I just found out I can Build up my sick and annual leave and invest it into my Differed Comp retirement account! Looks like I have a great reason to start building up my leave!I found this on the Differed comp web site:
Invest Your Unused Sick and Vacation Days into Your Retirement Account
Do you have extra unused sick and vacation days this year and retiring soon? We hope you’ll consider doing one of the smartest things you can do right now – and invest these amounts into your State of New Mexico Deferred Compensation Plan.
People are saving less and living longer – a scary combination when thinking about your own retirement. So when it comes to making contributions in your account, every little bit counts. Here are some of the benefits to investing more into your Plan:
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You can invest these amounts* in your existing tax deferred account and depending on your situation, adding these contributions to the Plan can be much simpler versus paying taxes and investing the after tax amount outside the Plan.
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Your contributions and any earnings have the opportunity to grow tax deferred.
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When you are ready to withdraw money, typically in retirement, your distribution options are very flexible. And your withdrawals are taxed as ordinary income.
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Just by being a part of the Plan, you will continue to benefit from significantly lower fees and high quality investment options monitored by the PERA Board and staff.
* Subject to IRS limits
We want to help you make smart decisions about your retirement and the State of New Mexico Deferred Compensation Plan gives you smart choices. If you are not currently enrolled in the plan, you can sign up today and still invest your unused vacation and sick days into your account.
Every little bit counts! To enroll in the Plan, increase what you are contributing and/or make a one-time contribution from your unused sick and vacation days, call 1-866-827-6639 to speak with your local retirement specialist.
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