Interview with Bruce J. Fafard, President and CEO, Ledge Light Federal Credit Union
Bruce J. Fafard, President and CEO, Ledge Light Federal Credit Union, says, “We’re excited about the future.”
Bruce J. Fafard, President and CEO, Ledge Light Federal Credit Union, stresses the importance of community in his credit union and says that, at his institution, “We’re here to help people with their financial lives.”
Bruce began his job as CEO of Ledge Light Federal Credit Union on April 31, 2007. Now, a little background on credit unions, they are owned by their deposit holders, unlike commercial banks which are owned by their shareholders.
The credit union is open to those working for Pfizer, its subsidiaries and employees of the companies that work within Pfizer Inc. Ledge Light is also open to the families of those people and the employees of the credit union itself.
In its early years it was only open to, “The Pfizer community,” stated Bruce. Now, membership is open to 69 businesses, called Strategic Partners, including Cardinal Honda, Court Square Data Group, A/Z Corporation, K Force, and TVACCA, and persons who live, work, worship or attend school in, and businesses located in 12 census tracts within New London County. Visit www.ledgelightfcu.org to see if you or your business qualifies.
Ledge Light Federal Credit Union opened its doors 41 years ago, when six Pfizer employees decided that they needed their own financial institution. To this day, the credit union enjoys close ties to Pfizer. Since credit unions are owned by their deposit holders, Bruce says, “When Pfizer prospers, we prosper.”
In Ledge Light’s commitment to helping the community it serves, steps were taken to offer aid including preparing taxes for lower income households.
During last year’s tax season, 12 of Ledge Light’s employees took IRS classes in order to help households earning $50,000 a year or less prepare their taxes. Bruce was one of the employees who decided that he wanted to help out his community through this free tax preparation program.
The credit union tries to help everyone it can. Recently, a single mother applied for a loan and was approved, though she probably would have been turned down at another institution.
Bruce explained how this young mother needed the loan to get a car so that she could go to work to support her children, “These are the things that make my job worthwhile.”
“We don’t just look at your credit score,” though it does certainly play into whether the customer is approved for a loan or not. “We look at the person’s ability to pay back the loan.”
A credit rebuilder program is offered to Ledge Light customers who need help building a better credit score and getting their finances in control.
“We try to work with people,” states Bruce. “There are times when we may advise a customer that a purchase is too big for them.”
Ledge Light Federal Credit Union offers every kind of financial need, from loans to credit cards. For example, the credit union offers Visa’s Platinum Preferred Card which is a lower interest credit card and has a number of convenient features such as ATM accessibility.
Bruce admits that although his credit union is doing well, “2010 will be a tough year.” His prediction is that the unemployment rate will increase a bit. However, “In this part of Connecticut we’re holding our own.”
Ledge Light has not done sub prime lending or interest only lending and they have continued to lend during the recession. As for a few years down the road, Bruce says, “We’re excited about the future.” Ledge Light Federal Credit Union is doing well in this area of Connecticut and will continue to do so.
Bruce earned his undergraduate degree in finance from Southern Connecticut State University and his M.B.A. from the University of New Haven.
Bruce worked in a number of different fields before settling at the bank when, in 2007 his current job opened up and he applied for the position. His career path includes time spent working at Sikorsky Aircraft and owning a commercial flooring business.
Jason Alderman is the director of Visa’s financial education programs.
by Jason Alderman
When deciding whether to save for retirement using a traditional or Roth IRA, many people wrestle with the question, “When I retire, will my tax rate be higher or lower than it is today?”
This is a crucial distinction because with a Roth your contributions are taxed today, while withdrawals, including investment earnings, are tax-free at retirement. Conversely, contributing to a traditional IRA lowers your current taxable income; then, in exchange for that present-day favorable tax treatment, you later pay taxes on your balance when it’s withdrawn at retirement.
Some financial experts presume that because your income will likely be lower at retirement, your tax bracket probably will drop as well. Others, more pessimistic about the current economy, predict that record budget deficits could lead to higher future tax rates.
