24.01.2015 Views

LDA Journal - Louisiana Dental Association

LDA Journal - Louisiana Dental Association

LDA Journal - Louisiana Dental Association

SHOW MORE
SHOW LESS
  • No tags were found...

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

<strong>LDA</strong><br />

feature<br />

Jennifer Ballard, Account Executive, LA Deferred Compensation Plan<br />

LA Medicaid Providers: Increase Your Retirement Savings<br />

and Save Extra Tax Dollars<br />

Medicaid providers in <strong>Louisiana</strong> are considered<br />

“Independent Contract Workers” for the State<br />

of <strong>Louisiana</strong> and as such are allowed to participate<br />

in the <strong>Louisiana</strong> Deferred Compensation Plan (IRC<br />

Section 457). This plan allows for additional pre-tax<br />

salary deferral contributions up to certain annual<br />

limits. (The limits for 2007 are $15,500 and $20,500<br />

if age 50 and over.) Individuals are allowed to contribute<br />

the maximum to this plan in addition to contributing the<br />

maximum to any other type of retirement account<br />

(IRA, 401k, etc.).<br />

All Medicaid providers<br />

must receive compensation<br />

payable to their individual<br />

tax ID or social security<br />

number in order to be<br />

eligible as “independent<br />

contractors” in the<br />

<strong>Louisiana</strong> Deferred<br />

Compensation Plan.<br />

There is a short enrollment<br />

application that needs to be completed<br />

and submitted by fax or mail to LA Deferred<br />

Compensation in order to establish an account. Medicaid<br />

will pay LADCP directly until the physician has reached<br />

his/her annual limit. The money that has been sent to<br />

LADCP will not be included as taxable income to the<br />

physician for that calendar year.<br />

Once enrolled, participants may utilize Managed<br />

Accounts, the Plan’s default investment option. He/she<br />

may elect to opt out of the service and choose one<br />

or a combination of investment options that are available<br />

within the Plan. For more information on the Plan’s<br />

investment options, visit the Web site at<br />

www.<strong>Louisiana</strong>DCP.com.<br />

If you would like to enroll or have any questions,<br />

contact Jennifer Ballard at jennifer.ballard@gwrs.com<br />

or 225-926-8082, ext. 1009, or 800-345-4699, ext. 1009. t<br />

www.ladental.org<br />

Fall 2007 33

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!