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 By Kevin O’Donnell, CPA, CEBS





We are pleased to report that the Plan assets for the NOITU Individual Account Plan as of September 30, 2015 are over $52.7 million dollars and deferral accounts are approximately $7.2 million dollars with participation of over 400 participants. We are expecting deferral contributions to exceed $1 million dollars this year for the first time. You can view your account any time or obtain a statement on demand for any time period at the plan’s website We urge all participants to review their account statements and call the office at (718) 291-3434 option 6 with any questions.




Please save for your future.  The deferral feature can be one of the best things you can do for yourself that will save a portion of your wages on a pretax basis for your retirement and grow over time.       




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







      5                    $7,768              $6,500                    $1,268


     10                 $18,163              13,000                    $5,163


     15                 $32,074              19,500                  $12,574


     20                 $50,690             $26,000                 $24,690




The illustration shows that by making a commitment of $25 per week, your pretax contributions will compound to an estimated balance of $50,690 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 $24,690.




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.




Participants should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. 






INVESTMENT NAME                                                        TICKER                     AS OF                   5 YEAR RETURN             10 YEAR RETURN

Conservative Portfolio (details below)                                                               09/30/2015                         5.33%                                    5.17%

Moderate Portfolio (details below)                                                                     09/30/2015                         7.28%                                    5.76%

Aggressive Portfolio (details below)                                                                  09/30/2015                         7.97%                                    6.47%

Balanced Portfolio (details below)                                                                     09/30/2015                         9.89%                                    7.08%

Schwab Retirement Advantage Money Fund                    SWIXX                   09/30/2015                         0.01%                                    1.31%

PIMCO Short Term Instl Fund                                            PTSHX                  09/30/2015                         1.23%                                    2.56%

PIMCO Total Return Instl Fund                                          PTTRX                   09/30/2015                         3.23%                                    5.76%

Oakmark Equity & Income l Fund                                      OAKBK                   09/30/2015                         8.04%                                    6.50%

T. Rowe Price Capital Appreciation Fund                          PRWCX                 09/30/2015                         12.28%                                  8.28%

Vanguard Balanced Index Instl Fund                                 VBAIX                    09/30/2015                         9.36%                                    6.47%

Vanguard S&P 500 Index Admiral Fund                            VFIAX                    09/30/2015                         13.30%                                  6.79%




MUTUAL FUND                                                     5 YEAR RETURN ** |  10 YEAR RETURN **  |  CONSERVATIVE *  MODERATE * AGGRESSIVE *  BALANCED*

                                                                           AS OF 09/30/2015*       AS OF 09/30/2015*                                                                                              (QDIA)



MainStay ICAP Select Equity I (ICSLX)                       9.91%                     5.97%                         7.5%                   15%               15% 


Vanguard S&P 500 Index Fund (VIFSX)                    13.30%                     6.79%                          10%                   15%               15% 


MainStay Large Cap Growth I (MLAIX)                      13.19%                     8.46%                         7.5%                   15%               15% 


Eagle Small Cap Growth I (HSIIX)                              12.61%                     8.56%                           5%                     5%                15%    


Harbor International Inst’l. (HAINX)                              3.47%                      5.21%                           5%                     5%                30% 


Lazard Emerging Market  Inst. (LZEMX)                     -4.20%                      4.41%                           0%                     0%                10%


PIMCO Short Term Instl Fund (PTSHX)                       1.23%                     2.56%                          33%                   23%                  0%    


PIMCO Total Return Instl Fund (PTTRX)                     3.23%                      5.76%                          32%                  22%                   0%   


Oakmark Equity & Income Fund (OAKBK)                   8.04%                     6.50%                                                                                             33.34%


T. Rowe Price Capital Appreciation (PRWCX)            12.28%                     8.28%                                                                                            33.33%


Vanguard Balanced Index Instl (VBAIX)                       9.36%                     6.47%                                                                                             33.33%

TOTAL                                                                                                                                         100%                100%                100%             100%


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




Prospectuses containing this and other information about the fund are available on  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.







You may access your account by logging onto:



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.


148-06 Hillside Avenue, Jamaica, NY 11435

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