Iowa 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 Iowa Supplemental Retirement Plan (SRP) is a retirement savings program designed to provide additional financial security for public employees in the state of Iowa. Administered by the Iowa Public Employees' Retirement System (PIPERS), the Iowa SRP offers various options for public employees to save and invest for retirement. The Iowa SRP offers three different types of retirement plans to cater to the diverse needs and preferences of public employees: 1. Defined Benefit Plan: This plan provides a set monthly benefit to retirees based on a predetermined formula that considers factors such as years of service and salary history. With the defined benefit plan, participants can enjoy a predictable retirement income stream throughout their retired life. 2. Defined Contribution Plan: The Iowa SRP also offers a defined contribution plan, commonly known as the Savings Plan. Under this plan, employees have the flexibility to contribute a portion of their salary on a pre-tax or after-tax basis into individual investment accounts. The contributions grow tax-deferred until retirement, and participants can choose from a range of investment options to potentially grow their retirement savings. 3. Cash Match Plan: The Cash Match Plan is designed to encourage public employees to save even more for retirement. Under this plan, the state of Iowa matches a percentage of contributions made by the employee, up to a certain limit. This matching contribution provides an additional incentive and helps participants boost their retirement savings. The Iowa SRP aims to help public employees bridge the gap between their PIPERS retirement benefits and their actual financial needs during retirement. By offering different types of retirement plans, the Iowa SRP ensures that public employees can choose the option that aligns best with their retirement goals, risk tolerance, and investment preferences. It's important for public employees in Iowa to carefully consider the various Iowa SRP options, assess their individual retirement goals, and seek guidance from financial advisors to make informed decisions about their retirement savings. Planning for retirement through the Iowa SRP can provide public employees with a secure and comfortable financial future beyond their working years.

The Iowa Supplemental Retirement Plan (SRP) is a retirement savings program designed to provide additional financial security for public employees in the state of Iowa. Administered by the Iowa Public Employees' Retirement System (PIPERS), the Iowa SRP offers various options for public employees to save and invest for retirement. The Iowa SRP offers three different types of retirement plans to cater to the diverse needs and preferences of public employees: 1. Defined Benefit Plan: This plan provides a set monthly benefit to retirees based on a predetermined formula that considers factors such as years of service and salary history. With the defined benefit plan, participants can enjoy a predictable retirement income stream throughout their retired life. 2. Defined Contribution Plan: The Iowa SRP also offers a defined contribution plan, commonly known as the Savings Plan. Under this plan, employees have the flexibility to contribute a portion of their salary on a pre-tax or after-tax basis into individual investment accounts. The contributions grow tax-deferred until retirement, and participants can choose from a range of investment options to potentially grow their retirement savings. 3. Cash Match Plan: The Cash Match Plan is designed to encourage public employees to save even more for retirement. Under this plan, the state of Iowa matches a percentage of contributions made by the employee, up to a certain limit. This matching contribution provides an additional incentive and helps participants boost their retirement savings. The Iowa SRP aims to help public employees bridge the gap between their PIPERS retirement benefits and their actual financial needs during retirement. By offering different types of retirement plans, the Iowa SRP ensures that public employees can choose the option that aligns best with their retirement goals, risk tolerance, and investment preferences. It's important for public employees in Iowa to carefully consider the various Iowa SRP options, assess their individual retirement goals, and seek guidance from financial advisors to make informed decisions about their retirement savings. Planning for retirement through the Iowa SRP can provide public employees with a secure and comfortable financial future beyond their working years.