District of Columbia 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 District of Columbia Supplemental Retirement Plan (DC SRP) is a retirement savings program designed to provide additional financial security to employees of the District of Columbia government. It is a valuable benefit offered by the district to its eligible employees. The DC SRP aims to supplement the primary retirement plan available to district employees, such as the District of Columbia Retirement Plan (DCR plan) or Federal Employee Retirement System (FEES). It enables employees to contribute a portion of their salary on a pre-tax basis, allowing for potential tax advantages and helping to grow their retirement savings over time. One significant advantage of the DC SRP is its flexibility. Eligible employees can choose from various investment options offered within the plan. These options include both stocks and bonds, providing a range of risk levels and potential returns to suit individual preferences and goals. Contributions to the DC SRP can be made via regular payroll deductions. Employees can allocate a specific percentage or a fixed dollar amount of their earnings toward the plan, ensuring effortless and consistent savings. Furthermore, the plan allows employees to change their contribution rate or investment options throughout their employment, reflecting changing circumstances or financial goals. The District of Columbia Supplemental Retirement Plan offers employees the potential to accumulate a significant nest egg for retirement. By contributing to this plan, employees can take advantage of the power of compounding interest and market growth over time, potentially helping them build a more secure and comfortable future. In summary, the District of Columbia Supplemental Retirement Plan is a valuable option for eligible employees of the District of Columbia government. It provides an additional means of saving for retirement beyond their primary retirement plans, such as DCR plan or FEES. The plan offers flexibility in terms of investment options and contribution rates, allowing employees to tailor their savings to their personal preferences. By participating in the DC SRP, employees can take a proactive approach to securing their financial future.

The District of Columbia Supplemental Retirement Plan (DC SRP) is a retirement savings program designed to provide additional financial security to employees of the District of Columbia government. It is a valuable benefit offered by the district to its eligible employees. The DC SRP aims to supplement the primary retirement plan available to district employees, such as the District of Columbia Retirement Plan (DCR plan) or Federal Employee Retirement System (FEES). It enables employees to contribute a portion of their salary on a pre-tax basis, allowing for potential tax advantages and helping to grow their retirement savings over time. One significant advantage of the DC SRP is its flexibility. Eligible employees can choose from various investment options offered within the plan. These options include both stocks and bonds, providing a range of risk levels and potential returns to suit individual preferences and goals. Contributions to the DC SRP can be made via regular payroll deductions. Employees can allocate a specific percentage or a fixed dollar amount of their earnings toward the plan, ensuring effortless and consistent savings. Furthermore, the plan allows employees to change their contribution rate or investment options throughout their employment, reflecting changing circumstances or financial goals. The District of Columbia Supplemental Retirement Plan offers employees the potential to accumulate a significant nest egg for retirement. By contributing to this plan, employees can take advantage of the power of compounding interest and market growth over time, potentially helping them build a more secure and comfortable future. In summary, the District of Columbia Supplemental Retirement Plan is a valuable option for eligible employees of the District of Columbia government. It provides an additional means of saving for retirement beyond their primary retirement plans, such as DCR plan or FEES. The plan offers flexibility in terms of investment options and contribution rates, allowing employees to tailor their savings to their personal preferences. By participating in the DC SRP, employees can take a proactive approach to securing their financial future.