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| INVESTMENTS |
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| Social
Security Benefits |
In addition to the benefits provided by the Valassis Retirement Savings
Plan you may be eligible for Social Security benefits. Social Security
benefits may be payable at retirement (as early as age 62) or in the
event of your death or disability. Together, the Valassis retirement
program and Social Security can provide a substantial part of your total
retirement income.
Your Social Security benefits are based on earnings that are subject
to Social Security taxes (FICA) and are funded by the FICA taxes that
you and Valassis (and most other employers that you may have worked
for) pay. Valassis pays half of the taxes; you pay the other half by
payroll deduction.
Each year, you should receive a Personal Earnings and Benefit Estimate
Statement from the Social Security Administration that shows the calculation
of your Social Security benefit based on your earnings history and other
assumptions (e.g., your future earnings, your age at retirement). These
statements are sent out just before your birthday.
If you are married, your spouse will also become eligible for a Social
Security benefit equal to about one-half of your benefit when he or
she reaches Social Security retirement age. Your spouse may also receive
a reduced benefit as early as age 62. If your spouse is eligible for
a Social Security benefit greater than yours based on his or her own
earnings, then the higher amount would be payable.
Social Security benefits are not paid automatically. You should apply
at your local Social Security office at least 90 days before you want
payments to begin.
For more information about Social Security or to request a benefit
estimate, call the Social Security office at 1-800-772-1213. You may
also log on to the Social Security Administration Web site (www.ssa.gov).
 
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