Administration Partners, LLC.
Question: As a business owner, I established a 401(k) plan to offer retirement benefits to my employees. The problem is that too few of the employees defer and I keep getting refunds of my personal deferrals to the plan. Can this be avoided?
Answer: A guaranteed way to solve the problem is to amend your plan to a "Safe Harbor" 401(k) Plan. By offering employees a matching contribution of at least 4% of employee compensation you would not have to take a refund. Remember, matching contributions are provided only to employees who defer a portion of their income into the plan. The maximum annual employee deferral to a 401(k) plan is $15,000 plus an additional $5,000 catch-up contribution can be made by participants who attain age 50 by the end of the year.
Question: My employer offers a 401(k) Plan. They will match 50% of the first 4% of my compensation that I defer. I'd rather put my money in the bank in case I need easy access to the funds. Why should I participate in my company's 401(k) Plan?
Answer: By all means, a personal savings account for emergencies is important; however, you're actually losing money if you don't participate in the employer's plan. First of all, your 401(k) deferrals are made on a pre-tax basis. This amount is not subject to either state or federal income tax. A single employee earning $25,000 per year who defers 4% of pay ($1,000) only has their net paycheck reduced by $802.10 because of the reduced taxes. In addition, when you add in the employers match at the rate of 50% of the 4% deferral-that's an additional $500 added to your account. A $1,500 contribution that only costs you $802.10 is good business! P.S. Money that goes directly from your paycheck to the retirement plan saves you from re-routing your intended savings for non-emergency use. For more information, contact: Belinda Henning or Kim Newell, Administration Partners, LLC, at (251) 344-3116
To Top
WESTMINSTER VILLAGE
Question: What is meant by Westminster Village being a Continuing Care Retirement Community? (CCRC)
Answer: A CCRC is a retirement community that provides various levels or types of care on the same campus. At Westminster Village, there are independent living cottages and main building apartments, assisted living apartments and skilled care rooms, including a dementia care wing.
Question: Is it expensive to live at Westminster Village?
Answer: Most residents say that it costs no more and sometimes less to live at Westminster Village than it did in their own home. The monthly fee includes all utilities except phone, grounds maintenance, trash pick up and disposal, 30 meals a month, a swimming pool, billiard room, health clinic, exercise room and instruction, special programs such as lectures and concerts, arts & crafts room, woodworking shop, free transportation to scheduled events and to shopping malls and stores. An entry fee guarantees access to assisted living and skilled care for a nominal increase in the monthly fee. With no taxes to pay and no home maintenance responsibilities, living at Westminster has distinct advantages.
For more information about Westminster Village contact Kay Brown Korb at 251-626-2900.
To Top
Catfish Junction
Question: Do you serve anything besides catfish?
Answer: Yes in addition to our great catfish, we offer fresh seafood from the Gulf of Mexico featuring shrimp, oysters, and crab claws. We also offer choice Black Angus steaks and chicken. In addition to our varied menu, you can choose to have it prepared on the grill, in our broiler, or fried to a tasty golden brown.
Question: What sets your catering service apart?
Answer: We don't prepare the food in our kitchen and bring it to you rather we bring the kitchen. Our food is prepared onsite at your event, so the food is always piping hot. Our courteous staff stays with you to ensure quality, and to meet the needs of all of your guests. Take the worry and guesswork out of your next get together. Make one phone call and let us take it from there.
For your next special occasion, call Catfish Junction at 251-679-6666.
Who's Who in Mobile Magazine can not be held responsible for the services or products provided by the businesses that submitted information for this forum. All submissions are posted exactly as received. Who's Who In Mobile & Baldwin County Magazine shall not be responsible for any services or opinions provided by the "Expert".
To Top
