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CoxHealth - Because Life Happens

Savings Incentive Program

CoxHealth recognizes that in order for you to have financial security in retirement, you need to start now. So they offer you an additional incentive by matching part of your contribution to the Savings Incentive Program. If you contribute $20 to your SIP, your contribution will not be taxed until you withdraw the money upon retirement. (However, your contribution is subject to Social Security and Medicare taxes.) Thus, all $20 saved is taxed deferred. On top of that, CoxHealth matches 10 cents for every dollar you contribute, up to 5 percent of your gross pay per paycheck.

CoxHealth Employees can contribute to SIP through payroll deductions. Your contributions are generally limited to a maximum of $14,000 for 2005. If you are over 50, then your limit is $18,000 for 2005. In addition, if you have been an employee of Cox for more than 15 years, you may be able to contribute an additional $3,000 for 2005.

SIP is designed for retirement savings, therefore, in most cases there is a 10 percent federal tax penalty for withdrawing your money before age 59 ½. However, loans are available from the plan.

Keep in mind, SIP is a tax deferred plan, not a tax free plan.This means that the money you contribute, plus any earnings on this money, go into the plan. Before it is taxed. You will have to pay income tax on this money when it is taken out of the plan – most likely during your retirement.

The benefit of deferring taxes until you withdraw the money is that your retirement savings have the potential to grow much faster than they would if you had to pay taxes on your earnings every year. In addition, you could be in a lower tax bracket when you retire than you are now.

So, if you were given the chance to buy something you needed that normally cost $22, and it was on sale for $15, would you do it? Saving for retirement is a lot like buying something you need and through this retirement plan, CoxHealth is giving you a great opportunity to get the most for your money.

For more information about SIP and other investments, call Kim McMillion at 417/269-4863.

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