![]() You will find this required illustration on the statements generated at the end of the second quarter of each calendar year. ![]() One of the provisions of the Department of Labor's Setting Every Community Up for Retirement Enhancement (SECURE) Act was a requirement that retirement plans provide lifetime income illustrations to participants on an annual basis. The next sections detail important information about the statement and some of the assumptions used in retirement calculations based on the data we have on file, including your date of birth and projected growth rates. Your statement provides information about accessing your account as well as ways to reach our Service Center if you have questions or need assistance. This section of your statement describes both types of expenses and will itemize any expenses charged during the period, if applicable. ![]() This section of your statement will indicate who is currently designated as your primary beneficiary/beneficiaries.įees assessed to your account include Administrative Expenses and Individual Expenses. Here, you can find share and balance information about the investments in your account. These sections show total contributions to your account as well as distributions and fees, forfeitures and transfers, and earnings. The next sections provide information about your contribution activity by source and activity by investment. This is for illustrative purposes only and is based on your current balance and YTD contributions. *See the Projected Retirement Income Disclaimer for details about the assumptions used for this projection. Our retirement planning tool provides you with a realistic picture of what this retirement account, along with Social Security, will generate during your retirement* versus your projected monthly need. The purpose of a retirement account is to replace your salary income during your retirement years. It also provides information about your balance breakdown by money source. This section provides information about your beginning and ending balance for the statement period, including additions, withdrawals, fees and earnings. How are my investments performing (quarterly and year-to-date)?.This section was designed to provide answers to the most commonly asked questions: Provide another view of investment allocation to emphasize the importance of diversificationīelow, you will find more information about each section of a typical retirement account statement.Help you estimate the amount of future income your account could produce at retirement.Make it easy for you to find key information about your retirement account.It is to your advantage to understand these options and to use them when it benefits you.We have designed your retirement account statement with several goals in mind: Many of these services have significant advantages both while you are employed and in retirement. ![]() ![]() Many of these services are much more cost-effective than services available on an individual basis. Other options can include free or low-cost advisory services for financial and retirement planning, estate planning, divorce counseling, and college saving.īottom line: Employer services for employees cover a wide range. Many also offer wellness programs, assistance programs that cover alcohol addiction, substance abuse and mental health. These sorts of coverage are voluntary to the employee. This insurance can cover disability, long-term care, critical-illness care and pet insurance. Many employers offer supplementary insurance coverage available to the employee at group rates that are significantly lower cost than individual rates would be. In 2023, you can contribute up to $3,050. However, there is a significant limitation in comparison to an HSA you are required to withdraw the contribution, earnings and growth on a yearly basis. If you don’t have a high-deductible health care plan, you can use a flexible spending account, or FSA. ![]()
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