Page 22 - 2021 Spencer Bristol Benefits Guide

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Determine your pre-tax 401(k) contribution rate.

Contributing 3% is a good start. However, experts agree that most people will need
to contribute at least 10% of pay to meet their income needs throughout retirement.
The tools on your plan website can help you decide how much to save.

Make sure you’re saving enough.

If your target seems out of reach, our annual auto-increase service can help you
get there gradually. Participants should evaluate their ability to continue the auto-
increase service in the event of a prolonged market decline, unexpected expenses,
or an unforeseeable emergency. If you’ll be at least age 50 this year, you may
be able to make extra “catch-up” contributions above the regular IRS limit.

Understand pre-tax 401(k) and Roth contributions.

You may save with traditional before-tax dollars, after-tax Roth dollars or a
combination of both, up to the overall IRS annual limit of $19,000 (plus the $6,000
catch-up contribution if you are 50 or above in the current plan year). In general,
which to do depends on whether you think you’ll be in a high or lower federal tax
bracket when you withdraw your money than you are now. The Roth calculator
on your plan website can help you determine which may be right for you.

Accessing Your Retirement
Accounts Online

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Accessing Y our Retir ement Accounts Online
Accessing Your Retirement Accounts Online
First-time users

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Login at gray.trsretire.com • Select “New User? Get started now.”
• Follow instructions to establish a
ning users
First-time users
First-time users Returning users
Retur customer ID and password.
o your account by ent
Sign int
• Sign into your account by entering
• Select “New User? Get started now.” • Returning users ering
• Select “New User? Get started now.”
your customer ID and password.
your cust omer ID and passwor d.
• Sign into your account by entering
• Follow instructions to establish a
• Follow instructions to establish a your customer ID and password.
• Click on the name of the
customer ID and password.
customer ID and password. • Click on the name of the
• Click on the name of the
o access.
account you want t
account you want to access.
account you want to access.
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