Because we know retirement is important to you, we’re introducing a new initiative – Retirement Matters. Health, finances and planning all come into play when thinking about retirement. Retirement Matters provides resources and education to help you bring it all together and prepare for a healthy retirement.
How the medical plan and Health Savings Account works
When you enroll in the medical plan, a bank account called a Health Savings Account will be opened in your name if you are eligible. You will own and control this account for your health care expenses.
|For 2018, Eastman contributes to your account by mid-January:
You can contribute in pretax deductions from your paycheck up to:
|Your account earns interest, and once you reach $2,000, you can invest anything over that amount in a variety of investments.
Money can be withdrawn from investments for eligible expenses at any time without fees or penalties.
|You can use the money in your account for eligible health care expenses now or at any time in the future.
Money you don’t use rolls over each year, helping you grow the amount in your account for the future.
|You pay less in taxes from your paycheck now.||You don’t pay any taxes on earnings.||You don’t pay taxes on the money from the account used to pay qualified medical expenses.|
|You can start, stop or change the amount of your payroll contributions at any time.||The balance in your account rolls over from year to year, even if you change plans or leave Eastman.b|
aThese limits could be changed by future IRS announcements.
bEastman’s contributions to your account and payment of all administration fees stop when you leave the company or retire.
The Eastman Investment and Employee Stock Ownership Plan (EIP) is a combination of a tax-qualified 401(k) plan and a tax-qualified Employee Stock Ownership Plan (ESOP) that can help you prepare financially for retirement.
Make sure you are making the most of this important benefit.
|2017 IRS limit|
|Less than 50 yrs old||
|50 yrs old or older||
Now may be a great time to review your retirement portfolio investment mix and performance to make sure you’re on track to meet your goals.
Consider contacting a Fidelity Planning and Advice Professional by phone or through one of their investment centers, or contact a financial advisor of your choice to help you through any rebalancing investment activities.
myFiTage is all about you.
It’s a secure, strategic online tool that estimates the first year your retirement resources are projected to cover your living expenses for the rest of your life. It factors in your health, savings, income and more to illustrate how many factors may impact your retirement. Unlike other tools that tell you the dollar amount you need to save, myFiTage tells you the age you can reasonably expect to retire based on where you are today and how changing behaviors may lower or improve your FiTage based on certain assumptions.
Check it out!
For an informative video, visit http://www.brainshark.com/tw/vu?pi=zGVz7T6vPzEDNmz0.
Find out your FiTage at https://fs3.eastman.com/idp/startSSO.ping?PartnerSpId=https://myfitage.towerswatson.com or by logging on through MyEastman under Personal Zone.
Get started by selecting, "Let FiT Coach℠ do the work" on the homepage. You will then be directed to the "Suggestions" section where you can scroll through suggestions for you to consider to lower, or improve, your FiT Age based on your information in the tool. Select "see details" within each suggestion to learn why this action will help and how to do it. Then, you can add it to "my Plan." A good first step after reviewing the suggestions is to select "see details" in "count your nest eggs" so you can review your data in the tool — this is the "my Data" section — and add additional information for an even more accurate FiT Age.
After you’ve reviewed and updated the "my Data" section, click "Learn" to see your updated FiT Age based on everything you entered in "my Data." Then, click the "my Needs" tab to learn how much money you will need to maintain your standard of living and how your needs are calculated in myFiTage.
Then, model different changes in the "What If" section so you can see how certain behavior changes may impact your FiT Age. Use the FiT Coach within each section of "What If" to receive specific items to consider on how you can lower, or improve, your FiT Age. Finally, go to "my Plan" to see what your retirement-readiness situation looks like and the key actions you can take.