By Sheryl Smolkin

I retired early and elected to start receiving my Canada Pension in 2010 at age 60. As I result my pension was reduced by 30% (.5% for every month prior to age 65) and I currently receive $675.20/month. At the time, the general consensus among many financial advisors was based on the old adage, “one in the hand.” In other words, it was worth taking the reduction to receive the reduced benefit for five extra years.

With changes made to the program beginning in 2012, if you choose to take CPP early, the reduction is greater. For example, if you retire in January 2015 at age 60, your pension will be reduced .58% for every month prior to your 65^th birthday (to a maximum of 34.8%) and a January 2016 retirement will lead to a reduction of .60% per month until age 65 (a total reduction of 36%).

For a recent Toronto Star article, Some math on taking CPP early or late, Adam Mayers asked two actuaries and a financial planner for a few rules of thumb readers could use. Although there isn’t a simple one-size fits all answer, here is what they told him:

• If you need the money to live on, take it as soon as possible.
• If you have health problems or have a family history of short life spans in retirement, take it as early as possible.
• If you think you can invest the money and come out ahead take it early. But be warned you will need a pretty hefty rate of return because you will pay tax on the pension and tax on the profit unless you can put it into an RRSP or a Tax-free savings account (TFSA).

I particularly like how Retire Happy blogger Jim Yih approached the problem in Taking CPP early: The new breakeven points.  Here is the chart he created for 2015.

Yih’s table reveals that if you take CPP at age 60 in 2015, (assuming you qualify for the maximum CPP at age 65) your benefit will be $643.31/month (reduced from $986.67).

Alternatively, if you wait until age 65 to collect a higher amount, you are foregoing the $38,598.53 to get more in the future. It will take until age 74 (the breakeven age) to make up the $38,598.53 you left on the table.

If you think you will live past age 74, the math suggests you should wait until age 65 or later to start receiving CPP. Unfortunately no one knows how long they will live. However, the Canadian Business Life Expectancy Calculator is one way to get a rough idea if you will live to a ripe old age. For example, I am currently age 64 and the calculator says I will live to 87.01 years.

You can apply for CPP at age 60, but if you continue to earn income beyond that age, you will still have to make CPP contributions until at least 65. A self-employed person will have to make both the employer and employee contributions. After age 65, CPP contributions are optional to age 70.

As noted by government benefits expert and consultant Doug Runchey in an earlier blog on savewithspp.com, CPP post-retirement benefits are actually quite a good deal. A Service Canada PRB Calculator will help you calculate how contributing after you begin receiving CPP benefits but before you stop working will increase your CPP benefits at retirement.

Based on your age, financial situation, projected life expectancy and whether you intend to keep working for some period of time after you retire, your financial planner can help you decide what the best time is for you to apply for CPP.

By Sheryl Smolkin

Well, one more week and RRSP season will be over for another year. But that doesn’t mean you should forget about contributing to your retirement savings plans including SPP for another 12 months.

In the three+ years savewithspp.com has been up and running, we have posted many blogs about the importance of paying yourself first and the mechanics of retirement saving in Saskatchewan Pension Plan, RRSPs or TFSAs.

Here are some of my favourites you can take a look at again to refresh your memory.

Pay yourself first
Save early, save often
FAQ: Employer-sponsored Sask Pension Plan
Can my spouse join SPP?
Why transfer RRSP funds to SPP?
What if I move away from Saskatchewan?
How do I know my SPP money is in good hands?
Pension Plan vs. RRSP?
SPP or TFSA?
Retirement savings alphabet soup
Understanding SPP annuities
Book Review: RRSPS THE ULTIMATE WEALTH BUILDER
How much can I contribute to my RRSP?
How to save for retirement, Parts 1, 2 and 3

You may also want to review some of these posts written by some of our favourite bloggers:

Retire Happy: RRSP Quick Facts 2015
Boomer & Echo: A Sensible RRSP vs TFSA Comparison
Canadian Personal Finance Blog: Pensions and Spousal RRSPs
Brighter Life: Six things you may not know you can do with your RRSP
Forward Thinking: Bruce Sellery on how to get excited about your RRSPs

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Four years ago I wrote an article for the Toronto Star about the Saskatchewan Pension Plan called Is this small pension plan Canada’s best kept secret? Subsequently I was asked to help SPP implement a social media plan and started blogging weekly on savewithspp.com.

