February 1, 2002

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Suicide Bombers Injure Hundreds in Tel A viv and Jerusalem

Chuck Monasee Dies Suddenly by JEWISH PRESS News Service—

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A suicide attack took place on Jerusalem's Jaffa Road one day after a suicide bomber injured 14 in Tel Aviv. This latest terror bomb was detonated near the Sbarro restaurant on

the corner of King George Street, just 20 meters from the site of a suicide bombing last August in which 15 people were killed and dozens wounded. Photo by ISRANET.

Enron's 401 (k) Calamity Volunteers Can Benefit by MICHAEL W. LYNCH — — — — from Fax Planning "The human impact is staggering," writes CNN's

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Businessman, humanitarian and community leader Charles (Chuck) Monasee died after hip replacement surgery on Jan. 22 in Scottsdale AZ. He was 77. Services were held in Scottsdale. A memorial service will be held in Omaha on T h u r s d a y , F e b . 7r a t 1 p.m. at Temple Israel. , ^ Monasee came to J/ •<§g1 Omaha's Strategic Air ?1 Command base in 1953, serving in the United Jji' States Air Force. A grad- ;;§ uate of the University of t~$ Chicago, he joined Hinky '» Dinky grocery stores, owned by Jules Newman and his sons, in 1955. He worked his way up from Director of Engineering and Director of Operations to President, President of the American Community Stores Corporation, and Executive Vice-president of the Cullum Companies of Dallas, TX, which had purchased Hinky Dinky. He also served as President of the Eiekes Group before retiring.

Monasee's contributions to the community, however, were probably more well known. He served as President of several community organizations, Bill Press of the Enron collapse. Press details the by CONRAD TEITELL, Editor including the Jewish Community Center, the losses to investors and loss of jobs before landing Taxw/se Giving • Jewish Press and His Majesty's Council/Knights of on the 401(k) wipeout. "Those 11,000 employees (Editor's note: Conrad TeitelL is outside legal Ak-Sar-Ben, United Way, and the Joslyn Art whose 401(k) funds were invested exclusively in counsel to United Jewish Communities and pubMuseum, and was Co-chairman of the National Enron -- and who were forbidden by Enron's own lishes a monthly newsletter, from which the followConference of Community and Justice. rules from diversifying - today have no retirement ing article was adapted. The Foundation of the He has been honored by the NCCJ, Creighton plan at all." Jewish Federation of Omaha sponsored his appearUniversity, given the Humanitarian Award (along The misinformation is staggering as well. ance in Omaha in November.) with Ike Friedman) of Siena-Francis House, and Nothing that Press, a Democratic hack who earns Charitable organizations greatly appreciate the honored as the Jewish Federation's Humanitarian his living turning every world event to partisan time, energy and out-of-pocket costs volunteers of the Year, among others. advantage, says about the 401(k) plan is true. devote. The federal government appreciates your The Montgomery, AL, native is probably best Eleven thousand employees participated in efforts too, and treats some of your cost as charitaknown for his leadership of the JCC from 1972-74, Enron's plan, which offered a range of investment ble contributions that you can deduct on your when the organization undertook the move from options. These employees were not invested exclu- income tax return if you itemize. the old 20th and Dodge St. location to its current sively in Enron stock, and they were not forbidden You may deduct un-reimbursed expenses that campus on 132nd St. from diversifying. It is illegal for a company to you incur incidental to your volunteer work. So In an interview in the Sept. 17, 1993, issue of the force any employee to use more than 1% of salary fares spent in going from home to the office of the Jewish Press, saluting the 20th anniversary of the to purchase stock, and as a practical matter, none organization for which you volunteer (or other JCC's building, Monasee described his role, along do. places where you render services), phone calls, with Norman Batt, also a JCC president, in raising Press's claims are extreme, but not wildly unrep- postage stamps, stationery, and similar out-offunds, planning and dedicating the new building: resentative of others made about Enron's 401(k) pocket costs are deductible as charitable donations. This was "Omaha's major post-War event," a disaster. And people are demanding action. You may deduct 14tf** per mile on your 2001 tax huge" task. New York Times columnist Paul Krugman has return in lieu of computing the cost of operating "Everyone wanted to have for Omaha the same used Enron to call into question the whole idea of your car while doing volunteer work. If you use the things Houston had, but Houston had 25,000 defined-contribution pensions. "It's easy to make cents-per-mile method, you may also deduct your Jews," he was quoted as saying. "The fundraising the theoretical case for defined-contribution plans," un-reimbursed parking and toll cost. Be sure to campaign, which raised $4 million, was launched writes Krugman. But he later adds that "the sad keep good odometer records. If you prefer, you can by a gift of $50,000 from the Newman family." He fate of Enron's employees highlights the difference deduct your actual allowable expenses for gas and also recalled, "with deep sadness" the untimely between theory and practice." oil (tolls and parking too) provided you keep proper death of Nick Newman, then President of the He's not alone. "One issue raised by the whole records (canceled checks, travel diary). How_ever, Jewish Federation, "who did not live to see the layEnron debacle is how realistic is the concept of do- insurance and depreciation on your car aren't ing of the cornerstone on May 13,1973." it-yourself investing," Karen Ferguson, Director of deductible. In addition to his leadership of the above-named the Pension Rights Center, told The New York If you travel as a volunteer and must be away organizations, Monasee also served on the boards Times, from home overnight, reasonable payments for of Methodist Hospital, Boys Town, Boys Clubs, And members of Congress have rushed to legis- meals and lodging, as well as your transportation NCCJ, Temple Israel, the Jewish Federation, and late our way to financial safety. In the Senate, Jon cost, are deductible. Your out-of-pocket cost at a the SAC Consultation Committee. Corzine (D-NJ) and Barbara Boxer (D-CA) want to convention connected with your volunteer work are (Continued on page 2) limit the amount of employer stock that can be deductible only if you're chosen to represent your held in 401(k) plans to 20 percent of the total synagogue, Jewish organization, the Federation, investment. In the House, Peter Deutsch (D-FL) alumni body, etc. INSIDE: To deduct un-reimbursed expenditure of $250 or and Gene Green (D-TX) want to set the cap at 10%. Here are some facts. Enron maintained a rather more, you must substantiate the deduction with a WR.I Hosts its First Retreat page 8 typical 401(k) plan for a company of its size. It written receipt and have the receipt in hand before offered a selection of 20 investment options, Enron you file your income tax return. If you file your Rabbi Resnicoff Speaks at Beth Ei page 9 stock being one among them. It matched 50% of return after the due date (or after an extended due employee contributions up to 6% of salary with date), the receipt must nonetheless have been in TeenAge y&go 13 Enron stock. (And remember, the employee's own your hand by the due date (plus any extensions). contribution didn't have to be invested in Enron A volunteer who has un-reimbursed expenditures Informational Articles on Tax and stock.) of $250 or more while providing volunteer services Financial Planning, starting. r..page 14 (Continued on page 14) (Continued on page 14)


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