it nearly tripled that by entering 100,000 accounts. Merrill Lynch helped stimulate business by holding last-minute seminars in New York, Chicago and 70 other cities to explain the various kinds of IRAs. In the offices of the E.F. Mutton brokerage firm last week, $20 million per day went into new accounts. Said Gary Strum, head of pension services...
...economic or social purposes. When Congress wanted to encourage oil exploration, it granted the oil-depletion allowance that originally permitted drillers to write off their first 27½% of profits; when it wanted to encourage ordinary citizens to arrange their own pensions, it authorized Individual Retirement Accounts and Keogh plans, which exempt certain types of savings and investments from taxation. Even the exemption for the interest on home mortgages is a form of tax shelter. All are perfectly legal. Tax avoidance-in contrast to tax evasion-is the term for all such legitimate efforts to keep taxes to a minimum...
...Keogh, 74, a former New York Congressman, ruefully attributes the long delays to the fact that "there are more sleeping art experts in Washington than anybody dreamed of," but he hopes that Congress will finally vote the funds some time during this Roosevelt centennial year. Even so, he adds, "I don't envision we'll be able to move on construction until Oct. 1, 1983, at the earliest...