I learned that the plan is open to anyone between ages 18 and 71 who has registered retirement savings plan contribution room, regardless of where they live in Canada.

Although I receive a defined benefit pension and save in a personal RRSP, TFSA and unregistered investment account, I decided to open an account with SPP and encouraged my husband and other family members to also join the plan.

Here are five of the reasons why I decided to join SPP and continue to make regular contributions:

1. Contributions: SPP members with employment income can contribute up to $2,500/year. Because I have incorporated and my company pays me dividends and not salary, I do not have RRSP contribution room. However, I can transfer in $10,000/yr. from my personal RRSP. I take full advantage of this feature.
2. Professionally managed money: I read and write about how to invest retirement savings every day. Yet I still don’t always feel confident making major investment decisions. I like that my contributions to SPP are managed by investment professionals. Investments are also reviewed quarterly by five appointed trustees who care about putting returns in my pocket. One-third of SPP trustees are members.
3. Investment fees: Fees can make a huge difference in the amount of money I accumulate in the plan. SPP has NO extra fees. There are no fees to join, change, start, increase or decrease contributions. The only fee charged is a management fee that typically averages 1%. This fee pays all professional and operating expenses of the plan.
4. Investment returns: SPP returns are solid. There will always be fluctuations in market returns from year to year but I’m in it for the long haul. In 2014 the Balanced Fund earned 9.1% and over SPP’s 29 year history average earnings have been a healthy 8.1%.

Fund return history
	Balanced fund %	Short-term fund %
2014	9.10	0.64
5 year	8.21	N/A
10 year	5.63	N/A
29 year**	8.16	N/A
** Return since the inception of SPP.

5.  Annuity purchase: Members can elect to transfer out SPP savings into a locked-in retirement account (LIRA) after age 55 and convert their LIRA into a registered retirement income fund (RRIF) no later than the end of the year they turn 71. They can also transfer the money directly into a prescribed RRIF. But I will probably opt for an annuity purchased from the plan at age 71 that will pay me a monthly income for life with a survivor pension for my husband. I like the idea that this will generate another stream of predictable income to support me when I’m retired.

Also read:
Understanding SPP annuities

Have you started saving with SPP yet? Have you made your 2014 contribution? It’s easy but if you need help you can call 1-800-667-7153 a real person in Kindersley, Saskatchewan will always answer your call.  You can also find out more about the SPP here and here.

By Sheryl Smolkin

The days are getting a little longer, Valentine’s Day was this past Saturday and in Alberta, Ontario and Saskatchewan it’s a long weekend. So there is lots to be happy about in spite of the never-ending winter.

But politicians who commit serious crimes won’t be happy because the Bill to revoke politicians’ pensions passed in the House of Commons would apply to future occasions when an MP or senator is convicted of crimes such as bribery or fraud. But politicians convicted of murder or distributing child pornography would not be affected. What am I missing here?

J. Money from Budgets are Sexy lists some of the guilty pleasures that he spends money on and those he items he rarely wastes money on like vending machine snacks, Uni-Ball EYE Rollerball Pens and yard sale splurges. A “no-spend month” and having kids helped him realize what’s really important in life.

Mr. Frugal Toque on Mortgage Freedom is a guest blog on Mr. Money Moustache. A year after the author paid off his mortgage he is happy he has stuck to his plan.  RRSPs topped up. Check. TFSAs maxed out. Check. And the family’s overall consumer spending has not increased.

On Personal Dividends, Miranda Marquit asks the age-old question Can Money Buy Happiness? She acknowledges y that you don’t need to live an extravagant lifestyle to be happy. However, she says that doesn’t mean that money has nothing to do with happiness. Financial security can have a lot to do with how great you feel.

