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Navigating Retirement: Maximizing Value from Benefit Plans

Explore strategies to optimize your retirement savings, including state plans, qualified options, Social Security keys, and asset allocation review. Learn about new tax legislation, increased plan limits, employer contributions, and post-retirement benefits. Discover the benefits of AXA Financial.

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Navigating Retirement: Maximizing Value from Benefit Plans

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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• - Contributions can be made for 5 years after retirement • - No payroll taxes • - No income taxes until money is withdrawn from the 403(b) plan* * Withdrawals prior to age 59½ may be subject to an additional 10% income tax penalty.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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