The California Employees Savings Thrift Plan is a retirement savings plan designed for employees of the state of California. It aims to provide a tax-advantaged and convenient way for California state employees to save for their future. These savings plan offers several investment options, allowing employees to choose how their contributions are invested. The plan is administered by Callers (California Public Employees' Retirement System), which is one of the largest pension funds globally. The California Employees Savings Thrift Plan offers two main types of accounts: the Defined Contribution (DC) Plan and the 457 Deferred Compensation Plan. 1. Defined Contribution (DC) Plan: This type of plan allows employees to contribute a portion of their salary on a pre-tax basis. The contributions made by employees are invested in various investment options such as stocks, bonds, and mutual funds. The investment returns and account balance accumulate tax-deferred until retirement. Employee contributions are typically matched by the employer, making it an attractive option to maximize retirement savings. 2. 457 Deferred Compensation Plans: The 457 plan is a voluntary supplementary retirement plan that allows employees to save and invest additional income on a pre-tax basis. Employees can choose from a selection of investment options tailored to their risk tolerance and retirement goals. Withdrawals from the 457 plan can be made penalty-free after the age of 59.5, and taxes are paid only when the funds are withdrawn. The California Employees Savings Thrift Plan provides employees with the flexibility to contribute a portion of their salary to the retirement plan, helping them build a robust nest egg for their post-retirement needs. These plans enable employees to take advantage of tax benefits while systematically saving for their future. Note: It is important to consult the official websites or seek advice from a financial professional to obtain the most accurate and up-to-date information regarding the California Employees Savings Thrift Plan.
California Employees Savings Thrift Plan
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