Join APS Senior Benefits Analyst, Ann Johnson, for information on how NMERB works, where to access the NM Employee Retirement Board information as well as understanding APS sponsored 403 (b) and 457 retirement plans….(read more)

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APS Perk$ Retirement Savings Options Financial Wellness Presentation

When it comes to planning for retirement, it can be overwhelming and confusing to navigate the multitude of savings options available. APS Perk$, an employee benefit program provided by Arizona Public Service (APS), is holding a Financial Wellness Presentation on July 27th at 12:00 pm to help guide employees towards making informed decisions about retirement savings options.

The presentation will focus on the different types of retirement savings options available through APS Perk$, including Defined Benefit Plans, 401(k) Plans, Roth 401(k) Plans, and 457(b) Plans. Each option has its own unique features and benefits, so it’s crucial to understand the differences in order to choose the option that best suits individual needs.

Defined Benefit Plans are pension plans in which the employer promises to pay a specified amount of benefits to retirees based on a formula that takes into account factors such as salary and years of service. 401(k) Plans are individual retirement accounts that allow employees to contribute pre-tax money from their salary, which is then invested in stocks, bonds, and mutual funds. Roth 401(k) Plans are similar to 401(k) Plans, but the contributions are made with after-tax dollars and withdrawals are tax-free. 457(b) Plans are non-qualified deferred compensation plans that allow employees to defer income to a tax-deferred account until retirement.

The presentation will also provide information on how to determine how much savings is needed for retirement and how to calculate the potential benefits of each plan. Additionally, attendees will learn about the importance of diversifying investments and how to avoid common retirement savings mistakes.

By attending the APS Perk$ Retirement Savings Options Financial Wellness Presentation, employees can gain a better understanding of their retirement savings options and make informed decisions about their financial future. It’s never too early or too late to start planning for retirement, so mark your calendars and attend the upcoming presentation.