And finally, if you are apprehensive about retirement or you had to take early retirement sooner than you expected, a year from now you may be happier than you could ever imagine. Why? Retirement could be your gateway to a new job says Susan Yellin on Brighter Life.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Saving for retirement or any other important goal like a home purchase or your child’s education is not easy. But if you are able to deduct your annual contributions from taxable income and/or accumulate investment earnings tax-free, the balance in your accounts will accumulate much faster.

Most Canadians have heard about and save in at least one of the following registered accounts: Registered Retirement Savings Plans (RRSPs), pension plans, Tax Free Savings Account (TFSAs) or Registered Educational Savings Plans. But many may not be aware of exactly how much money they can contribute to these programs annually or carry forward to future years.

RRSP/Pension Plan 
In 2014 you can contribute 18% of your income to a defined contribution (DC) pension plan to a maximum of $24,930. RRSP contributions are based on your previous year’s earnings (2013 earnings for 2014 contributions). As result of the one year lag, maximum RRSP contributions for 2014 are $24,270.

In order to contribute up to $2,500/year to the Saskatchewan Pension Plan (SPP), you must have RRSP contribution room. Maximum permissible defined benefit (DB) pension plan contributions are calculated per year of service, and reduce your DC plan or RRSP contribution room.

RRSP and pension plan contributions are tax deductible and the contributions accumulate tax deferred. However, you do not have to take a deduction for RRSP contributions in the year you contribute. You can wait until a later year when your earnings are higher and if you do, the tax savings will be greater.

Unused RRSP contribution room can also be carried forward to use in any future year. And you can still catch up even if you are retired. For example, if you have unused RRSP contribution room from past years and funds are available, contributing to your own or your spouse’s RRSP is allowed up until the end of the year the plan holder turns age 71. However, you cannot contribute to an RRSP for a person (yourself or your spouse) who already turned age 71 in the previous year.

Unlike DB or some DC pension plans (i.e. SPP), funds in your RRSP are not locked in. That means you can take money out at any time subject to paying taxes on the money in the year of withdrawal.  But it is important to remember that once you withdraw money from your RRSP the contribution room will not be restored and you lose the benefit of future compounding on the amount of the withdrawal.

If tax-free withdrawals are made under the RRSP Home Buyers’ Plan or Lifelong Learning Plan, you will eventually be liable for taxes on the money if you do not pay back the principal over a prescribed period.

Tax-Free Savings Account
The TFSA is a flexible, registered savings account that first became available to Canadians in 2009. From 2009 to 2012 maximum annual contributions were $5,000/year. Based on indexation due to inflation, the annual contribution maximum was increased to $5,500 in 2013. 

A TFSA can be used to enhance retirement savings or to accumulate money for other goals. Contributions are not tax-deductible but savings grow tax-free. If you make a withdrawal from your TFSA, the contribution room is restored in the year following the year you take money out. Unused contribution room is also carried forward.

Because withdrawals are tax free and contribution room is restored after a withdrawal, a TFSA can be an ideal place to stash your “emergency funds.” Another benefit of a TFSA is you can continue to make contributions indefinitely, unlike RRSP contributions which must end after age 71.

An additional attractive feature of a TFSA is that neither income earned within the plan nor withdrawals affect eligibility for federal income-tested government benefits and credits such as Old Age Security, the Guaranteed Income Supplement and the Canada Child Tax Benefit.

Also read:
SPP or TFSA?
TFSA or RRSP? Try these five tests 

Registered Educational Savings Plan
A Registered Educational Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. Unlike an RRSP, contributions to an RESP are not tax deductible. However, investment earnings accumulate tax-free in the plan. When money is paid out of the plan it is taxable in the hands of the student, who typically will be in a lower income bracket than the parent or other contributor.

There is no limit on annual RESP contributions but there is a lifetime maximum of $50,000 per child. However, there are annual and lifetime maximums on the Canadian Education Savings Grant (CESG) available for eligible beneficiaries under the age of 18.

The federal CESG matches 20% on the first $2,500 (maximum of $500) contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. The grant proceeds are invested along with your contributions, further enhancing the benefits of tax-deferred and compound investment growth within your plan.

