Individual Account Participant Links
Summary Annual Report
 
Quick Links
 
Contact Us
Site Map
 
 

 

 

NOITU INDIVIDUAL ACCOUNT PLAN IMPORTANT INFORMATION
By: Kevin O’Donnell, CPA, CEBS
 
We are pleased to report the daily valuation system has produced and mailed during mid-January the annual statement for each participant titled Your Retirement Statement.  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.
 
The Plan assets as of February 28, 2013 are over $40 million dollars and deferral accounts are over $5 million dollars with pre-tax deferral contributions exceeding a $ 600,000 for the 2012 plan year.
 
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 (6% PER ANNUM) WITH A DEFERRAL RATE OF $25 PER WEEK
YEARS
TOTAL ACCOUNT BALANCE
CONTRIBUTIONS
DEFERRAL EARNINGS
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 roll in deciding how their NOITU Individual Account Plan balances will be invested, please see the following chart showing 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)
 
12/31/2012
6.12%
7.70%
Moderate Portfolio (details below)
 
12/31/2012
4.83%
8.11%
Aggressive Portfolio (details below)
 
12/31/2012
1.59%
10.96%
Balanced Portfolio (details below)
 
12/31/2012
4.54%
8.22%
Schwab Retirement
Advantage Money Fund
SWIXX
12/31/2012
.55%
1.67%
PIMCO Total Return
Institutional Bond Fund
PTTRX
12/31/2012
8.34%
6.82%
Oakmark Equity & Income Fund
OAKBK
12/31/2012
3.84%
8.26%
T. Rowe Price Capital Appreciation Fund
PRWCX
12/31/2012
5.52%
9.25%
Vanguard Balanced Index Signal Fund
VBASX
12/31/2012
4.27%
7.15%
Vanguard S&P 500 Index Signal Fund
VIFSX
12/31/2012
1.68%
7.05%

 

 

 
MUTUAL FUND
5 YEAR RETURN AS OF 12/31/2012
10 YEAR RETURN AS OF 12/31/2012
CONSERVATIVE
MODERATE
AGGRESSIVE
BALANCED
(QDIA)
MainStay ICAP
Select Equity I (ICSLX)
1.50%
9.68%
7.5%
15%
15%
 
Vanguard S&P 500
Index Fund (VIFSX)
1.68%
7.05%
10%
15%
15%
 
MainStay Large Cap Growth I (MLAIX)
2.39%
9.34%
7.5%
15%
15%
 
Eagle Small Cap
Growth I (HSIIX)
5.64%
10.73%
5%
5%
15%
 
Harbor International Inst’l. (HAINX)
-0.90%
11.99%
5%
5%
30%
 
Lazard Emerging Market Inst. (LZEMX)
1.81%
18.41%
0%
0%
10%
 
PIMCO Total Return Bond Fund (PTTRX)
8.34%
6.82%
65%
45%
0%
 
Oakmark Equity & Income Fund (OAKBK)
3.84%
8.26%
 
 
 
33.34%
T. Rowe Price Capital Appreciation (PRWCX)
5.52%
9.25%
 
 
 
33.33%
Vanguard Balanced Index Signal (VBASX)
4.27%
7.15%
 
 
 
33.33%
TOTAL
 
 
100%
100%
100%
100%

 
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 on to 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.

 



148-06 Hillside Avenue, Jamaica, NY 11435

(718) 291-3434 • webmaster

Copyright © 2008 All Rights Reserved. Privacy Policy