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As BWHers file their tax returns this month, the BWH and Partners Benefits Office remind employees to save for their retirement and save on income taxes, too. Approximately 42 percent of BWH employees are enrolled in voluntary 403 (b) tax-sheltered annuities, or TSAs.
“This allows employees to save for retirement while reducing the amount of money they pay in taxes each year,” said Frank Mihovan, Partners Benefits consultant.
Voluntary 403(b) TSAs are similar to 401(k) retirement savings accounts, but 403(b) accounts are reserved for employees of non-profit health care organizations and educational institutions. For 2007, Federal law allows employees who are younger than 50 to contribute a maximum of $15,500 and employees who will be age 50 and older by Dec. 31, 2007 to contribute as much as $20,500.
Representatives from Fidelity, TIAA-CREF and AIG VALIC routinely visit the BWH main campus to help BWHers enroll and answer any questions they may have. Additional information is available at www.bwhpikenotes.org under Human Resources.