A $500 Canada Learning Bond (CLB) is also provided for children of families who are entitled to the National Child Benefit Supplement (net family income of $44,701 in 2015) and who are born after December 31, 2003. These children also qualify for CLB instalments of $100 per year until age 15, as long as they continue to receive the National Child Benefit Supplement. The total maximum CLB payable per child is $2,000.

CLBs are allocated to a specific child; unlike CESGs, they cannot be shared with other beneficiaries. There is no requirement to make contributions in order to qualify for the CLB.

Adding it all up
Over the years RRSP/pension savings limits have crept up and with the introduction of TFSAs in 2009, Canadians have another tax-effective way to save. RESPs are particularly attractive vehicles for educational savings as the federal government offers CESG grants and the Canada Learning Bond as further incentives for saving.

Understanding annual savings limits for all of these registered plans will help you to budget and save the maximum affordable amount every year in the most tax-effective way. Any unused savings room that can be carried forward will come in handy as your income increases or if you ever need to tax shelter a lump sum such as the proceeds of a severance package or capital gains on the sale of a property other than your principal residence.

By Sheryl Smolkin

Well it actually reached +1 degree yesterday and I had a “spring” in my step. However its back to -15 plus who knows what wind chill, so I’ve had to downsize my expectations and put on another layer. Even in his new sweater, our cockapoo Rufus says it’s too #’%!@ cold to stay out for long.

By the way, if you’ve never watched the Rick Mercer clip RMR: Seven Day Forecast – YouTube, it’s a “must see” that will warm up your day.

I’ve just discovered Patricia Gass’s blog Let’s talk About Money. If you are close to retirement or already there, you will enjoy her Reflections From The Early Days Of Spending In Retirement, Part 1 and Reflections From The Early Days Of Spending In Retirement, Part 2. She says running out of money in retirement is NOT an option, especially for the “conservative accountant” in her.

On a similar theme, Kira Vermond from the Globe and Mail writes about Personal financial rules that help stop you from spending too much money. Many of us play simple mind tricks on ourselves and create rules to save money, whether at the checkout counter or in our bank account. How about the Costco customer who decides she will forgo a push cart while shopping there so she’s not tempted to overspend? Her rule: If she can’t lift it, she won’t buy it.

Don’t Buy A Pre-Sale Condo. Ever. says Nelson Smith on Financial Uproar. His blog was triggered by story in the Toronto Star this week about local home buyers who put a $40,000 deposit on a condo in 2011 and four years later got their deposit back, but no condo because the developer decided to convert it to a rental building.

Mr. CBB on Canadian Budget Binder writes about a Free Trial Offer that Cost a Woman $232 in Credit Card Charges. It seems that she paid $12.00 U.S. for a couple of bottles of diet pills to help get off her post-baby weight. However, she didn’t read the fine print and she was charged $116 twice on her credit card which pushed it over her $500 credit limit. So don’t believe everything you read unless you read everything, and remember rarely, if ever, is there a free lunch.

And if you are still wondering How the Bank of Canada rate cut will affect consumers, wonder no more. Brighter Life editor Brenda Spiering says its bad news for interest-based savings accounts and GICs. But it’s good news for variable rate mortgages and lines of credit.

As for vacations, with the loonie in the cellar and low fuel prices, Rob Carrick at the Globe and Mail says this is the year for a big road trip in See Canada and save money. I think he is onto something. Beautiful Saskatchewan, here I come….

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

 

Hi, today I’m very pleased to be talking to Katherine Strutt, General Manager of the Saskatchewan Pension Plan. Since I first spoke to Katherine for savewithspp.com in December 2010, she has been featured numerous times in print, on radio, and on TV.

But when I realized it’s been four years since I formally interviewed her, I decided it was time to ask Katherine to bring savewithspp.com readers up to date on some more recent SPP developments.

Welcome, Katherine.

Thanks a lot, Sheryl.

 Q: Katherine, how many people are SPP members, and how much money is in the plan?
A: Well, we’ve had a real growth spurt over the last few years. We now have just over 23,000 contributing members and approximately 10,000 retirees. So our total plan membership is 33,332. And these members collectively have $403.8 million in assets. So we’ve had a real growth spurt.

