About Martin Memorial's Financial Planning Services for Associates
Martin Memorial offers Associates financial planning and savings services through Fidelity Investments. You may choose to contribute toward a 403b, 401k or 457b retirement savings plan (depending on which Martin Memorial entity you work for), 529 college savings plan, and Individual Retirement Accounts (IRAs). Fidelity can help you learn more about these and other options.
Track Your 403b or 401k Retirement Savings Online
About IRAs
You may choose to save money in an Individual Retirement Account (IRA) whether or not you save through a 403b, 401k or 457b. There are two types of IRAs: traditional and Roth. Roth IRA contributions are made after you pay taxes on your income, but withdrawls during retirement on the gains and distributions are not taxed. Traditional IRA contributions are made before you pay taxes on your income, which may mean you pay less in taxes now (subject to income restriction), but withdrawls during retirement are taxed. Fidelity can help you learn about and invest in IRAs.
Investing for College
529 College Savings Program
You may choose to save money for college through the 529 College Savings Program. The dollars you put into this plan are pre-tax dollars, which means you pay less tax. And, the withdrawals from this plan are also tax-free! The savings can be used to pay for any education-related expense at any accredited school in the world, from elementary school to college and graduate school. Visit the 529 College Savings Program Web site to learn more.
Florida Prepaid College Plan
You may also choose to invest in one or both of Florida's college savings programs: the prepaid plan or the investment plan. The Florida Prepaid College Plan locks in the cost of college tuition, local fees and dormitory housing. The Investment Plan lets you to save for college with a wide range of investment options and tax benefits. You can use the money from the investment plan for any qualified college expense, at most any college, anywhere in the country. Visit the Florida Prepaid College Plan Web site to learn more about these two plans.
How Much Can I Save?
Retirement Savings: 2009 Contribution Limits
| Plan Type |
2009 Maximum Contribution |
"Catch-up" Contribution (additional savings allowed if you are aged 50 or older by 12/31/09) |
Additional "Catch-up" Contribution (allowed if you have 15 or more years of employment by 12/31/09 *) |
Total |
| 403b |
$16,500 |
$5,500 |
$3,000 |
$25,000 |
| 401k |
$16,500 |
$5,500 |
$ 0 |
$22,000 |
| 457b ** |
$16,500 |
$ 0 |
$ 0 |
$16,500 |
- *Additional catch-up contribution is only available for participants who have not previously contributed at maximum levels and must be reviewed by Fidelity and human resources benefits for complete eligibility.
- **The 457b is for management team members and physicians employed by the not-for-profit entities only. Management and physicians who work for PhysCorp and MFMI (taxable entities) may not participate in the 457b. Those eligible may participate in both the 457b and the 403b.
Contact
Fidelity Investments
1-800-343-0860
www.fidelity.com/atwork