Benefits corner

It’s likely you will not be able to depend solely on Social Security and your retirement plan with NMC to deliver all the money you’ll need for retirement.  It may be up to you to supplement your retirement income, and as an NMC employee, you have an excellent opportunity to set aside money for your retirement by contributing to a 403(b) or 457(b) retirement plan.

Contributions are made with pre-tax income if you use one of the companies NMC partners with to offer payroll deduction.  As a result, these contributions are excluded from your current federal taxable income, which means you’ll pay less in income tax.  You also do not pay taxes on earnings from the investments in your retirement plan until you retire or withdraw them, which provides you the potential for faster growth.

If you are interested in learning more about starting a supplemental retirement plan through payroll pre-tax deduction, contact one of the following companies.  Once you set up an account, you simply complete a form so that we know what deduction to set up for you.  You have the flexibility to change your deduction amount whenever you feel it is needed and even to have retirement accounts with more than one of these companies.

If you have any questions, feel free to contact Human Resources at 995-1362.