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NOITU INDIVIDUAL ACCOUNT PLAN
POWER OF SAVINGS AND COMPOUNDING
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.


The Plan assets as of February 28, 2017 are over $63.3 million dollars and deferral accounts are over $9.3 million dollars with pre-tax deferral contributions exceeding $1,131,000 compared to 1,031,000 for the 2015 plan year which is a 10% increase from the prior year. Pre tax deferral contributions now comprise 20 % of all contributions to the plan and 15% of plan assets with deferral participation growing.


It’s really important to
save, save,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.


The chart below shows the
power, power, power of compounding, compounding, compounding your money.


We are providing the following example for
illustration purposes only. This projected account balance is in addition to your employer account balance. The deferral account is always your money.

 

 

ESTIMATED RATE OF RETURN (7% PER ANNUM) WITH A DEFERRAL RATE OF $25 PER WEEK

  YEARS    TOTAL ACCT. 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

 

 

 

Your contribution of $26,000 over 20 years and the power of compounding may provide you with a total balance of $55,175 from your deferral account.


The vested account balance in your employer contribution account and your deferral account is portable upontermination, 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.

 

 

 


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 PIN 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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