Q: I see from your 2013 annual report that 1,415 new people joined SPP and 801 people transferred funds from existing retirement savings to their SPP account. I was one of them. Has the plan continued to grow at the same rate in 2014?
A: We want to reach a target of 1,500 new members in 2014. As of mid-December we had 1,228 people joining so far this year so we may not quite get to the 1,500 mark, but we’re going to be very close. And in terms of people transferring money in, 981 members have transferred in, so we’re past the limit that we had last year and still growing. We anticipate that that will continue to the end of the year.

Members had until December 31 to transfer money in for 2014 because it’s on a calendar year basis. But in terms of contributions, they can make their 2014 tax year contributions up until March 2, 2015. 

Q: Now I know there have been more middle-aged or older plan members. Are you starting to see the younger people waking up and realizing that they should start saving earlier?
A: Well, the average age last year was around 42 years old, and now it’s down to 40. So that two year drop may not seem like it’s a lot, but it is because that means that we are getting the younger members in.

It’s always a struggle to attract younger members because I don’t think eighteen-year-olds ever think they’re going to be sixty-five and they have other financial priorities. But I believe we’ve made some inroads by advocating they “start small and start now.” You know, you don’t have to wait until you’ve got a lot of money to invest. A little bit consistently saved is the answer.

Q: Because the annual maximum SPP contribution is $2,500, most people have additional RRSP contribution room. Why should they belong to both the SPP and a personal RRSP instead of concentrating all their savings in their own or their company RRSP?
A: That’s a really great question, Sheryl, and we get members who ask that as well. We tell them that the SPP gives members access to top money managers they may not be able to access on their own. SPP also gives members a strong investment product at a very low price. The costs of running our plan are around one percent or less, and this compares to fees in a retail mutual fund that can be anywhere between two and three percent.

So many members tell us that they wish they could put more money into their account because they see value in the product. However, if they have more than the $2,500 contribution room, a lot of them typically contribute both to SPP and to a personal RRSP in order to get the maximum value from their SPP investment.

Q: Employers can offer SPP as a retirement savings option to their employees. Tell me how that works.
A: Employers can set up an SPP pension plan and allow their employees to contribute via payroll deductions. We work with both the employer and the employees to establish the plan at the workplace, and then we handle all the paperwork and communication. SPP makes it so simple for both the employer and the employee to be part of it because we have a dedicated team at our office to help employers. Gail Genest, our Manager of Business Development, works with many companies to help set up SPP in workplaces. So anyone, employer or employee, who would like a presentation about SPP should contact our office.

Q: How many Saskatchewan companies are taking advantage of this easy way to help their employees save for retirement?
A: We saw about a 7% growth in 2014, so I think that’s a testament to Gail getting out there and talking to businesses and creating some awareness. We currently have 303 employers with just over 1,500 employees who are taking advantage of SPP through their workplace. It’s also available on the payroll platform.

Q: You did some interesting research in April 2014 around how important a pension plan is for attracting and retaining employees. Why did you conduct this study and what did you learn from the results?
A: We really wanted to know what employers and employees thought about saving for retirement partly as a way of helping us frame our message to these groups. And we learned that the expectations of the two groups are quite different.

For example, 57% of employees surveyed said a pension plan is very important in deciding a new career opportunity. They also ranked pension plans as more important than cash bonuses. But because employers assumed the opposite there was a disconnect between what employers thought their employees wanted and what employees really wanted.

We also found (not really surprisingly) that only 12.5% of employers surveyed offered a pension plan. Those that offer plans do so because they feel it’s the right thing to do and as a way of attracting potential employees. Most companies that don’t offer a pension plan cited the cost as the main reason.

Q: How would you respond to small employers who say they can’t afford to set up a pension plan because it’s too expensive and too time consuming to administer?
A: Well, it certainly doesn’t have to be that way. Using SPP as an example, it’s very easy to set up. We handle all the paperwork, and the employer simply establishes the payroll deduction and the payment schedule. We handle the employee signup, the questions, the distribution of the tax receipts and statements. I think we take the complexity out of the equation and allow employers, no matter how small, to set up a pension plan. Furthermore, in discussions with employers, we found that offering a pension plan is a very important tool in retaining and attracting staff, especially for the small employer. I think a lot of people don’t expect a small employer to be able to offer a pension plan so it’s a way of helping them distinguish themselves from their competitors.

