REBNY Announces Independent 401(K) Plan for Members Through UBS Financial Services

-- First-of-its-kind program helps Independent Contractors who are REBNY members save for retirement --

NEW YORK, December 4, 2013The Real Estate Board of New York (REBNY) has announced the launch of a new Independent 401(k) Plan offered by UBS Financial Services, the first of its kind for REBNY members. The plan provides Independent Contractors who are REBNY members with a way to save for retirement.

“REBNY acknowledges that as an Independent Contractor, it’s challenging to find a cost efficient and effective way to fund retirement,” said Steven Spinola, REBNY president. “With the help of UBS Financial Services, we have created a way for members to set up their own retirement plan with flexibility and support from the program.”

“Traditional 401(k) plans offered to corporate employees have become the cornerstone in retirement planning,” said Christopher L. Michelsen, Financial Advisor, UBS Financial Services Inc. “Now, an Independent Contractor, who is a member of the Real Estate Board of New York can establish an Independent 401(k) Plan, which may allow them to contribute more than they could to a SEP-IRA or profit sharing plan.”

Any Independent Contractor without employees (other than a spouse) who is a REBNY member can take advantage of the plan. This includes those that have established Sole Proprietorships, S Corporations, or C Corporations.

Independent 401(k) Plan participants can save up to $51,000 pre-tax annually (given 2013 IRS limits), as compared to $17,500 allowed by traditional corporate 401(k) plans. In addition, those age 50 and above may make an additional $5,500 catch-up salary deferral.

The retirement savings solution also provides benefits exclusive to REBNY members, such as: a waiver of all plan enrollment costs through June 30, 2014 and access to a team of UBS Financial Professionals for guidance on retirement strategy.

Other advantages of the Independent 401(k) Plan include:

  • Reduction of taxable income
  • Savings for retirement with pre-tax earnings, providing a source of financial security
  • Total flexibility to decide whether to contribute to the retirement plan and by how much on an annual basis
  • Ability to borrow against retirement savings both tax-free and penalty-free
  • A wide variety of investment vehicles to choose from
  • Consolidation of retirement assets from prior plans into one easy-to-manage account

To enroll or learn more about the Independent 401(k) Plan, please contact: Christopher L. Michelsen, Financial Advisor, 212-626-8515, christopher.michelsen@ubs.com.

 

About The Real Estate Board of New York

The Real Estate Board of New York is the city’s leading real estate trade association with more than 14,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com

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