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The newsletter provides year-end reminders and practical guidance on building a strong retirement program through annual financial check-ups, including scheduling counseling with Fidelity or Cambridge Investment Research. 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Start the year off by giving your finances an annual check-up. Stay on top of things so you will remain in control of your finances. |  |\n| \u003Cbr>\u003Cbr>IMPORTANT YEAR-END REMINDERS\u003Cbr>\u003Cbr>Financial Check-up\u003Cbr>Understanding your financial goals in retirement is important as well as “checking on” the status along the way.\u003Cbr>Schedule a one-on-one appointment to ensure you are on the right track with either Fidelity (all plans except ERS) or Cambridge Investment Research (RSP & DCP) by visiting our website [at](at www.montgomerycountmd.gov/retirement)[ ](at www.montgomerycountmd.gov/retirement)[www.montgomerycountmd.gov/retirement](at www.montgomerycountmd.gov/retirement)[ ](at www.montgomerycountmd.gov/retirement)and clicking on Investment Counseling, along the left-hand side of the page.\u003Cbr>Deferred Compensation Plan Contribution Limits\u003Cbr>The Internal Revenue Service has announced that the limits for 2018 will increase from the 2017 levels. Shown below are the 2018 limits:\u003Cbr>2018 Contribution limits Regular $18,500 Age 50+ Limit $ 6,000 3-year Catch Up $37,000\u003Cbr>For information on how to change your contribution please call (240) 777-8228 or (800) 343-0860.\u003Cbr>Required Minimum Distribution\u003Cbr>The IRS requires members of the Retirement Saving Plan (RSP) or the Deferred Compensation (DCP), who are no longer working for the County, to begin taking distributions at age 70½.\u003Cbr>If you are a member of the Guarantee Retirement Income Plan (GRIP), and not an active employee, you are required to withdraw your entire account balance when you turn 70 ½.\u003Cbr>For more information please contact the Fidelity onsite representative at (240) 777-8228.\u003Cbr>\u003Cbr>Saver’s Tax Credit\u003Cbr>If you are a low-to-moderate income worker, you may be able to take a tax credit for making eligible contributions to your employer-sponsored retirement plan.\u003Cbr>You're eligible for the credit if you are at least age 18, not a full-time student, and not claimed asa dependent on another person’s return.\u003Cbr>The amount of the credit is 50%, 20% or 10% of your retirement plan contributions up to $2,000 ($4,000 if married filing jointly), depending on your filing status and your adjusted gross income. To find out more information visit the IRS website [at:](at: www.irs.gov/taxtopics/tc600/tc610)[ ](at: www.irs.gov/taxtopics/tc600/tc610)[www.irs.gov/taxtopics/tc600/tc610](at: www.irs.gov/taxtopics/tc600/tc610) |  |\n\n\n| UNDERSTANDING YOUR EMPLOYEES’ RETIREMENT SYSTEM\u003Cbr>2017 1099RTAX FORM |  |\n| --- | --- |\n| | \u003Cbr>Form 1099-R is an Internal Revenue Service (IRS) form on which the Employees’Retirement System (ERS) reports payments to retirees and beneficiaries.\u003Cbr>You are required to submit this form with your annual tax filing. |\n| Understanding your Form 1099R:\u003Cbr>Recipient ID: Your 9-digit Social Security number is truncated to provide only the last 4 digits for security reasons.\u003Cbr>Box 1: Gross Distribution-The total amount paid to you before deductions for the calendar year.\u003Cbr>Box 2a: Taxable Amount-The portion of the total amount paid to you during the calendar year that is taxable income.\u003Cbr>Box 4: Federal Income Tax Withheld-Total amount of Federal income tax withheld for the calendar year.\u003Cbr>Box 5: Employee Contributions – Amount of your contributions that may be recovered tax free, this is the difference between boxes 1 and 2a.\u003Cbr>Box 7: Distribution Code(s) -Code identifying the type of retirement benefit being paid.\u003Cbr>*See back of Form 1099R for code listing\u003Cbr>Box 12: State Tax Withheld-The total amount of Maryland income tax withheld for the calendar year.\u003Cbr>Box 14: State Distribution – Gross income being reported to your state. |  |\n\nWHERE TO GO FOR  \nSTATE INCOME TAX  \nIf you live in the ","cbCaihySX1FhlhJX","https://ap.wps.com/l/cbCaihySX1FhlhJX","pdf",1569149,8,"English","# IMPORTANT YEAR-END REMINDERS\n## Financial Check-up\n## Deferred Compensation Plan Contribution Limits\n## Required Minimum Distribution\n## Saver’s Tax Credit\n# UNDERSTANDING YOUR EMPLOYEES’ RETIREMENT SYSTEM\n## 2017 1099-R Tax Form\n## Understanding your Form 1099-R\n# WHERE TO GO FOR STATE INCOME TAX\n# FEDERAL INCOME TAX\n# ADDITIONAL RESOURCES","[{\"question\":\"How should employees or retirees perform the recommended annual financial check-up?\",\"answer\":\"Schedule a one-on-one appointment to confirm retirement financial goals and your status, either with Fidelity (all plans except ERS) or Cambridge Investment Research (RSP \\u0026 DCP), via the Montgomery County retirement website.\"},{\"question\":\"What changes were announced for 2018 deferred compensation contribution limits?\",\"answer\":\"The newsletter states 2018 limits increased from 2017, listing Regular $18,500, Age 50+ Limit $6,000, and 3-year Catch Up $37,000, with instructions to call for how to change contributions.\"},{\"question\":\"Who may qualify for the Saver’s Tax Credit and what credit percentages apply?\",\"answer\":\"Low-to-moderate income workers may qualify if they are at least age 18, not a full-time student, and not claimed as a dependent. The credit amount is 50%, 20%, or 10% of eligible retirement plan contributions up to $2,000 ($4,000 if married filing jointly), based on filing status and adjusted gross income.\"}]","January 2018 Vol. 2 No. 1 - Retirement Focus | PDF",1789780887]