Tony Zengaro ’63

Tony Zengaro ’63

Paying it Forward

Growing up in Elizabeth, N.J., Tony Zengaro’s teenage years centered on school, church, and sports. Playing baseball at St. Mary’s High School, he was enamored with his coach and Seton Hall legend Tom Sharkey ’54. Through the assistance of his coach, Zengaro obtained a scholarship to attend Seton Hall and play baseball. This educational opportunity fostered his interest in accounting, and in 1963 he graduated with a B.S. in business. His career included management accounting positions with several NYSE corporate firms. A lifelong public servant, he has served as the Chief Financial Officer for the City of Elizabeth for more than 30 years.

As a Seton Hall scholarship recipient, it was always Zengaro’s dream to make a gift to the University that would allow other students to receive the same assistance and opportunities. Working with the Department of Gift Planning at the University, he designated Seton Hall as the beneficiary of his retirement savings account that will establish the Tony Zengaro Endowed Pirate Blue Scholarship after his death. This gift option allows him to “pay it forward” and escape future estate taxes while permitting him to make withdrawals from the account during his lifetime.

“I wanted to provide life changing opportunities within a religious and moral education environment,” Zengaro says. “Seton Hall was the place to do that.”

At a Glance: Retirement Accounts

  • Contact the plan custodian for a beneficiary designation form.
  • Designate Seton Hall University to receive all or a portion of the assets held in the retirement plan.
  • Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.
  • Continue to take regular lifetime withdrawals.
  • Maintain flexibility to change designation if your family's needs change during your lifetime.