Reminder to all Employees:
It is time to adjust, start up or stop your Flexible
Spending Account and Retirement Health Savings Plan for 1/01/2007
through 12/31/2007. If you wish to keep your account the same as it was
in 2006 you need do nothing.
The Flexible Spending Account is designed to
reimburse you for several types of expenses. They are: insurance
premium co-payments (portion of your monthly premium that you must pay),
dependent care expenses (day care expenses), and health care expenses (co-pays
not covered by insurance).
Remember, dollars you place in your Flexible Spending
Account and your Retirement Health Savings Plan will be deducted from your pay
before taxes, therefore you save on State, Federal and Social Security
To sign up or make changes contact Debbie Bowman in the
Human Resources office at x 4481.
All changes must be made no later than December 15, 2006.
DEFERRED COMPENSATION NEWS
Invest Money, Reduce Current Taxes,
Plan for Retirement
You have the opportunity to reduce current federal taxes while investing
for your future. Since contributions are made pre-tax, a deferred
compensation savings plan allows you to invest more than through a
conventional savings account or investment plan.
457 Contributions Limits Have Increased Again in 2007*
|If you are 50 years
old or older you can contribute
|If you are starting your 3 year catch-up
provision you can contribute
whichever is less
(26 pay periods)
|$596.15 or 100%
whichever is less
If you would like to change your payroll deduction amount,
please complete an ICMA or Hartford 457 Change Form at the Human Resources Office.
Have questions? Please contact ICMA-RC Retirement
Plans Specialist Kevin Kilpatrick at 1-866-630-3037 or Ellie Deskin,
Registered Representative, Hartford Life at 1-810-667-9700.
Employees Retirement System
60th Annual Meeting
This page last updated on November 21,