Are you looking for a way to save more for retirement? Your pension may not provide enough to meet all of your income needs at retirement.
As an educational employee, you are eligible to participate in two additional types of investment plans:
It can be difficult to know which type of investment plan is the best choice for you. Both plans allow you to save for retirement by making voluntary pre-tax contributions through automatic payroll deductions. Earnings in your accounts accumulate tax-deferred until you begin withdrawing money in both types of plans. You can participate in one or both plans at the same time. A
of the two plans may be helpful to review.
You can download the
and complete, return it to the Office of Human Resources (address below) no later than the 10th of the month in which you want the deduction to take place.
The passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) offers other items that may be of interest, i.e.: tax credit for savers; expanded education assistance; adoption and dependent care assistance; and rollover portability among retirement plans.
Questions? Contact an Employee Benefits Staff Member.
