Indiana 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 Indiana Supplemental Retirement Plan (SRP) is a financial program designed to supplement the retirement income of eligible Indiana state government employees. It serves as an additional savings vehicle to help employees secure a comfortable and financially stable future during their golden years. The plan is administered by the Indiana Public Retirement System (INRS), which works in partnership with the State of Indiana to ensure retirement benefits for state workers. The Indiana Supplemental Retirement Plan offers various investment options, including mutual funds, annuities, and other investment vehicles. It provides employees with an opportunity to grow their retirement savings through diverse investment portfolios that suit their risk tolerance and long-term financial goals. With contributions made on a pre-tax basis, employees can benefit from potential tax advantages, such as deferred taxes on earnings and lower taxable income during the contribution years. There are different types of Indiana Supplemental Retirement Plans tailored to meet the unique needs of state employees. One popular option is the traditional 401(a) plan, which allows employees to contribute a portion of their salary directly towards their retirement account. The funds are then invested according to the employee's investment choices, which typically include a wide range of investment options to choose from. Another type is the Roth 401(a) plan, which gives employees the opportunity to contribute after-tax dollars into their retirement account. Although contributions to this type of plan are not tax-deductible, earnings on investments may be withdrawn tax-free after retirement, offering potential tax advantages at the time of distribution. Additionally, the Indiana Supplemental Retirement Plan offers a 457(b) plan, designed specifically for employees with higher income levels or those who want to save more money for retirement beyond the limits of other plans. This plan allows eligible employees to defer a portion of their income, which can be invested and grow tax-free until retirement. Withdrawals from the 457(b) plan are generally subject to income taxes in the year they are taken. Overall, the Indiana Supplemental Retirement Plan is a valuable tool provided to Indiana state government employees to enhance their retirement savings. With various plan options, employees can choose the most suitable investment strategy based on their risk tolerance and long-term financial goals. By participating in the SRP, Indiana state workers can take control of their retirement future and enjoy a financially secure life after their professional careers.

The Indiana Supplemental Retirement Plan (SRP) is a financial program designed to supplement the retirement income of eligible Indiana state government employees. It serves as an additional savings vehicle to help employees secure a comfortable and financially stable future during their golden years. The plan is administered by the Indiana Public Retirement System (INRS), which works in partnership with the State of Indiana to ensure retirement benefits for state workers. The Indiana Supplemental Retirement Plan offers various investment options, including mutual funds, annuities, and other investment vehicles. It provides employees with an opportunity to grow their retirement savings through diverse investment portfolios that suit their risk tolerance and long-term financial goals. With contributions made on a pre-tax basis, employees can benefit from potential tax advantages, such as deferred taxes on earnings and lower taxable income during the contribution years. There are different types of Indiana Supplemental Retirement Plans tailored to meet the unique needs of state employees. One popular option is the traditional 401(a) plan, which allows employees to contribute a portion of their salary directly towards their retirement account. The funds are then invested according to the employee's investment choices, which typically include a wide range of investment options to choose from. Another type is the Roth 401(a) plan, which gives employees the opportunity to contribute after-tax dollars into their retirement account. Although contributions to this type of plan are not tax-deductible, earnings on investments may be withdrawn tax-free after retirement, offering potential tax advantages at the time of distribution. Additionally, the Indiana Supplemental Retirement Plan offers a 457(b) plan, designed specifically for employees with higher income levels or those who want to save more money for retirement beyond the limits of other plans. This plan allows eligible employees to defer a portion of their income, which can be invested and grow tax-free until retirement. Withdrawals from the 457(b) plan are generally subject to income taxes in the year they are taken. Overall, the Indiana Supplemental Retirement Plan is a valuable tool provided to Indiana state government employees to enhance their retirement savings. With various plan options, employees can choose the most suitable investment strategy based on their risk tolerance and long-term financial goals. By participating in the SRP, Indiana state workers can take control of their retirement future and enjoy a financially secure life after their professional careers.