Independent is pleased to announce changes to the company’s 401(k)
retirement plan beginning July 1, 2013 –
Increased Match - Based on a recommendation by
the 401(k) committee and unanimous approval by the board of directors, INI will
match 50% of each employee’s contribution to his or her 401(k) account for the
plan year that begins on July 1, 2013, up to an annual limit of $300. This means
employees who contribute $600 or more for the year
will receive the full company match.
Addition of Roth Option - Eligible participants
may make Roth contributions into the 401(k) Plan. Roth 401(k)
contributions are made on an after-tax basis, just like Roth IRA
contributions. This means there is no up-front tax benefit, but if certain conditions are met, employees’
contributions and earnings are entirely free from federal income tax when
distributed from the Plan. Only your contributions may be made as Roth
contributions. Any matching contributions remain taxable upon
distribution.
Employee Services - NFP-Lincoln Benefits Group,
INI’s third party administrator will provide
employee education services. This firm is committed to helping employees
achieve financial freedom in retirement. They understand that the road to a
more secure retirement is not the same for everyone and will provide
individualized services to help guide the individual to an investment and
retirement planning strategy that may be right for you. For questions on
investments, employees can contact Lincoln Benefits via email at rkania@nfp.com or call 800-826-7859 and
refer to INI’s plan number 61386.
Independent’s board of directors feel our people deserve this
additional recognition of their efforts. Our employees continue
to work harder and smarter to help the company
through an uncertain economy.
“We hope the increase in the company match as well as adding this
service will increase participation in the plan. The 401(k) plan is one of the most powerful tools employees
can use to invest now for their retirement and long-term security,” said
the 401(k) committee members (Corporate President Ed Dulin, Corporate Treasurer
Toni Ayers and Corporate Secretary and Plan Trustee Wanda Ford-Waring).
Your contributions can be a percentage of your gross pay or a flat
dollar amount per pay period. For calendar year 2013, each employee can
defer up to $17,500 annually tax deferred; and, if you are age 50 and
older before the close of a plan year, you are eligible to contribute up to
$23,000 to your 401(k) account, all tax deferred.
Every employee age 21 or over, who has been
with the company one year with at least 1,000 hours of service, is eligible to
join Independent’s 401(k) Plan.
Contact inipayroll@newszap.com if you’d like to
join the 401(k) plan. An enrollment kit will be emailed to you for review
and completion. If you would like to increase your current contribution,
changes can be made through your Ceridian Self Service by selecting
Benefits>401(k) Elections
