401(k) Notice

NO CHANGE TO COMPANY MATCH FOR JULY 1 PLAN YEAR

Independent will continue to match 50% of each employee’s contribution to his or her 401(k) account for the plan year that begins on July 1, 2020, up to the plan year limit of $425.  During the  current climate, companies are suspending their match.  We want employees to continue to have confidence in the company’s stability.  Maintaining the match demonstrates  Independent’s desire to grow the participation to its retirement plan.  

The auto-enrollment process that began July 2017 automatically enrolls employees in the Plan once they satisfy the eligibility requirements with a 3% salary deferral (contribution) set up.  We've discovered that employees will increase the 3% salary deferral.  The automatic process removes the need for employees to complete enrollment and sets them on the path to saving for their retirement.   

The 401(k) plans are considered the most well-known employer-sponsored plans because it is one of the most powerful tools to use to put aside monies.  A benefit is that the employees’ contribution is  not taxed until it is withdrawn.  In fact, the contribution reduces your salary before taxes are withheld, meaning you pay less in taxes today.  Secondly, money held in the 401(k) plan grows.  The investment earnings on plan assets are not taxed as long as they remain inside the Plan.  Independent’s 401(k) Plan assets are $5.6 million with a participation of 60%. 

The Principal platform is very user friendly and provides various tools in determining how to save and the funds to choose.   The 401(k) committee members (CEO/President Ed Dulin, Vice President and Plan Trustee Wanda Ford-Waring, and Accounting Manager Nicole Millner)  are confident the Plan will continue to grow based upon the tools and retirement specialists in place to assist employees in saving for their retirement.  Principal and Lincoln Benefits/NFP (Independent’s broker/retirement specialist) will conduct webinars in how to navigate through the Principal system.

For calendar year 2020, you can contribute up to $19,500 to the Plan on a pre-tax basis.  If you will be at least 50 years old by December 31, 2020, you can contribute an additional “catch-up” contribution of $6,000.  You may change the amount of your Elective Deferral contributions at any time. Any changes in contributions, including stopping your deferral contributions can be done in the Principal https://login.principal.com/login , select Contributions and select Manage Contributions. 

Independent employees also have various options in getting investment advice.  Contact -

Lincoln Benefits/NFP (INI’s broker/Retirement Specialist) - Kadedra Warren: 800-826-7859 Ext 20013 or email kadedra.warren@nfp.com

Principal – Call Participant Client Contact Center: 800- 547-7754

If you have any problems, please contact inipayroll@newszap.com .

It takes a team.

For the past three months we’ve reported on our great teams and how they have stood up to the Covid situation, doing it all with a smile and real determination to help our company survive.  We cannot be more thankful and appreciative of their wonderful efforts.  While others were able to “shelter at home” these folks put their fears aside and did what we asked, without question.  But it really came home to this writer when for the first time in two months he was able to visit the night shift finishing team.  It was more like a real heartfelt family reunion as we gathered around, looked each other in the eyes (yes, that’s all you see behind those face masks!), fist bumped, arm bumped and delighted in seeing one another.  It almost brought tears to the eyes. All of the team was excited as ever about being at work and you could tell how proud of themselves they were, as they told their personal stories of how they and their families were getting through this very hard time.  It was a beautiful moment to be part of!  And helps us all understand that it takes a great team to stand up to adversity such as the Covid to do great things.  At DPC we have a great team!  

From Tom Bugbee

Today's Caloosa Belle

Dear Independent Newsmedia, Inc. & Mr. Joe Smyth:

Congratulation on the professionalism of your journalists and editors in publishing the June 18, 2020 edition of the Caloosa Belle. For decades the paper seemed constrained to primarily reprinting government agency press releases alongside community clubs and schools activities. Today's edition is a bold declaration that your publications will, in all the towns they serve, promote fact-based conversations on critical issues of the day. Ours is a community in mourning and one filled with broader angst. We need a newspaper that understands this and seeks to explore the root causes of recent tragedies. An effective local paper like yours can inform the public and thereby help the community chart an inclusive, constructive path forward. I visited your web site and learned of the INI history, founder, philosophy and trustees. What I discovered was truly inspirational in this era of disappearing local journalism.

THANK YOU!!!!!

  

John C. Capece, Ph.D.

Intelligentsia International, Inc.

a 501c3 educational organization

Arizona Mission Stories

Water usage: With the COVID-19 pandemic affecting everyday life, Chris Caraveo explores the usage of water in Phoenix area cities and whether usage went up during the month of the state’s stay at home order. Oddly enough, usage was down, but cities still have to prepare for the summer, when utility usage is at its peak. Water department officials explain how vital it is for people to conserve water during the hot months and are coming up with new ways to track water use.

https://www.yourvalley.net/stories/summer-heat-brings-out-the-most-in-water-usage-around-the-valley,165316

Police reform: The George Floyd incident in Minnesota has sparked national and international concern about policing and race in the US. Faculty at ASU came together and put out a 10-list guide on how to approach police reform, and Chris Caraveo speaks with an ex-chief on how the list really attempts to provide solutions to a decadeslong bout between the public and police.

https://www.yourvalley.net/stories/asu-criminology-faculty-dives-into-police-reform,164478