APRIL 2023
PLEASE SEND A CHECK FOR $412,744.86! As employers consider benefit packages for employees, one of the big questions that comes up is the 401(k) retirement plan. Employers face a myriad of decisions about plan design, structure, eligibility and participation. A very basic overview of the employer choices for this benefit looks like this: 1. Do nothing. An employer is not obliged to offer a retirement plan for employees. This path eliminates any expense to the company and provides no benefit to workers. 2. Establish and offer a plan that matches employee contributions dollar for dollar up to a certain percentage of the employee’s salary. A company may elect to match “dollar for dollar up to up to a certain % of eligible employee’s compensation.” For example, if you earn $10,000 a year and contribute money to the plan, your employer will match every dollar you put in up to $400 (4% of $10,000). There are variations on this including an employer match of $0.25 on the dollar or $0.50 on the dollar up to a certain percentage of an individual’s compensation. The list goes on. What is consistent, is that every option requires the employee to contribute to receive any contribution from the employer. In my opinion, this plan works well for the employee who has the extra money and discipline to save for retirement. I don’t remember much about my early years of employment; however, I can imagine being in my twenties thinking about an apartment, student loans, and meeting my friends for happy hour! I don’t remember making 401(k) contributions or considering getting old enough to retire! This plan wouldn’t have helped me much. (Matching a zero contribution doesn’t add up fast!)
IN THIS ISSUE
PTSMC’S CHOICE:
Clinician’s Corner by Russell Woodman, New Haven Physical Therapist, & Sam Zhu, New London Physical Therapist In this plan, the employer commits to contribute 3% of every eligible employee’s compensation to that employee’s retirement plan. This money The Cyriax Approach to the Examination of Non-Surgical Soft Tissue Injuries at the Elbow begins to accumulate regardless of the employee's ability, willingness, or interest in saving for retirement. Regardless of your personal Welcome New Auditors circumstances, if you are plan eligible, you are now saving for retirement! Congratulations to DOCS Graduates In 2009, PTSMC made the election to provide our people with a Safe Harbor Non-elective 401(k) plan. At that point in our history, we had 59 HR Buzz HR is Here for You eligible plan participants, and when it was time to pay the 3%, we sent a ADP Users Discounts- LifeMart check for $93,652.06. In March 2023, PTSMC’s $412,744.86 check helped Changes to Federal or State Deductions 263 of our team who were eligible for the plan in 2022. Memorial Day Holiday 3. Offer what is known as the Safe Harbor Non-elective 401(k) plan.
Connecticut Wealth Management serves as the investment advisor for our plan. Every year they provide educational opportunities for our people and are available for individual advisement as part of the administrative fees of the plan. Everyone in our plan has a John Hancock account. The online resources available from John Hancock are exceptional. I encourage everyone to learn more about your options through both companies. If you have questions about the plan, you can reach out to any of the following three people: Mallory Mason, Sandra Boccialetti, and Sandy Wickman Mason. Has electing to provide a Safe Harbor Non-elective 401(k) plan been expensive for PTSMC? Absolutely! Do I regret the decision I made years ago? Absolutely NOT! I am proud that PTSMC is in a position to support the people who make us who we are and allow us to do what we do. Thanks,
Alan
Avon Renovations Avon recently completed renovations that transformed the space into an open, modern, and bright clinic.
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StriveHub Fab 5 “They are conscientious and thorough in their performance. Great improvement on my leg since I started there. Very happy with the results.” - Wethersfield My therapist, Rob (Bass), is very skilled but also very attentive. I have been to therapists before that give you exercises and then walk away, and you do not see them for the remainder of the session. I appreciate the fact that he is maximizing the time I have with him and progressing me at the rate that my body can handle.“ - Middletown “My PT Caitlyn (Ayotte) is excellent. She is easy to talk to, and she asks questions that help to move things along. The facility itself has a friendly atmosphere including the front desk , the PT assistants and all the PTs. I would highly recommend this place to anyone.” - New London “Emily (Searle) has been outstanding in pinpointing my nerve impingement issues and using many excellent techniques to relieve my pain. She created a plan to address complicated residual issues by using exercises, deep tissue massage, and needling to give me relief and gave long term ways for me to continue to heal and thrive.” - Branford “Brandon (Theroux) takes the time and listens to concerns. With his help I have greatly improved and have faith I can eventually feel better.” - Danbury