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The 401(k) Savings Plan will allow you the opportunity to save for retirement before the bite of federal and state income taxes. By deferring a percentage of your compensation, rather than taking it in cash, you save the following advantages:
(1) federal and, in most cases, state income taxes are not applied to the deferred compensation so the employee reduces current income taxes; and
(2) income gained from the investment earnings are not taxed until the money is withdrawn and used as income so you have more money working for you.
The Plan's investments are managed by
ING Financial Advisors, LLC and provides many investment alternatives from which to choose, including Fidelity, Janus, American Century, Neuberger Berman, and Templeton funds.
Eligibility: An employee must be at least age 21, employed by and received a paycheck from Sullivan and Cogliano for 12 consecutive months prior to the open enrollment period, and worked a minimum of 1,000 hours in the 12 month period.
There are 4 open enrollments every year - January 1st, April 1st, July 1st , and October 1st .
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