Some highlights of the RIC plans are:
- The minimum contribution is $12.50 per pay period.
- You have the option of pre-tax contributions (before state and federal income taxes are computed) and/or post-tax Roth contributions. You should work with your financial advisor to determine what is best for your retirement planning.
- The Agency does not offer matching funds, but it is still very beneficial for you to start saving for retirement, even if you are only able to start with a small amount.
- For 2020, the maximum amount you may contribute per year is 100% of your compensation up to $19,500. Also, if you are age 50 or older, you may contribute an additional $6,500. In some cases, you may also be able to make additional catch-up contributions. A calculation is required to determine if you’re eligible for this special provision.
- Create an account with one of the plan investment providers.
- Make your investment election (how you want your money invested).
- Complete Heartland AEA’s Election Form to being your payroll deduction. Election forms can be found on Employee Online > Menu > Payroll Information > Retirement.
To learn more about these plans, visit the RIC’s 403(b) webpage and the RIC’s 457 webpage. Use the left-hand navigation section to find out more information on these plans. This Notice is not intended as tax or legal advice. Employees are encouraged to contact their financial advisor or tax professional with any tax or legal questions.
If you have any questions about participating in these retirement plans, contact Steve Jordan, Senior Payroll Specialist.
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