Idaho Employee Retirement Agreement

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-EG-9377
• Format: Word; Rich Text

Description

Supplemental Employee Retirement Agreement between First National Bank of Litchfield and Walter Hunt dated 00/00. 8 pages. Idaho Employee Retirement Agreement, also known as Idaho Retirement System (IRS) or Idaho PERSIA (Public Employee Retirement System of Idaho), is a comprehensive retirement program established for eligible public employees in the state of Idaho. This agreement provides retirement benefits and financial security to employees who have served the public sector throughout their working years. The program consists of various types of retirement plans designed to meet the needs of different employees. One type of Idaho Employee Retirement Agreement is the Defined Benefit (DB) Plan, also known as the Traditional Plan. This plan offers a predictable retirement income based on a formula that considers factors such as an employee's years of service, final average salary, and age at retirement. It provides a guaranteed monthly benefit to retirees for the rest of their lives, ensuring financial stability during retirement. Another type of retirement agreement available is the Defined Contribution (DC) Plan, also called the Choice 401(k) Plan. This plan allows employees to contribute a portion of their salary on a pre-tax or after-tax basis, which is then invested in a variety of investment options. The retirement benefit in this plan is based on the contributions made by the employee and the performance of the chosen investments. The employee has control over the investment decisions, but the retirement income is not guaranteed as it depends on market performance. Additionally, Idaho Employee Retirement Agreement offers a hybrid plan called the Combined Plan, which combines features of both the Defined Benefit and Defined Contribution Plans. In this plan, employees accumulate retirement benefits through a combination of a DB formula and a DC account. To be eligible for the Idaho Employee Retirement Agreement, employees must meet certain criteria, including being a public employee of participating government entities in Idaho. Eligible employees often include teachers, state employees, firefighters, law enforcement officers, and other public servants. The Idaho Employee Retirement Agreement not only provides retirement benefits but also offers disability and survivor benefits to protect employees and their families in case of unexpected events. Overall, the Idaho Employee Retirement Agreement is a comprehensive retirement program in Idaho that offers different types of retirement plans, such as the Defined Benefit, Defined Contribution, and Combined Plans, to eligible public employees. It ensures financial security and stability during retirement for those who have dedicated their careers to serving the public.

Idaho Employee Retirement Agreement, also known as Idaho Retirement System (IRS) or Idaho PERSIA (Public Employee Retirement System of Idaho), is a comprehensive retirement program established for eligible public employees in the state of Idaho. This agreement provides retirement benefits and financial security to employees who have served the public sector throughout their working years. The program consists of various types of retirement plans designed to meet the needs of different employees. One type of Idaho Employee Retirement Agreement is the Defined Benefit (DB) Plan, also known as the Traditional Plan. This plan offers a predictable retirement income based on a formula that considers factors such as an employee's years of service, final average salary, and age at retirement. It provides a guaranteed monthly benefit to retirees for the rest of their lives, ensuring financial stability during retirement. Another type of retirement agreement available is the Defined Contribution (DC) Plan, also called the Choice 401(k) Plan. This plan allows employees to contribute a portion of their salary on a pre-tax or after-tax basis, which is then invested in a variety of investment options. The retirement benefit in this plan is based on the contributions made by the employee and the performance of the chosen investments. The employee has control over the investment decisions, but the retirement income is not guaranteed as it depends on market performance. Additionally, Idaho Employee Retirement Agreement offers a hybrid plan called the Combined Plan, which combines features of both the Defined Benefit and Defined Contribution Plans. In this plan, employees accumulate retirement benefits through a combination of a DB formula and a DC account. To be eligible for the Idaho Employee Retirement Agreement, employees must meet certain criteria, including being a public employee of participating government entities in Idaho. Eligible employees often include teachers, state employees, firefighters, law enforcement officers, and other public servants. The Idaho Employee Retirement Agreement not only provides retirement benefits but also offers disability and survivor benefits to protect employees and their families in case of unexpected events. Overall, the Idaho Employee Retirement Agreement is a comprehensive retirement program in Idaho that offers different types of retirement plans, such as the Defined Benefit, Defined Contribution, and Combined Plans, to eligible public employees. It ensures financial security and stability during retirement for those who have dedicated their careers to serving the public.