City of Traverse City
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Reminder to all Employees:
Posted:  11/21/2006

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 taxes.

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
Posted 11/21/2006

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.

REMINDER:   457 Contributions Limits Have Increased Again in 2007*

	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
Maximum Annual 457 Limit	$15,500 100% compensation whichever is less	$20,500	$30,500
Maximum per pay check (26 pay periods)	$596.15 or 100% compensation whichever is less	$788.46	$1,173.07

• 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. 

Municipal Employees Retirement System
60th Annual Meeting