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RETIREMENT SAVINGS UPDATE

 

 By Kevin O’Donnell, CPA, CEBS

 

 

 

 

 

 

We are pleased to report that the annual statement titled “Your Retirement Statement” has been produced and was mailed to each participant in mid-January of this year.  You can view at any time a statement on demand for any time period at the plan’s website www.noituiap.com.  We urge all participants to review their account statements and call the office at (718) 291-3434 option 6 with any questions.

 

Quarterly meetings are held between the Board of Trustees and the Plan’s Investment Consultants to review the performance, management and Investment options. After reviewing the investments in January 2016 the Board of Trustees decided to replace the Lazard Emerging Markets Fund, a mutual fund investment within the Aggressive Growth Risk-Based Portfolio, with the Virtus Emerging Markets Opportunity Fund effective March 1, 2016. For those participant’s that are in the Aggressive Portfolio your future contributions will be automatically mapped to the new emerging market fund.

 

The Plan assets as of February 29, 2016 are over $52.4 million dollars and deferral accounts are over $7.3 million dollars with pre-tax deferral contributions exceeding $1,031,000 compared to $806,000 for the 2014 plan year which is a 28% increase from the prior year. Pre tax deferral contributions now comprise 20% of all contributions to the plan and with deferral participation growing.

 

It’s really important to save for your future. The fact is the more you save, the more you’re going to have someday. It’s never too late to start putting some money aside from each paycheck.

 

It’s important to understand the power of compounding over time.  We are providing the following example for illustration purposes only. This projected account balance is in addition to your employer account balance.

 

 

 

ESTIMATED RATE OF RETURN (7% PER ANNUM)

WITH A DEFERRAL RATE OF $25 PER WEEK

 

YEARS

 

TOTAL ACCOUNT BALANCE

 

CONTRIBUTIONS

 

DEFERRAL EARNINGS


5


$7,740

 

$6,500

 

 $1,240

 

10

 

 $18,595

 

 $13,000

 

 $5,595

 

 15


 $33,820

 

 $19,500

 

 $14,320


20

 

$55,175


$26,000


$29,175

 

 

The illustration shows that by making a commitment of $25 per week, your pretax contributions will compound to an estimated balance of $55,175 over a 20 year period. These pretax contributions will reduce your overall federal and state tax liability.  Your contribution of $26,000 over 20 years and the power of compounding will result in estimated tax deferred earnings of $29,175.

 

 

The vested account balance in your employer contribution account and your deferral account is portable upon termination, meaning you may roll this balance into another retirement plan or into an IRA account.

 

 

The deferral account is always 100% vested. In order to enroll in this feature, you must complete an election form and return it to your employer no later than 15 days before the entry date. The entry dates fall on the first day of each calendar quarter (April 1, July 1, October 1, January 1) and you may discontinue the deduction at any time.  You can access a portion of your participant deferral account balance while you are still working through a “Hardship” withdrawal for an immediate and heavy financial need as described by the Internal Revenue Service.  We recommend consulting your tax advisor, as amounts withdrawn may be subject to additional taxes.

 

For participants who wish to take an active role in deciding how their NOITU Individual Account Plan balances will be invested, please see the following chart showing annualized returns for the 5 and 10 year period of the portfolios and core fund options.

 

 

 

 

INVESTMENT NAME

 

TICKER

 

 

AS OF

 

5 YEAR RETURN

 

10 YEAR RETURN

 

Conservative Portfolio (details below)

 

 

 

12/31/2015

 

5.09%

 

5.31%

 

Moderate Portfolio (details below)

 

 

 

12/31/2015

    

6.84%

 

6.00%

 

Aggressive Portfolio (details below)

 

 

 

12/31/2015

 

6.77%

 

6.60%

 

Balanced Portfolio (details below)

 

 

 

12/31/2015

 

8.98%

 

7.27%

 

Schwab Retirement Advantage Money Fund

 

SWIXX

 

12/31/2015

 

0.01%

 

1.23%

 

PIMCO Short Term Instl Fund

 

PTSHX

 

12/31/2015

 

1.39%

 

2.57%

 

