The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
March 13--An insurance company plans to make an initial $5 million payment Tuesday to cover losses to Kentucky school systems from recent severe weather, including the deadly March 2 tornadoes.
Of that, the Magoffin County and Morgan County schools will get $500,000 each, according to a news release from Chartis, which insures Kentucky schools through the Kentucky School Boards Insurance Trust.
Chartis is expediting the payment in an effort to help schools recover as quickly as possible, said spokeswoman Marie Ali.
Tornado damage displaced more than 1,000 students in Magoffin County, according to the Chartis release.
Local officials are trying to find other locations for students and hope to reopen March 19. Ongoing work includes refurbishing an old school.
Chartis said the $5 million is an advance payment, meaning the total insured losses may be greater.
The insurance trust is a member-owned trust that provides insurance to more than 100 Kentucky school districts, according to the news release. It is administered by the Kentucky League of Cities.
Several other districts have filed claims for storm damage, including the Fulton, Hart, Johnson, Lawrence, Meade, Morgan, Rowan and Whitley County districts and the Paintsville Independent system, according to the release.
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