| |
What's PlayingBazaarsNov. 21
St. Stanislaus School benefit, 9 to 4 in Kolbe Hall, Adams. Bake sale, snack bar, games, Chinese auctions, money raffle, crafts, and pierogi.
Blackinton Union Church, 1373 Massachusetts Ave., North Adams; 10 to 2. Crafts table, bake sale, Chinese auction, the Christmas table, and kid's grab bag. Lunch $4, $2 kids.
First Congregational Church, North Adams, 9-2.
Nov. 28
Becket Federated Church, Route 8, holiday bazaar from 9-3. Lunch, crafts, baked goods, holiday and other items. Information: Mary Peltier, Parish House, 413-623-5217.
Dec. 5
Holiday Fair at First Congregational Church, 25 Park Place, Lee, from 10 to 3; handcrafted items, raffles, children's shop, bake sale, cut Christmas trees and lunch from 11 to 1. Includes angel-themed goods from SERRV. Information, 413-243-1033 or www.ucc-lee.org.
Dec. 12-13
North Adams Country Club, crafts 9-4; food from That's a Wrap from 11-2. Information: Sheryl Morehouse at 413-822-3329.
Planning a bazaar this season? Submit information to info@iberkshires.com to have it listed here. |
Sales FliersDaily DigestMammography Dispute
The government's issued controversial new guidelines stating that women shouldn't get annual mammograms until age 50, rather than age 40.
iBerkshires will be meeting with local medical experts Monday. Have a question you'd like answered on this issue? Send it info@iberkshires.com with "mammogram" in the subject line. |
ObituariesSportsMedia PartnersElection
Trying to remember who won what and why? All the information is right here. |
Related Stories |
| |
The Independent Investor: Attention Workaholics: Contribute Vacations Days to 401(k)By Bill Schmick
iBerkshires Columnist
04:00PM / Thursday, October 08, 2009
 | | Bill Schmick |
That's right, thanks to an initiative by President Obama, announced earlier this month, you can contribute all those unused vacation days to your 401(k). So if you're the type that just can't stay away from the job, start lobbying your employer to amend your benefit plan.
It is remarkable how few people are aware of this change since it is a benefit that applies to many qualified plans including 401(k)s, Keogh and profit-sharing plans. It does not, however, apply to IRAs or SEP-IRAs. And while the new rules do not currently extend to 403(b) plans (available to educational institutions and some non-profit organizations), they may in the future, according to the Treasury.
The rules include "cash-outs" or taking cash in lieu of yearly vacations, sick leave and/or personal days, or when an employee leaves a job. As long as your employer pays for these days or at least part of them, you can contribute the cash equivalent to your retirement plan. But remember, the maximum contribution limits still apply which is $16,500 per person or $22,000 for those over 50 years old.
From the company's point of view, employers that don't currently pay workers for unused holidays might want to rethink that policy. First, this benefit will not increase your worker's base pay. Second, companies can opt only to pay for this unused time if they put the money into the worker's 401(k) or other qualified plan. By compensating workers this way, the employer encourages savings since the worker either agrees to save or loses the benefit. And while your company must offer the choice as an option to all their plan participants, you don’t have to offer it every year.
A company can also prorate or limit the amount of vacation they would be willing to pay for. It is still a little murky on whether this money will qualify for an employer "match" so it would be best to check with your plan sponsor.
Although the vacations benefit occupied most of the news press, there were a few added initiatives included as well. Employers, for example, will be able to automatically enroll new employees in their retirement plan. This rule targets mainly younger workers who all too often, when given the choice, opt out of saving for their retirement to their long-term detriment. Now, by automatically enrolling workers, the onus is on the employee to discontinue the savings plan. Studies have shown that once enrolled, few employees will go to the effort of deliberately reversing enrollment.
The new rules will also allow taxpayers to use their income tax refund to purchase U.S. Savings Bonds. That's good for the government but would probably not be the right investment to meet most savers’ long-term goals. The money would be better invested in an IRA, for example, unless special circumstances indicated otherwise. Finally, the government is going to try and tackle the complicated language used in explaining why it is dumb to cash in your 401 (K) between jobs.
The hope is that by explaining the downside in "laymen's terms" more people will resist the temptation to spend their retirement savings. I will give the Feds an "A" for effort, but if they really wanted to make a change in people’s behavior they would stiffen the rules (and penalties) for withdrawing money from your 401(K) except in emergencies.
All-in-all the new rules should benefit savers on the margin. For us workaholics, it is a great deal. I wish I had a dollar for every hour of unused vacation time I have given up in my career. Don't you?
Bill Schmick is registered as an investment adviser representative and portfolio manager with Berkshire Money Management (BMM), managing over $200 million for investors in the Berkshires. His forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or e-mail him at wschmick@fairpoint.net Visit www.afewdollarsmore.com for more of Bill’s insights.
Anyone seeking individualized investment advice should contact a qualified investment adviser. None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM.
You can also tune in to Bill’s "@theMarket" show on Vox Radio every Friday morning at 8:35, 9:35 and 11:05 or on WBRK at 4:05 every weekday afternoon. |
|
Enter your email address below to receive our FREE iBerkshires.com Newsletter
|
|