PIMCO Total Return Instl Fund

 

PTTRX

 

12/31/2015

 

3.52%

 

5.76%

 

Oakmark Equity & Income l Fund

 

OAKBK

 

12/31/2015

 

6.82%

 

6.62%

 

T. Rowe Price Capital Appreciation Fund

 

PRWCX

 

12/31/2015

 

11.39%

 

8.54%

 

Vanguard Balanced Index Instl Fund

 

VBAIX

 

12/31/2015

 

8.72%

 

6.65%

 

Vanguard S&P 500 Index Admiral Fund

 

VFIAX

 

12/31/2015

 

12.53%

 

7.30%

 

 

 

MUTUAL FUND

 

 

5 YEAR RETURN** AS OF 12/31/2015*

 

 

10 YEAR RETURN** AS OF 12/31/2015*

 

 

CONSERVATIVE

 

 

MODERATE

 

 

AGGRESSIVE

 

 

BALANCED 

(QDIA)

              

MainStay ICAP Select Equity I (ICSLX)

 

8.95%

 

6.53%

 

7.5%

 

15%

 

15%

 

 

 

Vanguard S&P 500 Index Fund (VFIAX)

 

12.53%

 

7.30%

 

10%

 

15%

 

15%

 

 

 

MainStay Large Cap Growth I (MLAIX)

 

12.67%

 

8.95%

 

7.5%

 

15%

 

15%

 

 

Eagle Small Cap Growth I (HSIIX)

 

9.73%

 

8.91%

 

5%

 

5%

 

15%

 

 

 

Harbor International Instl. (HAINX)

 

2.38%

 

4.93%

 

5%

 

5%

 

30%

 

 

 

Lazard Emerging Market  Inst. (LZEMX)***

 

-5.24%

 

3.71%

 

0%

 

0%

 

0%

 

 

 

Virtus Emerging Markets Opp Class I (HIEMX)

 

1.03%

 

6.79%

 

0%

 

0%

 

10%

 

 

 

PIMCO Total Return Instl Fund (PTTRX)

 

3.52%

 

5.76%

 

33%

 

23%

 

0%

 

 

 

PIMCO Short Term Instl Fund (PTSHX)

 

1.39%

 

2.57%

 

32%

 

22%

 

0%

 

 

 

Oakmark Equity & Income l Fund (OAKBK)

 

6.82%

 

6.62%

 

 

 

 

 

 

 

33.34%

 

T. Rowe Price Capital Appreciation (PRWCX)

 

11.39%

 

8.54%

 

 

 

 

 

 

 

33.33%

 

Vanguard Balanced Index Instl (VBAIX)

 

8.72%

 

6.65%

 

 

 

 

 

 

 

33.33%

 

TOTAL

 

 

 

 

 

100%

 

100%

 

100%

 

100%

 

 

 

* Not Rate of Return

** All 5 Year Returns and 10 Year Returns listed are annualized

***Effective March 1st 2016, the Lazard Emerging Markets fund will be replaced with the Virtus Emerging Markets Opps Class I, existing balances in this fund will be mapped over to the new fund within the Aggressive Portfolio

 

 

 

Participants should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing.  Prospectuses containing this and other information about the fund are available on www.noituiap.com.  Please read the prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance.  The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance.

 

 

 

 

WHERE TO GO FOR FURTHER
INVESTMENT INFORMATION

 


You may access your account by logging onto  www.noituiap.com


Your default User ID is your Social Security Number (no dashes). Your default password is your date of birth in the `mmddyyyy’ format. For example, if your date of birth is July 29, 1959, your password will be 07291959. You may also access your account on the phone system by calling (800) 789-4015. You will be prompted to enter your Social Security Number and Personal Identification Number (“PIN”).  Initially, your IN will be the last four digits of your Social Security Number.  You may change your password or PIN at anytime. Mobile Apps for iPhone and Android devices are also available to track your retirement savings.  Search “Chernoff” in your App store or Android market and download the App today.


To learn more about the Plan’s investment alternatives and procedures for changing how your accounts are invested, you can contact the Plan Administrator at (718) 291-3434, option 6.

 

 



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