INI's board of directors has approved an employer match for the company's 401k Plan. The board has agreed to match 50% of an employee's individual contribution up to a maximum of $500. This means that any employee who is eligible to participate in the 401k program will receive the maximum $500 employer match so long as he or she defers from his or her wages $1,000 into his or her 401k account during the next fiscal year. Those deferring less than the full $1,000 will still receive a 50% match of the total they contribute to their plan. The 401k plan represents a tax advantaged way to invest. The new fiscal year begins July 1, 2006.
"We're pleased that INI has renewed the company's 401k match for another year," INI CEO Joe Smyth said. "Even though many companies are reducing or even eliminating their 401k plans, our board unanimously approved the $500 match in recognition of our people's tremendous efforts to keep INI healthy and thriving."
The company's board of directors --- Tammy Brittingham, Ed Dulin, Chris Engel and Joe Smyth --- approved the match even at a time when many other companies are reducing benefits in an uncertain economy.
Money deferred into the plan is not taxed until it is permanently withdrawn from the plan. Many people begin receiving payments from their 401k Plan after retirement or in later years when their annual income may be lower, meaning lower taxes are paid on the deferred money as well as on the interest it has earned during the years it was invested.
Any employee who has completed one year service is eligible, provided he/she has is at least 21 years old and has worked at least 1,000 hours.
To join the 401k program or change your contribution percentage, email inipayroll@newszap.com or call 800-426-4192.
To check account balances, view selected funds and review monies in these funds, access your 401k account information by going to www.jhpensions.com . Click on "Access Your Account". When asked for your log-in information, enter 61386 for the contract number, your social security number, your PIN number and click "log in". (The first time you do this, your PIN number will be 1 followed by the last four digits of your social security number.) 401k participants can also call Manulife/John Hancock at 800-395-1113.
