Wake North Carolina Plan de Pensiones de Beneficio Definido y Contrato de Fideicomiso - Defined-Benefit Pension Plan and Trust Agreement

• Category: Fideicomisos - Negocios
• State: Multi-State
• County: Wake
• Control #: US-1073BG
• Format: Word

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement is a retirement plan designed specifically for employees of Wake County, North Carolina. This comprehensive plan provides a secure and dependable source of income in retirement by offering a defined-benefit pension. In essence, a defined-benefit pension plan guarantees a specific monthly benefit amount to eligible employees upon retirement. This amount is determined based on a predetermined formula, taking into account factors such as years of service, average salary, and age at retirement. The plan aims to ensure that employees receive a stable income throughout their retirement years. The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement is overseen by a trusted entity, often an independent administrator or committee. This entity manages the funds contributed to the plan by both the employer and employees, ensuring that the assets are invested wisely to generate returns. These returns, along with additional contributions made over the course of an employee's career, are then used to fulfill the pension benefit commitments. There are various types of Wake North Carolina Defined-Benefit Pension Plan and Trust Agreements available, catering to the diverse needs of employees. This might include variations based on employee rank or job classification, providing different benefit structures and eligibility requirements. For example, there may be specific plans for teachers, firefighters, police officers, or other county employees. Each plan is tailored to address the unique factors that impact retirement benefits for personnel in these specific roles. The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement ensures that participating employees have a reliable and predictable source of income during their retirement years. By offering a defined benefit based on factors like length of service and average salary, employees can plan their retirement with confidence. Additionally, the plan is managed by a trusted entity to ensure prudent investment practices, safeguarding the funds and furthering the objective of providing retirement security. Overall, the Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement exemplifies the county's commitment to supporting its employees' financial well-being in retirement. By providing a reliable pension benefit through a structured trust agreement, Wake County aims to attract and retain a skilled workforce while offering long-term financial stability for its dedicated personnel.

The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement is a retirement plan designed specifically for employees of Wake County, North Carolina. This comprehensive plan provides a secure and dependable source of income in retirement by offering a defined-benefit pension. In essence, a defined-benefit pension plan guarantees a specific monthly benefit amount to eligible employees upon retirement. This amount is determined based on a predetermined formula, taking into account factors such as years of service, average salary, and age at retirement. The plan aims to ensure that employees receive a stable income throughout their retirement years. The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement is overseen by a trusted entity, often an independent administrator or committee. This entity manages the funds contributed to the plan by both the employer and employees, ensuring that the assets are invested wisely to generate returns. These returns, along with additional contributions made over the course of an employee's career, are then used to fulfill the pension benefit commitments. There are various types of Wake North Carolina Defined-Benefit Pension Plan and Trust Agreements available, catering to the diverse needs of employees. This might include variations based on employee rank or job classification, providing different benefit structures and eligibility requirements. For example, there may be specific plans for teachers, firefighters, police officers, or other county employees. Each plan is tailored to address the unique factors that impact retirement benefits for personnel in these specific roles. The Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement ensures that participating employees have a reliable and predictable source of income during their retirement years. By offering a defined benefit based on factors like length of service and average salary, employees can plan their retirement with confidence. Additionally, the plan is managed by a trusted entity to ensure prudent investment practices, safeguarding the funds and furthering the objective of providing retirement security. Overall, the Wake North Carolina Defined-Benefit Pension Plan and Trust Agreement exemplifies the county's commitment to supporting its employees' financial well-being in retirement. By providing a reliable pension benefit through a structured trust agreement, Wake County aims to attract and retain a skilled workforce while offering long-term financial stability for its dedicated personnel.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.