Time is quickly passing to pick up a quick $50 bonus.
The State of Idaho Deferred Compensation program last spring authorized a new incentive program that awards $50 to the first 1,000 individuals who enroll in the deferred compensation retirement program. To date, nearly half of the incentive/bonuses have been awarded.
“For those of you who have not received the $50 bonus by enrolling in the program, don’t wait any longer…” program administrators announced. “Just complete the attached 457 plan enrollment form to reduce your income by a minimum of 3 percent pre-tax and $50 will be added to your account immediately.”
In addition to the $50 incentive, employees will receive the following benefits:
Because the contribution is removed before taxes, employees receive a tax break. For example:
The maximum contribution for 2006 is $15,000, however, employees 50 years of age or older can contribute an additional $5,000.
For more information, contact the Idaho Deferred Compensation office at (208) 342-8657, ext. 1.
Nationwide Retirement Solutions Inc. manages Idaho’s program.