Colorado 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 Colorado Supplemental Retirement Plan (CORP) is a retirement savings program available to qualified employees of the state of Colorado, designed to supplement their retirement income from the Public Employees' Retirement Association (ERA). This supplementary plan allows employees to accumulate additional retirement savings through voluntary contributions. The CORP offers various investment options tailored to the different risk tolerance and growth objectives of the participating employees. These investment options include both pre-tax and after-tax options, allowing employees to choose the most suitable contribution structure for their individual needs. One type of CORP is the Defined Contribution Plan, wherein employees contribute a percentage of their salary to the plan, up to the maximum limit determined by the Internal Revenue Service (IRS). These contributions can be made on a pre-tax basis, reducing the employee's taxable income. Employers may also contribute to this plan, matching a portion of the employee's contribution, thereby providing an additional incentive to save. Another type is the Roth Plan, which allows employees to contribute after-tax dollars to the CORP. The contributions made to this plan are not tax-deductible, but the earnings on these contributions grow tax-free. This type of plan is particularly advantageous for individuals who anticipate being in a higher tax bracket during retirement. Additionally, the CORP offers a 457(b) Deferred Compensation Plan, exclusively available to government employees, including those working for state agencies, schools, universities, and local governments. The 457(b) plan allows employees to defer a portion of their salary into the plan on a pre-tax basis, reducing their current taxable income. The contributions and earnings in this plan grow tax-deferred until withdrawal during retirement. Participants in the CORP have the flexibility to choose from a range of investment options, carefully selected by the plan administrators. These options include a diversified mix of stocks, bonds, and other investment vehicles, catering to various risk tolerances and investment preferences. The Colorado Supplemental Retirement Plan aims to provide employees with an additional source of retirement income, ensuring they can maintain their standard of living after completing their public service. It offers the flexibility and control for employees to actively manage their retirement savings, taking advantage of tax advantages and employer matches where applicable.

The Colorado Supplemental Retirement Plan (CORP) is a retirement savings program available to qualified employees of the state of Colorado, designed to supplement their retirement income from the Public Employees' Retirement Association (ERA). This supplementary plan allows employees to accumulate additional retirement savings through voluntary contributions. The CORP offers various investment options tailored to the different risk tolerance and growth objectives of the participating employees. These investment options include both pre-tax and after-tax options, allowing employees to choose the most suitable contribution structure for their individual needs. One type of CORP is the Defined Contribution Plan, wherein employees contribute a percentage of their salary to the plan, up to the maximum limit determined by the Internal Revenue Service (IRS). These contributions can be made on a pre-tax basis, reducing the employee's taxable income. Employers may also contribute to this plan, matching a portion of the employee's contribution, thereby providing an additional incentive to save. Another type is the Roth Plan, which allows employees to contribute after-tax dollars to the CORP. The contributions made to this plan are not tax-deductible, but the earnings on these contributions grow tax-free. This type of plan is particularly advantageous for individuals who anticipate being in a higher tax bracket during retirement. Additionally, the CORP offers a 457(b) Deferred Compensation Plan, exclusively available to government employees, including those working for state agencies, schools, universities, and local governments. The 457(b) plan allows employees to defer a portion of their salary into the plan on a pre-tax basis, reducing their current taxable income. The contributions and earnings in this plan grow tax-deferred until withdrawal during retirement. Participants in the CORP have the flexibility to choose from a range of investment options, carefully selected by the plan administrators. These options include a diversified mix of stocks, bonds, and other investment vehicles, catering to various risk tolerances and investment preferences. The Colorado Supplemental Retirement Plan aims to provide employees with an additional source of retirement income, ensuring they can maintain their standard of living after completing their public service. It offers the flexibility and control for employees to actively manage their retirement savings, taking advantage of tax advantages and employer matches where applicable.