Georgia Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-146
• Format: Word; Rich Text

Description

20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities The Georgia Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the state of Georgia. This voluntary plan allows employees to contribute a portion of their pre-tax income to various investment options, enabling them to save and grow their retirement funds in a tax-advantaged manner. One type of Georgia Deferred Compensation Investment Account Plan is the 457(b) plan. This plan is specifically designed for state and local government employees, including teachers, public safety personnel, and other civil servants. Through the 457(b) plan, employees can make contributions from their salary on a pre-tax basis, reducing their taxable income and potentially lowering their current tax bill. The contributions, along with any investment earnings, grow tax-deferred until the funds are withdrawn during retirement. Another type of plan is the 401(k) option, available for state employees who qualify for the Federal Insurance Contributions Act (FICA) exemption. The 401(k) component allows participants to make contributions to a pre-tax or Roth (after-tax) basis, with potential employer match options available as well. The variety of investment options within the 401(k) plan enables participants to customize their portfolios according to their risk tolerance and long-term retirement goals. Participants in the Georgia Deferred Compensation Investment Account Plan have access to a range of investment options, such as mutual funds, stocks, bonds, and stable value accounts. These options are carefully selected and managed by reputable investment firms to ensure diversification and potential growth opportunities. Additionally, participants can adjust their contribution amounts and investment allocations at any time, allowing for flexibility based on changing financial circumstances. To assist employees in making informed investment decisions, the Georgia Deferred Compensation Investment Account Plan provides educational resources and tools. Participants can access online calculators, retirement planning guides, and webinars to gain knowledge about key investment concepts and strategies. Additionally, the plan offers personalized assistance through phone consultations with retirement specialists who can address individual questions and provide guidance tailored to each participant's situation. Overall, the Georgia Deferred Compensation Investment Account Plan serves as a valuable retirement savings vehicle for state employees, offering tax advantages, investment flexibility, and educational resources. By actively participating in this plan, employees can take control of their financial future and work towards a secure retirement.

The Georgia Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the state of Georgia. This voluntary plan allows employees to contribute a portion of their pre-tax income to various investment options, enabling them to save and grow their retirement funds in a tax-advantaged manner. One type of Georgia Deferred Compensation Investment Account Plan is the 457(b) plan. This plan is specifically designed for state and local government employees, including teachers, public safety personnel, and other civil servants. Through the 457(b) plan, employees can make contributions from their salary on a pre-tax basis, reducing their taxable income and potentially lowering their current tax bill. The contributions, along with any investment earnings, grow tax-deferred until the funds are withdrawn during retirement. Another type of plan is the 401(k) option, available for state employees who qualify for the Federal Insurance Contributions Act (FICA) exemption. The 401(k) component allows participants to make contributions to a pre-tax or Roth (after-tax) basis, with potential employer match options available as well. The variety of investment options within the 401(k) plan enables participants to customize their portfolios according to their risk tolerance and long-term retirement goals. Participants in the Georgia Deferred Compensation Investment Account Plan have access to a range of investment options, such as mutual funds, stocks, bonds, and stable value accounts. These options are carefully selected and managed by reputable investment firms to ensure diversification and potential growth opportunities. Additionally, participants can adjust their contribution amounts and investment allocations at any time, allowing for flexibility based on changing financial circumstances. To assist employees in making informed investment decisions, the Georgia Deferred Compensation Investment Account Plan provides educational resources and tools. Participants can access online calculators, retirement planning guides, and webinars to gain knowledge about key investment concepts and strategies. Additionally, the plan offers personalized assistance through phone consultations with retirement specialists who can address individual questions and provide guidance tailored to each participant's situation. Overall, the Georgia Deferred Compensation Investment Account Plan serves as a valuable retirement savings vehicle for state employees, offering tax advantages, investment flexibility, and educational resources. By actively participating in this plan, employees can take control of their financial future and work towards a secure retirement.