Arizona Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The Arizona Supplemental Retirement Plan (ARP) is a retirement savings program designed to provide additional financial security to employees of participating public employers in Arizona. This voluntary program offers eligible employees the opportunity to save and invest extra funds for retirement, complementing their primary retirement plan. ARP is administered by the Arizona State Retirement System (ASKS), a recognized authority in retirement planning in the state of Arizona. One of the key features of ARP is its flexibility in terms of contribution amounts. Employees can choose to contribute a portion of their salary to the plan on a pre-tax basis, allowing them to reduce their taxable income while saving for the future. This pre-tax contribution feature is highly advantageous as it helps participants maximize their retirement savings potential by deferring taxes until retirement. Another notable aspect of ARP is its investment options. The plan allows participants to direct their contributions into various investment funds offered through ASKS. These investment funds are designed to cater to different risk profiles and investment objectives, ensuring that participants can align their savings with their specific investment preferences and future goals. Additionally, ARP provides employees the benefit of portability. If a participant leaves their current employer, they can retain their ARP account and continue making contributions to their own. This portability makes ARP a sought-after retirement savings option as it allows individuals to maintain and grow their retirement nest egg even if they change jobs within the public sector. While ARP itself encompasses the primary retirement savings offering, there are two notable variations of the plan that cater to specific employee groups. These include the ARP for Elected Officials and the ARP for Correctional Officer Retirement Plan (CORP) members. The ARP for Elected Officials is an option available exclusively to elected officials serving in Arizona's state, county, and local governments. It offers unique benefits and contribution rules specifically designed to meet the retirement needs of these individuals. On the other hand, the ARP for CORP members provides a supplementary retirement savings vehicle for correctional officers who are active members of the CORP. This plan enables correctional officers to save in addition to their primary CORP retirement benefits, ensuring a more secure financial future post-employment. In summary, the Arizona Supplemental Retirement Plan (ARP) is a voluntary retirement savings program offered to employees of participating public employers in Arizona. It allows participants to contribute a portion of their salary on a pre-tax basis, providing them with tax advantages and flexibility in investment options. ARP also offers portability benefits, allowing individuals to maintain their retirement savings even if they change jobs within the public sector. In addition to the primary ARP, there are variations tailored for elected officials and correctional officers.

The Arizona Supplemental Retirement Plan (ARP) is a retirement savings program designed to provide additional financial security to employees of participating public employers in Arizona. This voluntary program offers eligible employees the opportunity to save and invest extra funds for retirement, complementing their primary retirement plan. ARP is administered by the Arizona State Retirement System (ASKS), a recognized authority in retirement planning in the state of Arizona. One of the key features of ARP is its flexibility in terms of contribution amounts. Employees can choose to contribute a portion of their salary to the plan on a pre-tax basis, allowing them to reduce their taxable income while saving for the future. This pre-tax contribution feature is highly advantageous as it helps participants maximize their retirement savings potential by deferring taxes until retirement. Another notable aspect of ARP is its investment options. The plan allows participants to direct their contributions into various investment funds offered through ASKS. These investment funds are designed to cater to different risk profiles and investment objectives, ensuring that participants can align their savings with their specific investment preferences and future goals. Additionally, ARP provides employees the benefit of portability. If a participant leaves their current employer, they can retain their ARP account and continue making contributions to their own. This portability makes ARP a sought-after retirement savings option as it allows individuals to maintain and grow their retirement nest egg even if they change jobs within the public sector. While ARP itself encompasses the primary retirement savings offering, there are two notable variations of the plan that cater to specific employee groups. These include the ARP for Elected Officials and the ARP for Correctional Officer Retirement Plan (CORP) members. The ARP for Elected Officials is an option available exclusively to elected officials serving in Arizona's state, county, and local governments. It offers unique benefits and contribution rules specifically designed to meet the retirement needs of these individuals. On the other hand, the ARP for CORP members provides a supplementary retirement savings vehicle for correctional officers who are active members of the CORP. This plan enables correctional officers to save in addition to their primary CORP retirement benefits, ensuring a more secure financial future post-employment. In summary, the Arizona Supplemental Retirement Plan (ARP) is a voluntary retirement savings program offered to employees of participating public employers in Arizona. It allows participants to contribute a portion of their salary on a pre-tax basis, providing them with tax advantages and flexibility in investment options. ARP also offers portability benefits, allowing individuals to maintain their retirement savings even if they change jobs within the public sector. In addition to the primary ARP, there are variations tailored for elected officials and correctional officers.