401k Plan match approved

INI's board of directors has again this year approved an employer match for the company's 401k Plan. The board has agreed to match 50% of an employee's individual contribution up to a maximum of $500. This means eligible employees who defer a total of $1,000 from their wages into their 401k account during the fiscal year will receive the maximum $500 employer match. Those deferring less than the full $1,000 will still receive a 50% match of the total they contribute to their plan. The 401k plan represents a great way to reduce your taxes now and invest in your future. The new fiscal year begins July 1, 2007.

"We're pleased that INI has renewed the company's 401k match for another year," INI CEO Joe Smyth said. "Even though many companies are reducing or even eliminating their 401k matches, our board unanimously approved the $500 match in recognition of our people's tremendous efforts to keep INI healthy and thriving."

Click here for the Press Lines profile of INI’s 401k plan administrators, John Hancock Financial Services.

The company's board of directors --- Tammy Brittingham, Ed Dulin, Chris Engel, Joe Smyth and John Wolfe --- approved the match even at a time when many other companies are reducing benefits in an uncertain economy.

INI employees have deferred a total of $3,097,717.98 and INI has contributed $549,528.16 in employer matches since the plan began in 1995. More than 100 employees participate in the plan today. Money deferred into the plan is not taxed until it is permanently withdrawn from the plan. Many people begin receiving payments from their 401k Plan after retirement or in later years when their annual income may be lower, meaning lower taxes are paid on the deferred money as well as on the interest it has earned during the years it was invested. Any employee who has completed one year of service is eligible, provided he/she is at least 21 years old and has worked at least 1,000 hours. To join the 401k program email inipayroll@newszap.com.