9:00 AM - 5:00 PM
GESTIÓN DEL CRÉDITO Y DE LA DEUDA - Conseguir el equilibrio entre gastos y ahorros.
Avance su educación financiera un paso más coneste breve curso sobre cómo gestionar su crédito y
sus obligaciones financieras.
1 de diciembre de 2015
Kelly Building (14715 Bristow Rd), Sala 3011
10:30 a.m., 11:45 a.m.,
2:00 p.m. o 3:30 p.m.
The December 15th deadline for Hybrid Voluntary Contributions is around the corner. When you contribute more, so does your employer. In addition to mandatory contributions, members may contribute up to an additional 4 percent in 0.5 increments to the defined contribution component of the Hybrid Retirement Plan each month.
Benefits of making voluntary contributions include:
- An employer match (see chart below to see how much)
- A choice of investment options
- Investments that could generate compounded earnings, and further earnings on those compounded earnings
|Employee Mandatory Contributions:
|Employer Mandatory Contributions:
|Employee Voluntary Contributions:
|Employer Matching Contributions:
Hybrid Retirement Plan Members: Why You Should Take Advantage of Voluntary Contributions
Who would you rather be?Kendra joined the Hybrid Retirement Plan when she was 24 and worked for 30 years. She started making voluntary contributions of 2.5 percent right away to receive an employer match of 1.75 percent. Kendra stuck to a budget and increased the percentage over the years until she was contributing the maximum of 4 percent, receiving a maximum employer match of 2.5 percent. By the time she retired, she had close to $249,000 in the defined contribution component of her account. *
Mario started work at the same time as Kendra and worked down the hall from her. He liked eating out several times a week and couldn’t do without his double-shot espresso every morning. Mario didn’t think he could afford a voluntary contribution. Ever. Wasn’t he saving enough through the mandatory contributions? At retirement, with only mandatory contributions Mario had an account balance of about $58,000. *
*For illustrative purposes only, assumes a 6 percent effective annual return after 30 years.
Small Changes Now Can Pay Off LaterVoluntary contributions are a key component of retirement savings for hybrid members:
- You receive a match from your employer. If you invest in the defined contribution component of your Hybrid Retirement Plan (up to 4 percent per month), your employer matches a portion of that contribution (up to 2.5 percent).
- You reduce your taxes. Your funds are tax-deferred until you withdraw them.
- You invest your contributions and your employer’s contributions to potentially earn more money.
- You can increase the percentage of your voluntary contribution amount to be effective at the beginning of each quarter.
The Office of Benefits & Retirement Services held a Retirement Seminar on Tuesday, November 10, at the Kelly Leadership Center. The seminar was designed for employees who are considering retirement within the next two years. Valuable information was presented by a representative from the Virginia Retirement System (VRS), Lincoln Alliance retirement consultants, and Office of Benefits & Retirement Services staff. Topics included VRS retirement, retiree health insurance, Retirement Opportunity Program (ROP), supplemental retirement benefits and social security administration.
The information presented at the seminar is available at this link: Retirement Seminar Presentation
Lincoln Financial referrenced some handouts for retirement planning as well:
Retirement Planning Checklist
Living Expenses Worksheet
Income Source Worksheet
Risk QA Profile
For questions regarding retirement planning, you can visit the VRS website at www.varetire.org, www.lincolnfinancial.com or contact Susan Golladay in the Office of Benefits and Retirement Services at 703.791.8772 or email@example.com.
Flexible Spending Benefits for Dependent Care Reimbursements
Prince William County Public Schools offered the “mySourceCard” debit card as a part of the Flexible Spending Health Care Reimbursement Program for the Plan Year beginning July 1, 2015. As a point of clarification, Dependent Care expenses are not an allowable expense for the debit card. Our plan does not allow these expenses to be processed via the mySourceCard. The mySourceCard allows you to pay for Health Care Reimbursement expenses with the swipe of a card!
If you have questions on claim processing and eligible expenses, contact Sheakley at 800-877-6630 or email: firstname.lastname@example.org. Directions on claim processing are available on the Benefits Web Page.
All 2014-2015 Flexible Spending Plan participants must file claims for by September 30, 2015 for the plan year ending June 30, 2015. Claims must be filed directly with Sheakley, the plan administrator. You may locate the claim forms at www.Sheakley.com, or they may be found on the Benefits page at www.pwcs.edu under Forms.
- Employees who are unable to spend their HEALTH CARE REIMBURSEMENT funds prior to the end of the 2014-2015 plan year, June 30, 2015, have an extra 2 1/2 months, after the plan year-end, to incur eligible expenses before forfeiting unused funds. It is essential to understand that the use-it-or-lose-it rule still exists, but the extension greatly softens the blow by allowing you more time to use your unspent FSA balances.You have until September 15, 2015 to INCUR qualified health care expenses to exhaust your 2014-2015 plan year balance.
- The 90 day grace period deadline will end September 30, 2015 to FILE YOUR CLAIM for reimbursement of any health care expenses you want applied to the 2014/15 plan year.
If you have any questions regarding your claims submission or payments please contact Sheakley at 800-877-6630.