Ivey’s has established a Simple IRA savings plan to provide TM’s the potential for future financial security for retirement. This benefit is available for the following employment classifications:
* Qualified, Regular Full-time TM’s
To be eligible to join the Simple IRA savings plan, you must be 21 years of age or older. You may join the plan only during open enrollment periods. Eligible Team Members may participate in the Simple IRA plan subject to all terms and conditions of the plan.
The Simple IRA savings plan allows you to elect how much salary you want to contribute and direct the investment of your plan account, so you can tailor your own retirement package to meet your individual needs. Ivey’s also contributes an additional matching amount up to 3% of each TM’s salary.
Because your contribution to a Simple IRA plan is automatically deducted from your pay before federal and state tax withholdings are calculated, you save tax dollars now by having your current taxable amount reduced. While the amounts deducted generally will be taxed when they are finally distributed, favorable tax rules typically apply to IRA distributions.
Contact Human Resources for more information about the Simple IRA plan.
Policy No. 320 Issued 1/1/2008 Applicable 8/24/2012