So, how to choose? Despite their more immediate tax burden, Roth IRAs have a couple of longer-term advantages for many folks. For example:
• The younger you are when you start saving in a Roth, the longer your money will compound, tax-free.
• Unlike traditional IRAs, Roth’s have no mandatory minimum annual withdrawals beginning at age 70 ½, so your account can continue to grow tax-free during your lifetime. (Mandatory withdrawals from traditional IRAs were waived for 2009 only.)
• Heirs who inherit a Roth IRA do not pay income tax on withdrawals as they do with an inherited traditional IRA.
Either way, IRAs are still a good vehicle for retirement savings, particularly if you don’t participate in a workplace 401(k) plan. And now, thanks to two tax code changes effective January 1, 2010, you have additional options regarding IRAs.
First, people (single or married) whose modified adjusted gross income (MAGI) exceeds $100,000 can now convert part or all of their existing traditional IRAs – or workplace savings plans from an old employer – into a Roth IRA. Previously, these higher-income folks were excluded from such conversions. (Note that certain MAGI limits do still apply for new Roth contributions. See IRS Publication 590 at www.irs.gov for details.)
Although such conversions may indeed provide long-term tax advantages, they can be difficult to swallow in the short term, since the converted balance is added to your taxable income, thereby increasing your taxes – and possibly boosting you into a higher tax bracket – for the year.
That’s where the second tax-code change comes in handy: For 2010 only, you can either pay the full tax amount with your 2010 taxes (due April 15, 2011), or pay half with your 2010 taxes and half with 2011’s return.
As always, you can undo, or “recharacterize,” a conversion later on if needed. For example, if your Roth IRA balance significantly decreased after conversion (as many did after the 2008 stock market crash), you would be taxed on account value that no longer exists; so, you are allowed to undo the conversion and then reconvert at a more favorable time. Recharacterization rules and deadlines are complex, so refer to Publication 590 for details.
Better yet, always consult a tax or investment professional for help weighing your options before making any major changes to your retirement savings habits.
Five Sailors assigned to USS Helena (SSN 725) participated alongside service members from all branches of the military in honoring the nation during pregame ceremonies at the NHL Winter Classic on January 1st. (l-r) Senior Chief Machinist Mate Phil Hogge, Electrician’s Mate Third Class Aaron Tatro, Sonar Technician Second Class Brian Lake, Chief Machinist’s Mate Mike Haraburda, Chief Hospital Corpsman Brandon Conder, Chief Sonar Technician Joe Clark.
by Lt. j.g. Garry Ferguson
photo by Sgt. Randall Clinton,
Marine Corps Public Affairs Office NY
Five Sailors assigned to USS Helena (SSN 725) participated alongside service members from all branches of the military in honoring the nation during pregame ceremonies at the NHL Winter Classic on January 1st. The event was seen by 38,112 fans at Fenway Park and approximately 5.6 million television viewers.
Helena Sailors donned their dress blues for the occasion and were treated to seats near the visitor’s bullpen after their pregame obligations were complete.
Military representatives held lines securing the display of the US and Canadian flags draped over the “Green Monster.”
Sonar Technician Second Class Brian Lake commented on the experience saying, “It was an honor to represent our country and the submarine force in front of millions of people.”
Initially it seemed to be a tall order for the third annual outdoor hockey match to live up to the pregame hype and the iconic venue, Fenway Park, where it was hosted, but the game did not disappoint. It turned out to be an overtime thriller with the Boston Bruins securing the win over the Philadelphia Flyers in the extra period, 2-1.
Chief Machinists Mate Mike Haraburda simply iterated, “It was awesome! I was thrilled to be a part of it.”
The outdoor hockey concept is relatively new to the NHL, despite many players having been brought up playing outdoors on frozen ponds and lakes. Although fairly novel, the event has proven to be extremely popular among hockey fans since its inception, selling out each time with tickets disappearing in less than a day after becoming available.
