Savings Plan

Letter #1:
In our ongoing efforts to improve your employee benefits, we are pleased to announce that effective September 1, Monash Corporation will participate in a savings plan available to all full-time employees.

For anyone who saves at least 3% in the master retirement plan through payroll deduction each month, Monash Corporation will deposit a matching 3%. Employees may have a payroll deduction of up to 17% of their gross income each month, making a total possible tax-deferred savings each month of 20%.

The benefits office will mail further information and enrollment forms to your home address. They will also hold a meeting on August 15, to explain the program and answer questions. If you plan to participate, you must sign up before August 20.

Letter #2:
We are pleased to announce three saving plan options for all full-time employees. The following are available through payroll deduction: l) Any amount up to 17% of your salary may be automatically deposited in a tax sheltered annuity, 2) U.S. Savings Bonds may be purchased, and 3) deposits may be made into a supplemental retirement fund.

If you participate in option 1, the company will contribute an amount equal to 3% of your salary into the supplemental retirement fund.

Complete information and enrollment forms will be included with April 1 paychecks. Personnel in the Benefits Office can answer your questions.

Letter #3:
Beginning November 1, Monash Hardware will offer the Springfield Bank’s Match-Funds savings program to employees who wish to participate.

You may choose automatic payroll deductions of up to 17% of your gross income. The company will match up to 3%.

Some restrictions apply. See Jane Monash for a brochure with more detailed information and an enrollment form. If you wish to participate you must complete this form by October 15.

Letter #4:
Monash University is pleased to offer our employees a new company savings plan. In cooperation with Monash Credit Union, employees may now have money deducted directly from their paychecks and put into a special account. We have a variety of special accounts from which to choose. Please refer to the enclosed brochure for more information.

This is a relatively painless way to save, and we appreciate the credit union’s cooperation in assisting all of us in the difficult task of putting aside money for the future. If you have further questions or want to enroll in a specific plan, please call the credit union at 9845-5544.

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