The American Numismatic Association webcast a board of governors meeting on Tuesday morning. I wrote a story for Numismatic News that focused on a budget that was not passed.
I mentioned that ANA has established a new 401(k) plan for its employees effective Jan. 1, but it was in a summary list of board actions.
Details were put in my hands yesterday afternoon by ANA Treasurer Larry Baber and Jake Sherlock, the ANA’s marketing and communications director.
All ANA employees will have an amount equal to 4 percent of their salary or wages contributed annually by ANA to their accounts. This will happen whether or not the employee elects to make any contributions at all.
If an ANA employee chooses to contribute to his or her 401(k) account, the ANA will match that contribution dollar for dollar up to 3 percent of the employee’s income.
Bottom line, an ANA employee can put aside 10 percent of his or her annual income while actually only contributing 3 percent of it.
Participation in the plan begins when an employee is hired and the amount contributed by the ANA is 100 percent vested after one year.
ANA has hired a Littleton, Colo., company called 401(k)2 to administer the plan.
Baber said the board of governors wants to make sure that employees are taken care of.
I am not a financial adviser, but it strikes me that the board has gone a long way toward that goal with this new plan.
Buzz blogger Dave Harper is winner of the 2013 Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."