Since landing in New England in September of last year, Helena Sailors have participated in a number of community and volunteer events providing first-class representation for their command, the U.S. Navy and the country.
Helena, a Los Angeles-class submarine named after Helena, Montana, was commissioned on July 11, 1987. Her motto is “Proud and Fearless.”
The Connecticut Department of Environmental Protection (DEP) announced that the two “fishing ponds” at the Quinebaug State Fish Hatchery, Plainfield, will no longer be managed for public fishing. These two-acre ponds have traditionally been open to the public for fishing by reservation on weekends and holidays for a modest fee from early March through mid-May.
“We realize that these ponds are popular with certain anglers but there are a number of significant obstacles in the way of continued operation,” said Bill Hyatt, Acting Chief, DEP’s Bureau of Natural Resources. “The ponds are a revenue loss, a drain on resources, and they serve a shrinking clientele. Staff typically assigned to oversee the ponds need to be reassigned to core fish production and stocking programs. In addition, there are now many areas located around the state where anglers can enjoy year-round trout fishing. The Quinebaug trout ponds are no longer the only option for early season fishing.”
Opened in the mid-1970’s, the Quinebaug Hatchery fishing ponds were originally intended to provide an area where children could learn to fish, and where anglers could fish for trout prior to Opening Day. However, as DEP’s trout management programs have evolved, there are now thirty areas throughout the state that are open for year round trout fishing. Additionally, there are now eleven designated Trout Parks that provide excellent in-season opportunities for children (and adults) to enhance their fishing abilities.
Anglers can find information on Trout Management Areas, Trout Parks and many other trout fishing opportunities in the 2010 Connecticut Angler’s Guide, which is now available online www.ct.gov/dep/fishing.
Over the centuries, cats have provided an endless source of fascination for the human race. Although now firmly established as companion animals, they were once regarded as gods, the embodiment of the devil, and most notably as the protectors of the human grain supply.
Under the auspices of the Nutmeg Cat Fancier’s Cat Club, cats will be returning in force to Groton on Feb. 6 and 7 to display their range of charms, sizes, shapes and colors, accompanied by their devoted staffs. The show will be held at the Ella T. Grasso Technical School on Ft. Hill Road (Rt. 1) in Groton.
Up to 225 cats divided into 3 groups (kittens, cats and neutered adults) will be judged in 4 all-breed rings each day, presided over by experienced and licensed Cat Fanciers Association (CFA) judges. Included in the judging panel are Ellyn Honey from Burke, VA, Lois Jensen from Clarksville, IN, Douglas Myers from Manassas, VA, Bob Molino from Arlington, VA, Carla Bizzell from Pensacola, FL, Shelia Mizzi from Fairfax, VA, Gary Veach from Maywood, NJ and Sharon Roy from Manchester, NH.
Judging continues through the day, so you will not miss out on any judging no matter what time you arrive. Advertised show hours are 9:00 AM to 5:00 PM on Saturday and 9:00 AM to 4:00 PM on Sunday. Donations are $6.00 for adults and $5.00 for seniors and children 6-12 years of age.
While the fancy cats may be prancing on stage, the average house cat will not be forgotten. Over the years Nutmeg Cat Fancier’s has donated thousand of dollars to welfare groups to help with their neuter, release and health care.
This year Nutmeg Cat Fancier’s will donate to Kitty Harbor of Griswold, The Animal Welfare League of New London County in Groton and The Animal Rescue Fund of New London. They will be available to promote their causes and some will have cats and kittens for adoption at this show.
Although Maine (the Maine Coon), Massachusetts (the tabby), and Maryland (the calico) have official state cats, CT does not. A cat show is great place to get an informed opinion as participants can look at many possible choices and vote. A box and ballots will be provided for those interested and the results will be conveyed to our State Representatives.
Come for the cats, stay for the shopping, and vote for your favorite as CT State Cat. A wide variety of cat essentials and cat themed products will be on sale.
