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MEETING THE CHALLENGES AHEAD

MEETING THE CHALLENGES AHEAD. Getting the Most Value from Your Retirement Plans. Key Benefit Plans. State Retirement System = defined benefit plan for income Qualified Plan Opportunities (403(b), 457, Roth, etc…) Social Security. Keys for Retirement. Review your state pension plan

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MEETING THE CHALLENGES AHEAD

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  1. MEETING THE CHALLENGES AHEAD Getting the Most Value from Your Retirement Plans

  2. Key Benefit Plans • State Retirement System = defined benefit plan for income • Qualified Plan Opportunities (403(b), 457, Roth, etc…) • Social Security

  3. Keys for Retirement • Review your state pension plan • - Enroll in MBOS • - Understand the Financial Value of TPAF • 2. Know Qualified Plan opportunities • Review asset allocation • - Fixed Assets vs. Variable Assets • Health check-up • 5. Understanding Social Security

  4. Pension Review Understand value Retirement- How? When? Options Life insurance Health

  5. New Tax Legislation Provides You Greater Options • The Economic Growth and Tax Reconciliation Act of 2001 enhanced retirement savings options • Increased plan limits 403(b), 457(b), + 401(a) • Pay accumulated sick and vacation time as post-retirement plan contributions • Employer contributions • Roth 403(b) – January 2006

  6. Qualified Plan Options • 2013 Limits • 403(b)/ 457(b) limits • 403(b) - 17,500/ 23,000/ 26,000 • 457(b) - 17,500/ 23,000/ 3 year catch-up • Employee vs. Employer contributions • Overall 403(b) / (415(c)) contribution limit up to 51,000/year • (plus age 50+/$5,500) • - This includes employer and employee limits • 401(a) Similar Limits

  7. Qualified Plan Options • Employer Contributions • Employer Match – attracts + retain key administrators • Sick and vacation 403(b) Post Retirement contributions • - Contributions can be made for 5 years after retirement • - No payroll taxes • - No income taxes until money is withdrawn from the 403(b) plan* * Withdrawals prior to age 59½ may be subject to an additional 10% income tax penalty.

  8. You Choose Qualified Plan Designs Design Plan(s) for district and personal needs- • 401(a) for benefits package • 403(b) for employee benefits and post-employment contributions • Pair with 457(b) for double deferralor potential for pre- 591/2 access Note: Total possible 2013 limits with all three $100,000+

  9. So Many New Opportunities for You and Your Employees! • Avoid “problematic” severance pay “plans” (new guidance) • Maximize savings with multiple plans and multiple catch up options • Convert unused leave pay to retirement benefits • Make employer contributions for up to 5 years after employees leave

  10. Our Company • Facts about AXA Financial • Over $489.3 billion in assets under management, as of 12/31/2011 • 15,000 public schools nationally • 592 New Jersey Schools • NJ Higher education

  11. Thank You!

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