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P.O. Box 7129
Boise, ID 83707
208.334.8005
Fax: 208.334.8563
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Act fast and get a $50 incentive bonus
Time is quickly passing to pick up a quick $50 bonus.
The State of Idaho Deferred Compensation program last spring authorized a new incentive program that awards $50 to the first 1,000 individuals who enroll in the deferred compensation retirement program. To date, nearly half of the incentive/bonuses have been awarded.
“For
those of you who have not received the $50 bonus by enrolling in the
program, don’t wait any longer…” program administrators
announced. “Just complete the attached 457 plan enrollment form
to reduce your income by a minimum of 3 percent pre-tax and $50 will
be added to your account immediately.”
In addition to the $50 incentive, employees will receive the following benefits:
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Opportunity for tax-deferred growth
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Convenient account access by phone or Internet
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Quality investment options
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Insightful resources, such as retirement educational tools, enhanced education account statements and online (and on-site) workshops
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Assistance from real people, like your local retirement specialist and “reps-on-call”
Because the contribution is removed before taxes, employees receive a tax break. For example:
| Gross pay for each of 26 pay periods | $1,200 |
| Contribute 3 percent to deferred comp | $36 |
| Tax savings | $8.64 |
| Net reduction in take-home pay | $27.36 |
The maximum contribution for 2006 is $15,000, however, employees 50 years of age or older can contribute an additional $5,000.
For more information, contact the Idaho Deferred Compensation office at (208) 342-8657, ext. 1.
Nationwide Retirement Solutions Inc. manages Idaho’s program.
Deferred Compensation
information
Deferred Compensation enrollment form
Published 8-25-06