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Required Minimum Distributions
The Internal Revenue Code requires owners of IRAs and 403(b)(7) accounts to take Required Minimum Distributions (RMD). If you reached age 70-1/2 in 2007 and you own an IRA, you must take your initial RMD by April 1, 2008.
If you participate in a 403(b), your distribution “starting year” is the later of the calendar year in which you reach age 70-1/2, or the calendar year in which you retire from the employer maintaining your 403(b)(7) plan.
You must begin to receive distributions from your 403(b)(7) plan by April 1 of the year following the “starting year.”
Whether you will be taking a RMD from an IRA or a 403(b)(7) account, please speak with your financial advisor to decide how best to reinvest your distributed funds.
If you have any questions regarding your account or need assistance calculating your annual distribution amount, please call us toll free at 1-800-MAINSTAY (1-800-624-6782) between 8:00 a.m. and 6:00 p.m. eastern time. A Customer Service Representative will be happy to assist you.
Small Account Fees
If you own a MainStay Funds account with a balance less than $1,000, please note that the semiannual $10 Small Account Fee is slated to run in early March.
You can avoid this fee by establishing the AutoInvest option on your account. AutoInvest is an option offered by MainStay Funds that helps shareholders invest by making periodic, set investments: monthly ($50), quarterly ($100), semiannually ($250), or annually ($500). If you’d like to invest more in your account and avoid paying $20 in fees every year, download an Automatic Investment Form.
For questions about the fee or how to complete the form, please contact us at 1-800-MAINSTAY (1-800-624-6782) between 8:00 a.m. and 6:00 p.m. eastern time. A Customer Service Representative will be happy to assist you.
Tax Forms
2007 Income Tax forms will be mailed by January 31, 2008.
We’re Making a Statement:
MainStay Account Statements Enhanced
At MainStay Investments, we seek to provide our shareholders with service that is second to none. From our acclaimed investor website (www.mainstayfunds.com) to our award-winning shareholder service, your experience as a MainStay Funds’ shareholder is very important to us.
With this in mind, you will notice some enhancements to the statement you received with this issue of Vision. Highlights of the changes include:
A. It’s now a “Year-to-Date” statement—
Your account is now compared to the market value at the beginning of the year, and transaction details show year-to-date activity as opposed to quarterly activity. This change provides a longer-term view of your account value and activity.
B. More functional front page—
The front page includes a current account value breakdown, as well as a year-to-date comparison.
C. New “Historical Summary” section—
The current “Total Investments” and “Total Withdrawals” sections have been reconfigured as a “Historical Summary” that itemizes:
- Purchases
- Exchanges & Conversions In
- Reinvested Dividends & Capital Gains
- Exchanges & Conversions Out
- Redemptions
D. Change to where Share Class conversions are listed—
Class B to Class A conversions will now be highlighted under the “Exchanges & Conversions In” and “Exchanges & Conversions Out” sections, rather than included in the “Total Investments” and “Total Withdrawals” sections.
E. All pages are portrait style—
No more turning the document as you review your statement.
F. Retirement Accounts are separate—
No more searching through different accounts in the transaction details to find your Retirement accounts.
We hope you find your new statement is an even more effective tool for tracking the progress you are making toward your long-term goals. If you have any questions about the enhancements, please contact a Customer Service Representative at 1-800-MAINSTAY (1-800-624-6782, option #3), Monday through Friday, 8:00 a.m. to 6:00
p.m. eastern time.
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