According to the President of the IFDA Illinois Funeral Directors Association —we should feel secure that the IFDA Preneed Trust is in the hands of Merrill Lynch
This was e-mailed to me by the IFDA:
“Trust Update from President Bosma
I want to share with all IFDA members updated information on the IFDA Preneed Trust.
This week, IFDA completed a five-month process and transferred the assets of the IFDA Preneed Trust to Merrill Lynch Bank & Trust Co. (MLTC). The action was taken per the Order of the Illinois Department of Financial and Professional Regulation (IDFPR).
This Order from state regulators directed the immediate transfer of all IFDA Preneed accounts to MLTC – the new trustee of the IFDA Preneed Trust. This action was completed on November 3, 2008.
Although MLTC is the new Trustee, trust participants will still contact IFDA for administrative services.
A brief overview: MLTC is now the trustee for the IFDA Preneed Trust and it is separated into three separate common trust funds to ensure that investments for each fund are not dependent in any way on any of the other funds.
1. A separate Trust fund for existing deposits in taxable accounts; and
2. A separate Trust fund for existing deposits in tax-exempt accounts; and
3. A separate Trust fund for all new deposits.
We will keep you updated as new information is made available.”
Your Funeral Guy states that it is not time to feel secure especially with Merrill Lynch, MLTC. A US News and world report article states that Merrill Lynch has been there for every financial disaster going back to the 1980″s. No wonder they took on the IFDA Preneed Trust debacle!
Here is a quote from the article.
“OK then! Lastly, and more recently, 24/7 Wall Street’s Douglas A. McIntyre calls out Merrill CEO John Thain for comparing the current crisis to the early days of the Great Depression”
Clearly the Merrill Lynch Executive does not have a positive outlook.
Here is the full Web Nov.12th article:
Clearly the IFDA( Illinois Funeral Director Association) does not contribute to a Lower Cost Funeral.
Your funeral guy.
IFDA information E-mailed to me by the IFDA.