Engagement & Wellness Calendar

AUGUST

Monthly Awareness: Immunization Month

PTSMC Social Hours: August 24 (Hammonasset) & August 25 (Admin O ce)

September

Monthly Awareness: Hispanic Heritage Month starting September 15

PTSMC Casino Night: September 30

OCTOBER

Monthly Awareness: National PT Month!

Fall/Winter Gear Order Store: October 16-26

#GetMoving Challenge

Pumpkin Decorating Contest

Life Beat: National Immunization Awareness Month

National Immunization Awareness Month (NIAM) is an annual observance held in August to highlight the importance of routine vaccination for people of all ages. The Center for Disease Control (CDC) and the Food and Drug Administration (FDA) o er a number or resources to help plan for vaccinations you or your family may consider or need.

The FDA explains that vaccines work by stimulating the body’s immune system to safely provide protection against viruses or bacteria that cause infection. After vaccination, the immune system is prepared to respond quickly when the body encounters the disease-causing organism.

Furthermore, vaccines help provide protection from an infectious disease and can lessen the severity of illness. If you are immune to a disease, you can be exposed to it without becoming sick. Simply put, because of advances in medical science, vaccines can help protect us against more diseases than ever before. Some diseases that once injured or killed thousands of people have been eliminated primarily due to vaccines.

Utilize the links below for further education and resources about vaccines and immunizations:

• Learn about vaccines & immunizations from the CDC

• Review Immunization Schedules for any age

• The Adult (19 year or older) Vaccine Quiz from the CDC

• Childhood Vaccine Quiz from the CDC

• FDA Recognizes National Immunization Awareness Month

Casino Night

September 30th

7pm - 11pm

Dunkin’ Park in Hartford

PTSMC employees 21 and older are invited to a night of casino games with “funny money.” More details coming soon!

By Jim Hungerford, Associate Vice President of Finance

I have elded many questions about 529 college saving plans lately, so I compiled a quick snapshot of things you should know about these great college savings accounts. A 529 plan is a savings plan designed for educational costs and is tax friendly, exible, and available to anyone.

Here are ve things that not only parents, but grandparents and anyone hoping to get a leg up on college costs need to know.

1. O er Considerable Income Tax Bene ts to The Account Owner

529 plans o er federal and state tax-free compounding for as long as invested within the plan and there is never a required minimum distribution. Withdrawals for quali ed educational expenses are federally tax-free and Connecticut tax-free, if the money is used for college expenses.

Further, Connecticut o ers up to $10,000 per year in an income tax deduction (about a $500 tax savings) for contributions to its own 529 program, CHET, managed by Fidelity.

2. More Flexible Than You Think

There are no income or age limitations, and any adult can open an account for any person's future educational expenses. Account owners may change bene ciaries for any reason at any time. You can even name yourself as a bene ciary.

Additionally, the lifetime account contribution limits are generous, ranging from $235,000 up to over $500,000 per bene ciary. The plans are state-sponsored, and you can participate in any state's plan.

Funds from a 529 plan may be used tax free for most expenses at college, as well as other institutions such as art or cooking institutes, community colleges, trade and vocational schools and some eligible international school expenses. You may even be able to use 529 funds for up to $10,000 in elementary and high school tuition annually. Additionally, under recent legislation, you can now use up to $10,000 to repay quali ed student loans and to cover certain costs for qualifying apprenticeship programs.

With the passage of recent legislation, 529 account owners may be able to roll their leftover assets into a Roth IRA—for a designated bene ciary—making 529 plans an even more robust solution for long-term nancial planning.

3. Serve as An Estate Planning Tool

One of the great features of a 529 plan is that while you invest money for future education expenses, you also are reducing the size of your taxable estate. 529 plans are generally excluded from your taxable estate and thus not subject to estate taxes. It's important to note that you still control the assets and can access your money at any time.

Another important bene t of 529 plans is that they o er a way for grandparents and other family members to pass on assets to subsequent generations while enjoying certain tax advantages. With no withdrawal requirement, as owner with full control, you can designate who the account should be transferred to upon your passing and change such successor owner at any time, without any tax, cost, penalty, or fee.

Anyone, including grandparents, can contribute up to $17,000 per year ($34,000 for married couples) to any individual’s 529 plan, without triggering the gift tax. Additionally, they can bundle ve years of contributions into one $85,000 contribution ($170,000 for married couples), provided they make the required election on a gift tax return for the year of the contribution.

4. Minimal Impact on Financial Aid

The impact on nancial aid is typically minimal for 529 savings plans. The short explanation: If a parent is the account custodian, the child's nancial aid will decrease by no more than 5.64% of the account value.

5. Wide Variety of Investment Choices

Connecticut’s 529 plan, the CHET, o ers a wide variety of investment choices within the plan. CT’s plans are managed by fund manager Fidelity Investments. You can choose either an age-based strategy or a custom strategy based on your speci c investment goals. With an Age-Based Strategy, you invest in an Age-Based Portfolio that corresponds to the Bene ciary’s birth year. Each Portfolio becomes increasingly more conservative over time as the Bene ciary approaches college age.