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Choosing Investments for Your Retirement Savings Plan

Your employer-sponsored retirement plan offers a variety of investments to choose from. How do you know which ones may be right for your needs? And how much should you direct to each one? The keys to answering these questions are to understand your options and consider how they relate to your own personal circumstances. Asset classes: the building blocks When choosing investments to pursue your retirement accumulation goals, you'll need to balance the amount of risk you take in your investment mix (or "portfolio") with the potential for returns. Generally speaking, the riskier the investment, the higher the return potential. But with...

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How a Retirement Savings Plan Works

Employer-sponsored retirement savings plans, such as 401(k), 403(b), and 457 plans, present an ideal opportunity to build a nest egg for retirement. You contribute to the plan via payroll deduction, which can make it easier for you to save for retirement. In addition, you may receive significant tax benefits along the way. Following is a brief overview of how your plan works. Tax advantages "Pre-tax" means that your contributions are deducted from your pay and contributed into your plan account before federal (and most state) income taxes are calculated. This reduces the amount of income tax you pay now. Moreover, you don't...

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Why Save for Retirement?

When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone's vision is unique. Fortunately, whatever your dream, your employer wants to help you make it reality — by offering a retirement savings plan. Here's why you should consider taking full advantage of your plan. Enhance your income strategy Like so many other major life events, a successful retirement depends on advance planning. No matter what your age, now is the time to start thinking about...

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Personal Information Protection in Virginia (VA)

Virginia law imposes duties on employers and others who collect and store personal information. The chart below gives a general overview of these requirements; additional requirements and exceptions may apply. Types of Protected Information Personal information means: The first name (or first initial) and last name in combination with and linked to any unencrypted or unredacted data elements listed below that relate to a Virginia resident: Social Security number; Driver's license number or state i.d. card number; or Financial account number, or credit or debit card number, in combination with any required security code, access code, or password that would permit access to...

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Federal Income Tax Filing Deadline Approaching

The federal income tax filing deadline for most individuals is Monday, April 15, 2019. Need more time? If you're not able to file your federal income tax return by the due date, you can file for an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Filing this extension gives you an additional six months (until October 15, 2019) to file your federal income tax return. You can also file for an automatic six-month extension electronically (details on how to do so can be found in the Form 4868 instructions). Special rules apply if...

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Recruit and Retain: The Power of Voluntary Benefits

As health care costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs. Employees benefit because they have a variety of insurance and other program options conveniently available in one place. Types of Voluntary Benefits A few traditional voluntary offerings include dental, vision, disability, critical illness, life and accident insurance. Non-traditional voluntary benefits may include group legal plans, pet insurance, financial planning, employee discount programs, educational and adoption assistance,...

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Deadline Extended for EEO-1 Filing to May 31, 2019

The Equal Employment Opportunity Commission (EEOC) has extended the deadline for employers to submit EEO-1 Reports for 2018. The reports are now due by May 31, 2019.   What is the EEO-1 Report? The EEO-1 Report is a federally mandated survey that collects workforce data from employers. The data is categorized by race, ethnicity, sex and job category. The EEOC uses this information to enforce federal prohibitions against employment discrimination and discriminatory pay practices.   The EEO-1 Report is an annual survey required under Title VII of the federal Civil Rights Act (Title VII). Under the law, employers with 100 or more employees and...

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Small Businesses May Be Able to Keep Existing Non-ACA Compliant Health Coverage Through 2020

Policies Renewed Under Extended Non-Enforcement Policy Must Comply by January 1, 2021 A previously extended non-enforcement policy which allows health insurance issuers, at their option, to continue group coverage that would otherwise be terminated or cancelled has been further extended to policy years beginning on or before October 1, 2020, provided that all policies come into compliance by January 1, 2021. Health insurance issuers that renew coverage under the extended non-enforcement policy are required to provide standard notices to affected small businesses for each policy year. Coverage subject to the non-enforcement policy will not be considered to be out of compliance with...

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There’s Still Time to Contribute to an IRA for 2018

Even though tax filing season is nearing the end, there's still time to make a regular IRA contribution for 2018. You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2018 ($6,500 if you were age 50 or older on December 31, 2018). For most taxpayers, the contribution deadline for 2018 is April 15, 2019 (April 17 for taxpayers who live in Maine or Massachusetts). You can contribute to a traditional IRA, a Roth IRA, or both, as long as your total contributions don't exceed the annual limit (or, if less, 100% of your...

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