This Employee Benefit Statement Prepared for: Henry H. Hemma Your retirement income may come from three separate sources; the Retirement Incentive Savings Plan (RISP), Employees' Retirement Plan, and Social Security. Retirement Incentive Savings PlanRISP is designed to help you save for your retirement years and, at the same time, benefit from tax savings today. You may contribute from 2% to 20% of your salary on a pre-tax basis. Big Benefits will contribute 75% of the first 2% to 6% of the earnings you contribute to RISP.
Social SecuritySocial Security is a program that offers these major benefits:• A Lump-Sum Death Benefit• Survivor's Benefits• Disability Benefits• Medical Care Benefits• Retirement Benefits for You• Survivor's Benefits for Divorced Spouses• Retirement Benefits for Dependents Big Benefits is required by Federal Law to contribute an amount equal to your own total Social Security contribution. Monthly Social Security benefits may go to you and/or your dependents when you retire, become severely disabled, or die. The amount of any benefits will depend on prior earnings, adjusted to account for changes in wages since 1951. You may obtain a detailed statement of your estimated Social Security Benefits directly from the Social Security Administration by calling 1-800-772-1213, or you may visit the SSA website at www.ssa.gov/mystatement/pebeswarn.htm
To show you how much you can save for your retirement through RISP, projections at various ages have been made below. These estimates assume that you will continue to contribute at the rate shown below, that the account will earn the specified investment return and that you will not make any withdrawals or loans. These projections are based upon your RISP account balance of as of 6-30-00.
ContributionEE % CO
InvestmentReturn
5Years
10Years
Age65
Age 65Annuity
In the old days, we displayed a grid of a few possible contribution amounts , the resulting match, alternative rates of return and a series of future values. Now, we would create 'on the fly charts', wher an employee could simply select a few alternatives and see the chart redraw in front of their eyes. An area chart is most effective.
There was so much we wanted to do with this statement, but back in the year 2000 - the technical difficulties were insurmountable.