Beneficiary Designations

Naming the Northeast Iowa Food Bank as the beneficiary of your retirement plan assets or insurance plans is a simple way to make a legacy gift to the Food Bank.

Gifts with retirement plan assets or insurance policies avoid the double taxation your heirs would face if you left these assets to them. In addition, you can easily change your plans if your life circumstances change.

When you complete your beneficiary designation form provided by the institution where your account is held, name the “Northeast Iowa Food Bank” as a full or partial beneficiary and provide our tax identification number.

Common designation options:

  • Retirement plans [e.g., traditional IRA, Keogh, 401(k)]: Including the Northeast Iowa Food Bank as a beneficiary enables you to avoid substantial income taxes that would have been due if a retirement plan were left to non-spousal heirs. It is strongly advised that you name “Northeast Iowa Food Bank” as a beneficiary of a retirement plan through the plan’s designation form and not through your will, which may jeopardize tax benefits.
  • Insurance policies: There are a number of ways you can name the Northeast Iowa Food Bank as a beneficiary of an insurance policy, whether through your employer or a separate policy that you hold.

For more information, please contact Mike Knipp, 319-235-0507.