IRS Reminder About Deadlines For RMDs From Certain Retirement Accounts

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If you’re 73 years or older, the Internal Revenue Service reminds you of important deadlines regarding required minimum distributions for those with certain retirement accounts.

An RMD is an amount that an account owner must withdraw annually. The withdrawals are considered taxable income and may incur penalties if they aren’t taken on time, according to information from IRS officials.

The IRS.gov Retirement Plan and IRA Required Minimum Distributions FAQs webpage provides detailed information regarding the new provisions in the law.

If you turned 73 in 2024:

  • Your first RMD is due by April 1, 2025, based on your account balance on Dec. 31, 2023, and
  • Your second RMD is due by Dec. 31, 2025, based on your account balance on Dec. 31, 2024.

 

A new law called the Secure 2.0 Act raised the age that account owners must begin taking RMDs, while eliminating RMDs for Designated Roth accounts in 401(k) and 403(b) retirement plans.

The minimum distribution rules generally apply to original account holders and their beneficiaries in these types of plans:

 

  • IRAs: IRA withdrawals from traditional IRAs and IRA-based plans occur every year once people reach age 73, even if they’re still employed.
  • Retirement plans:The RMD rules apply to employer-sponsored plans, with delays allowed until retirement unless the participants own more than 5% of the sponsoring business.
  • Roth IRAs:Roth IRA owners are not required to take withdrawals during their lifetime, however beneficiaries are subject to the RMD rules after the account owner’s death.

 

Designated Roth accounts in a 401(k) or 403(b) plan will not be subject to the RMD rules while the account owner is still alive for 2024. The RMD Comparison Chart outlines key RMD rules for IRAs and defined contribution plans.

 

Taxpayers can find easy-to-use tools such as forms, instructions and publications at IRS.gov.

The Local Skinny! Groundbreaking at Epsom Park

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Franklin County Parks and Recreation Director K.P. Kilpatrick has been in his role just since April of this year, but he’s already been able to check one big item off the to-do list: witness the groundbreaking of Epsom Park.

The park will be located on the site of the former Epsom School, and plans have been in place for a while – almost 20 years, in fact – to construct a park for residents to enjoy, whether they live in Franklin County or Vance County.

County officials and community leaders joined Kilpatrick at the recent groundbreaking  for Phase 1 of the project, which is scheduled to be completed in fall of 2025.

It includes a walking loop, sand volleyball court, playground, multipurpose field and a picnic shelter, as well as a spot for cornhole.

“We’re happy to get it started,” Kilpatrick told WIZS’s Scout Hughes on Thursday’s segment of The Local Skinny!

The 7.62 acre property practically straddles the Franklin/Vance County line, and will be the fourth park that Franklin County is responsible for.

It’ll be a place where the community can come for recreation as well as athletic events and other organized programs, Kilpatrick said. There could be a movie night at the park, for example, volleyball and cornhole tournaments in addition to the more traditional types of sports played on the multipurpose field.

Kilpatrick envisions Epsom Park as a place for “great leisure opportunities” and a “great place to create memories.”

 

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Franklin County Lands Two Companies That Focus On Reducing Single-Use Plastics

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— Courtesy of Franklin County Public Information Officer James F. Hicks, III

Two new companies are set to establish their first pilot facility and future manufacturing center in Franklin County.

TerraSafe Materials, Inc. and its sister company, DisSolves, Inc., are establishing a facility that will create 20 new full-time jobs – with an average annual salary of $100,000 – with more than  $10 million invested between the combined companies. The new facility will be located at 35 Weathers St. in Youngsville, N.C.

“We are thrilled to welcome TerraSafe Materials and DisSolves to Franklin County,” said Economic Development Director Barbara Fiedor. “The companies’ commitment to developing innovative sustainable technologies will have a significant positive impact on reducing plastic single-use packaging. The companies’ decision to locate here adds to Franklin County’s growing clean technology industry cluster and demonstrates the county’s dedication to attracting forward-thinking businesses aiming to enhance economic development and new job creation.”

TerraSafe Materials is a materials science company developing new materials, coatings and applications for truly sustainable packaging. TerraSafe Materials specializes in the development of biopolymer compounds to displace traditional petroleum-based packaging.

DisSolves produces the first edible, dissolvable packaging made from all-natural ingredients. With a team of seasoned entrepreneurs and materials scientists, DisSolves and its patented technology is positioned to seize on the increased demand for PVA-alternative plastic-free films from consumers, brands and new legislative bans.

COO of both companies, Jeff Veltkamp, said he looks forward to working in Franklin County.

“The location serves us well in so many ways – from access to exceptional scientific talent and an excellent workforce to the cooperative relationships with local government and our industrial neighbors,” Veltkamp said, adding that they’ve received a warm welcome.

