Idaho 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 Idaho Supplemental Retirement Plan (SRP) is a retirement savings option available to employees of participating public employers in the state of Idaho. It is designed to provide an additional retirement benefit on top of the defined benefit pension plan offered by the Public Employee Retirement System of Idaho (PERSIA). The Idaho SRP allows employees to contribute a portion of their salary into a tax-deferred retirement account, helping them build additional savings for their retirement years. These contributions are deducted from the employee's pre-tax income, reducing their taxable income and potentially lowering their current tax liability. One of the primary advantages of participating in the Idaho SRP is the ability to receive employer matching contributions. Under certain circumstances, participating employers may offer a match program, where they contribute a certain percentage of the employee's salary to their retirement account. This match can significantly boost the employee's retirement savings and provide an extra incentive to save for the future. Participants in the Idaho SRP have the flexibility to choose how their contributions are invested. A range of investment options, including diversified portfolios, target date funds, and self-directed brokerage accounts, are typically offered to suit the individual preferences and risk profiles of participants. In addition to the regular Idaho SRP, there may be different types of supplemental retirement plans available to certain specific groups of employees. For example, educators may have access to the Idaho State Teacher's Retirement System (STARS) Supplemental Retirement Plan, which is tailored to their unique needs and retirement goals. Similarly, public safety employees, such as police officers and firefighters, may have access to a specialized supplemental retirement plan designed specifically for their line of work. Overall, the Idaho Supplemental Retirement Plan offers a valuable opportunity for public employees to enhance their retirement savings and secure a comfortable future. By participating in this plan and taking advantage of its potential benefits, individuals can have more control over their financial well-being during their retirement years.

The Idaho Supplemental Retirement Plan (SRP) is a retirement savings option available to employees of participating public employers in the state of Idaho. It is designed to provide an additional retirement benefit on top of the defined benefit pension plan offered by the Public Employee Retirement System of Idaho (PERSIA). The Idaho SRP allows employees to contribute a portion of their salary into a tax-deferred retirement account, helping them build additional savings for their retirement years. These contributions are deducted from the employee's pre-tax income, reducing their taxable income and potentially lowering their current tax liability. One of the primary advantages of participating in the Idaho SRP is the ability to receive employer matching contributions. Under certain circumstances, participating employers may offer a match program, where they contribute a certain percentage of the employee's salary to their retirement account. This match can significantly boost the employee's retirement savings and provide an extra incentive to save for the future. Participants in the Idaho SRP have the flexibility to choose how their contributions are invested. A range of investment options, including diversified portfolios, target date funds, and self-directed brokerage accounts, are typically offered to suit the individual preferences and risk profiles of participants. In addition to the regular Idaho SRP, there may be different types of supplemental retirement plans available to certain specific groups of employees. For example, educators may have access to the Idaho State Teacher's Retirement System (STARS) Supplemental Retirement Plan, which is tailored to their unique needs and retirement goals. Similarly, public safety employees, such as police officers and firefighters, may have access to a specialized supplemental retirement plan designed specifically for their line of work. Overall, the Idaho Supplemental Retirement Plan offers a valuable opportunity for public employees to enhance their retirement savings and secure a comfortable future. By participating in this plan and taking advantage of its potential benefits, individuals can have more control over their financial well-being during their retirement years.