If you ask Jim Chetrick about Michigan State, he can’t help but smile. There are just too many good memories. “I don't know if I have one favorite. I smile a lot when I think about my four years there,” he says. “I still feel attached and I like to go back and visit.”
So, when a Charitable Gift Annuity (CGA) funded directly from his IRA recently became an option, Jim was happy to be the first Spartan to make a gift in this way. This new type of CGA allows Jim to make a gift with pre-tax dollars from his IRA allowing him to stay in his desired tax bracket, lower Medicare Part B premiums and provide him with a small return.
“It was very advantageous for me and it's good for Michigan State as well,” says Jim. “So, we both win.”
Jim attended MSU during the Vietnam War, a moment in time that fostered his interest in politics and international affairs. “As a student, there were issues that were bigger than you, and you had to figure out where education fit into the big picture.”
His father, Dr. M.H. Chetrick, was chairman of the Chemical Engineering department for 14 years, and Jim would regularly run into him on campus. “He was within walking distance from my dorm,” he says. “I lived in Wilson Hall my first two years, so if I wanted to see him, I could.”
On his lunch breaks, Dr. M.H. Chetrick would swim at the intramural building where Jim also liked to spend his time playing basketball and other sports. So, even without intending to meet each other, their paths would cross.
Jim graduated with a degree in Social Science, which served him well throughout his career. Eventually, he retired from the role of Vice President of Vineyard Brands, and he began thinking about how to give back to his alma mater.
By making a qualified charitable distribution from his IRA to fund a Charitable Gift Annuity, Jim was able to generously support the university he loves.
As MSU is the beneficiary of the CGA, it will support the MSU funds Jim has selected, like the State is Great Endowment, the College of Social Science, the Spartan Marching Band, the Chemical Engineering Endowed Discretionary Fund and the Spartan Fund.
Thinking of the students who will be able to attend MSU and make more memories because of his planned gift continues to make Jim smile. “I hope they enjoy MSU as much as I did,” he says.