“The decision by TerraSafe Materials and DisSolves to establish their facility in Franklin County validates the thriving business environment we have created here,” said Interim County Manager Ryan Preble. “Their investment not only brings new high paying jobs, but also strengthens our community by diversifying our economic industry sectors.”

The grand opening and ribbon-cutting of the facility is anticipated to take place in March 2025. For more information about the grand opening event or to learn more about employment opportunities, contact info@terrasafematerials.com or visit terrasafematerials.com and dissolves.com.

Officials Brave Chilly Temps For Epsom Park Groundbreaking Dec. 6

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The long-awaited Epsom Park is one step closer to completion following a recent ground-breaking ceremony to turn over those first shovels full of dirt on the property of the former Epsom School.

Franklin County purchased the 7.62 acres at the corner of Eaves Road and N.C. 39 way back in 2006. A sign marked the site as the “Future Home of Epsom Park” for years, and that dream is becoming a reality some 18 years later.

Thanks to a $434,625 grant from the N.C. Parks and Recreation Authority’s Trust Fund – which was matched by Franklin County – the park is embarking on Phase 1, which Franklin County Parks and Rec Director K.P. Kilpatrick said should be complete by fall 2025.

Phase 1 will feature paved walking loops, a multi-purpose field, sand volleyball, cornhole and playground, as well as a picnic shelter and restrooms.

Kilpatrick spoke to the group gathered at the groundbreaking ceremony that chilly, breezy Dec. 6 morning and said the park will stand as a symbol of what can be accomplished when people and entities work together.

“Creating a space for one another,” he said, “brings the promise for a brighter future.”

District 2 Commissioner Roxanne Bragg said the park has been a dream for the Epsom community for a long time, and she looks forward to having the community in her district be able to enjoy its amenities.

Visit https://www.franklincountync.gov/county_services/parks___recreation/index.php 

and click the Epsom Park link on the left side of the page to view site plans, maps and a video of the groundbreaking.

VGCC Logo

VGCC Community Band Winter Concert Dec. 16

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–information courtesy of VGCC Public Information Officer Courtney Cissel

The holiday season has officially begun, and the VGCC Community Band is back in action this month to present its annual Holiday Concert.

This year’s event will occur on Monday, Dec. 16, at McGregor Hall Performing Arts Center in downtown Henderson. The concert will begin at 7:30 p.m. and will last about an hour. Admission is free to the public.

“Nothing is better than a big old-timey band concert,” said band director Brian Miller, “and the Vance-Granville Band is delighted to present to you our Winter Concert in the heart of historic downtown Henderson. We invite everyone to this free event featuring Christmas music, band classics, popular music, and classical music!”

Concertgoers can expect to hear festive favorites like “Feliz Navidad” and “Good King Wenceslas” alongside music from blockbuster soundtrack composer Michael Giacchino.

Some songs will be performed by the entire 39-piece band, while others will feature smaller groups.

Betsy Henderson, department chair of Fine Arts at the College, echoes Brian Miller’s invitation to the community. “This concert always kicks off my holiday season; it’s a lovely way to spend an evening. I urge you to come get into the holiday spirit with me!”

The VGCC Community Band contains both VGCC students and non-student adult community members with a wide range of abilities and experience. Participants represent the College’s four-county service area and beyond, some traveling from as far away as Virginia. The VGCC Community Band rehearses every Monday evening at the College’s Main Campus Civic Center in Henderson, and there is no membership fee for participating.

To learn more about the band, contact Director Miller at bmiller9302@vgcc.edu.

(This story was originally posted Dec. 6, 2024.)

SportsTalk: Louisburg College Football Headed To JUCO National Title Game

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UPDATE – FINAL SCORE 

College of DuPage 31

Louisburg College 14

Hurricanes finish the season at 8-3

Congratulations on a Great Season Louisburg!

Go Hurricanes!

••••••••••••••••••••••••• 

SportsTalk on WIZS 12:30 p.m. M-Th

Louisburg College Head Football Coach Quinderra Spellman joins SportsTalk with Scout Hughes and George Hoyle to talk about the Hurricanes great season, as they prepare for the NJCAA DIII National Championship Game.

Louisburg College will play the College of DuPage this Saturday, December 7th, 2024 in the NJCAA DIII Football National Championship Game. Kickoff will be at 1:00pm EST. The game will be broadcasted live on ESPN+. For those that want to cheer on the Hurricanes in Chicago the address to the stadium is College of DuPage Stadium, College Rd, Glen Ellyn, IL 60137.

Go Hurricanes!