Q: Do you have sort of a ballpark number of your employers who put some money into the plan to employee contributions? 
A: That’s truly anecdotal because we don’t track that, but I would say half or more.

Q: What happens if someone joins SPP planning to contribute, let’s say, $200 a month but can’t afford to continue contributing for a few months because his car broke down or he loses his job.
A: Life interferes, right? And again, I would have to say that SPP is very flexible in that regard. So contributions can be changed, stopped or started by a member at any time. We know the best approach is to keep contributing, but sometimes it’s just not part of the game plan, and SPP can accommodate those circumstances very easily.

Q: Who determines how members’ contributions are invested, and how can members be sure their money is safe?
A: The plan is governed by a board of trustees, and they are responsible for setting the investment policy and hiring the investment managers. They work with an external consultant to review the investment policy on at least an annual basis, sometimes more often. The board also reviews the managers’ performance on at least a quarterly basis.

Furthermore, we have administrative staff who are monitoring investment performance, and the board reviews it as well. Within the investment policy, the Board has implemented both quality and quantity guidelines. This is a way of reaching the goal of strong returns while controlling risk. Finally, the investment managers invest in companies of the highest quality.

Q: Are there any plan changes or enhancements on the drawing board you can talk about?
A: Well, we’re always looking at our web services and seeing what enhancements we can make in that area. For instance, we often get members looking for their tax receipts or statements online, and we’re certainly looking at how we can enhance that online experience, but only as we can afford it.

We are very mindful that we are dealing with member funds and we must keep expenses as low as possible so that more can be returned to member accounts.

Q: If readers want to find out more about the plan and fund performance, what sources of information are available to them?
A: We have a number of sources: obviously our website, saskpension.com, our blog, savewithSPP.com and our toll-free line 1-800-667-7153, which is available all across Canada. We also encourage members to sign up for our monthly newsletter which is another source of ongoing information.

Q: Thank you very much for talking to me today, Katherine.
A: My pleasure, Sheryl.

—
This is an edited transcript of a podcast recorded on December 14, 2014.

 

By Sheryl Smolkin

It was the dead of winter in my neck of the woods last week, but that didn’t stop bloggers and personal finance writers across the country from writing and tweeting to stay warm. In particular, the blogosphere was buzzing about the “first world problems” of Vancouver couple  Eric and Ilsa (a doctor and a dentist) with five kids and earning potential of $450,000/year who can’t make the numbers work to build a house in pricey Vancouver.

In a disconcerting column in the Globe and Mail, Gail Johnson wrote about every homeowner’s worst nightmare. Fred Weekley, the mayor of the district of Katepwa Beach in Saskatchewan managed to intercept a fraudulent transfer of the title of his family home, but others seniors with paid up homes have not been so lucky.

On MoneyWise, Sean Cooper wrote Turning an RSP Into Income: My Mom’s Story. Like many baby boomers, Maureen found herself ‘house rich, cash poor’. After working so hard to pay down her mortgage she wasn’t too keen on a reverse mortgage, so she sold her house for top dollar and moved to a low maintenance, less costly condo.

Many bloggers make a career out of passing on their tips for living frugally, Barry Choi on Money We Have talks about Money Well Spent for a change. I agree that travel and eating out (if you can afford it) are two of life’s great pleasures. We also have a Kitchen Aid Mixer, but I have never felt the need for a Vitamix.

If you are wondering what the drop in the Bank of Canada’s lending rate to .75% this week could mean for your finances, take a look at Tim Shufelt’s piece in the Globe and Mail The winners and losers following the Bank of Canada’s surprise rate cut.

And for all of you who have been day-dreaming about a new car but realistically need to stick with your current vehicle for a few more years, Stephen Weyman on HowToSaveMoney.ca gives helpful hints on How to make your new car last forever. A good rust-proofing job, finding the right mechanic, knowing how much car repairs should cost and buying your own parts for up to 90% off will help.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.