Dear [Client's Name], I hope this letter finds you well. As your trusted financial advisor, I am writing to request your pension plan account statements for our records. Accurate and up-to-date account statements are essential for assessing the progress of your pension plan and ensuring that it aligns with your long-term financial goals. Please provide us with the following account statements related to your pension plan: 1. Yearly Pension Summary Statement: This statement provides an overview of your pension plan performance for the entire year. It includes details such as contributions made, investment returns, and any changes in your plan. 2. Quarterly Investment Statements: These statements are crucial for monitoring the growth and performance of your pension investments. They include information on the value of your account, asset allocation, and investment returns. 3. Personalized Pension Benefits Statement: This statement provides valuable insight into your specific pension benefits, including projected retirement income, survivor benefits, and other entitlements based on your employment history and contributions. 4. Annual Fee Disclosure Statement: This statement outlines all fees and expenses associated with the management of your pension plan. It helps in understanding the impact of costs on your overall retirement savings and allows for a better assessment of your plan's overall value. 5. Beneficiary Designation Statement: This statement confirms the designated beneficiaries of your pension plan in case of your untimely demise. It is important to review this statement periodically to ensure that your beneficiaries are as per your current wishes. By providing us with these account statements, you enable us to evaluate the performance of your pension plan comprehensively. This, in turn, allows us to make any necessary adjustments and recommendations to maximize your retirement savings. Please send the requested documents to our office address stated below. If you have any questions or require assistance in gathering the required statements, please do not hesitate to reach out. We are here to provide guidance and support every step of the way. Thank you for your immediate attention to this matter. Your dedication to securing a financially stable retirement is commendable, and we truly value your ongoing trust and partnership. Sincerely, [Your Name] [Your Title/Designation] [Company Name] [Company Address] [City, State, ZIP Code] [Phone number] [Email Address]
Alaska Sample Letter Requesting Client Pension Plan Account Statements
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FAQ
Alaska Supplemental Annuity Plan The SBS-AP is a defined contribution plan governed by section 401(a) of the Internal Revenue Code. Your contribution to the plan equals 6.13% of your gross pay up to the current Social Security maximum. Your contributions are deducted from pre-taxed income and are matched by the state.
The Post Retirement Pension Adjustment If you meet these requirements or are age 60 to 64 on July 1, 2023, you will receive 50% (3.948%) of the Consumer Price Index (CPI) change during 2022. Retirees aged 65 or older and all disability benefit recipients receive 75% (5.923%) of the CPI.
We are dedicated to working with you to answer your retirement plan questions and prepare you for retirement readiness. You can call us toll-free at (800) 821-2251 or in Juneau at (907) 465-4460 and speak with a highly-trained Retirement Specialist who can answer your questions right over the phone.
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
Deferring income to retirement might help avoid high state income taxes (ex: California, New York, etc) if you're planning to move to a low-tax state. The biggest risk of deferred compensation plans is they're not guaranteed; if your company goes bankrupt, you might receive none of the income you deferred.
Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.
The State of Alaska 457 Deferred Compensation Plan (DCP) allows you to set aside and invest a portion of your income for your retirement on a voluntary basis. It is designed to complement the Alaska SBS Supplemental Annuity Plan and the Alaska PERS/TRS Defined Contribution Retirement Plan.
The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.