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Franklin County DSS “Tree Of Hope”

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Franklin County Department of Social Services is seeking help from the community to fulfill the hopes and wishes of our foster children this year.

Franklin County DSS — in partnership with Wal-Mart in Louisburg– has a “Tree of Hope” located at the front entrance of the store with paper ornaments that represent a child in foster care. Each ornament has a list of wishes for a child that can be donated to help put a smile on a child’s face this year.

Those considering sponsoring a child this year can pick an ornament from the tree and deliver the unwrapped gifts to the Louisburg Wal-Mart Service Desk or DSS located at 107-A Industrial Drive, Louisburg NC 27549 by Dec. 13.

If you have any questions or would like to donate toys for other children DSS serves, please contact Susan Weathers at 919.496.8171 or call the main number at 919. 496.5721.

$2M In ARPA Funds To Help Franklin Schools Get HVAC Upgrades

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 — Information courtesy of Franklin County Public Information Officer James F. Hicks, III

Franklin County’s Board of Commissioners approved more than $2 million in American Rescue Plan Act funds to be used for Franklin County Schools HVAC capital needs.

Commissioners approved assigning of the remaining $2,564,623 of ARPA funds to FCS as a subrecipient for approved HVAC projects – which make up a significant portion of the capital needs for FCS as submitted in its needs request.

“I think this is a great way for Franklin County to help Franklin County Schools with its capital needs,” said Board of Commissioner Chairman David Bunn. “Utilizing these remaining funds will help our schools with their upcoming projects.”

After passage of recent state legislation, the previous funding of a $2 million match by Franklin County for the NC Department of Information Technology Completing Access to Broadband (CAB) program became available because the program is now funded by a combination of state and federal funds. The remaining ARPA funds would have to be utilized according to the stringent ARPA rules or be returned.

Duke Energy

Duke Energy Customers Will See Slight Drop In Rate Prices

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The North Carolina Utilities Commission approved the Duke Energy Progress request to lower customer rates by 4.5 percent.

The lower rates begin this month.  In a message to WIZS, Duke Energy’s Local Government and Community Relations Manager Beth Townsend said, “It’s important to note that with the cold snap we’re having right now, most customers are using more energy compared to last month – we had a very warm fall. If you’re running your heat around the clock, your next bill will be higher of course – but it will be 4.5 percent lower than what it would have been under the old rates.”

In a press release from Townsend, it’s indicated that Duke Energy Progress residential customer rates in North Carolina will decrease 4.5 percent as part of an annual adjustment for the cost of fuel used to generate electricity at the utility’s power plants.

The release said, “A typical residential customer in North Carolina using 1,000 kilowatt-hours (kWh) per month will see an overall decrease of $7.34, or about 4.5 percent lower than prior rates… That is 11 percent below the national average of $174.21 – a difference of approximately $235 per year.”

Commercial customers will benefit too, from an average decrease of about 6.3 percent, while industrial customers will see an average decrease of less than 0.1 percent.

Duke Energy Progress serves about 1.5 million customers in central and eastern North Carolina, including Raleigh, as well as the Asheville region.

Franklin County ‘Care And Share Center’ Gets $2,500 To Fight Food Insecurity

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— Courtesy of Franklin County Public Information Officer James F. Hicks III

Franklin County Care and Share Center Inc. has received $2,500 from the Food Lion Feeds Charitable Foundation to help nourish neighbors experiencing hunger.

The “Nourishing Our Neighbors” grant supports the Franklin County Department of Social Services Care and Share Center’s efforts to purchase nutritional food for distribution in the community. In addition, the grant supports community feeding partners by helping neighbors increase their access to nutritious food and providing nutritional education initiatives to help eliminate health risks for those experiencing food insecurity.

It is the mission of the Franklin County Department of Social Services to serve the community through the effective delivery of family-centered services, which will promote and achieve self-sufficiency and enhance the quality of life for all its residents.

Franklin County Department of Social Services and the Care and Share Center staff and volunteers are dedicated to the management of resources and enhancing the quality of life of the county’s residents.

“We are excited to again receive these funds provided by the Food Lion Feeds Charitable Foundation as it will enrich our efforts to address food insecurity in our county,” said Franklin County Director of Social Services Andrew Payne.

Care and Share Center Inc. is located at 110 Industrial Dr., Louisburg and is open to the public on Wednesday mornings to provide nutritious food items to county residents in need of emergency food assistance.

The Food Lion Feeds Charitable Foundation is committed to supporting families facing food insecurity across its 10-state footprint. Established in 2001, the foundation provides financial support for programs and organizations dedicated to feeding local neighbors in the communities it serves. Since its inception, the foundation has awarded more than $19.6 million in grants.