As the name indicates, a Supplemental Retirement Annuity (the “SRA”) operates as an adjunct to your Retirement Annuity. If your employer offers an Supplemental Retirement Annuity, you have the opportunity to augment your retirement stash on a tax-deferred basis through a salary deferral agreement, provided you are within the contribution limitations stipulated by law. Again, your benefits office will be able to advise you as to how large a percentage of your salary you may contribute to your Supplemental Retirement Annuity. Not all institutions offer the SRA. If your employer is one who does, try your hardest to take advantage of this feature of your employer’s plan. (more…)

Among the variety of retirement plans you can pursue, some qualify for tax deferral by the regulations of the federal government, and others don’t. The federal government passed the Employee Retirement Income Security Act (ERISA) regulation in 1974. This legislation and its requirements determine whether a retirement plan offered by employers or an employee organization (such as a union) qualifies for tax deferral of investment and interest until retirement age. (more…)

Another old adage says that we should learn from the mistakes of others. When it comes to retirement planning, there are many legal, tax, and retirement saving mistakes you can make as a business owner, retirement plan trustee, or plan participant. (more…)