Kansas 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 Kansas Deferred Compensation Investment Account Plan (SOCIAL) is a retirement savings plan designed specifically for Kansas state employees. This voluntary program offers a range of investment options that allow employees to save and grow their retirement funds in a tax-advantaged manner. The SOCIAL provides participants with several important benefits and features. Firstly, it enables employees to contribute a portion of their pre-tax income directly into their investment accounts, thereby reducing their taxable income and potentially lowering their overall tax liability. These contributions are automatically deducted from the employee's paycheck and invested in the selected investment options. One of the key advantages of the SOCIAL is its wide variety of investment choices. Participants can choose from a range of professionally managed funds, including both index funds and actively managed funds. Each fund has its own unique investment strategy and risk profile, allowing employees to tailor their investment portfolio according to their individual preferences and risk tolerance. In addition to the various investment options, the SOCIAL also offers financial education resources to help employees make informed investment decisions. These resources include online tools, calculators, and educational materials, which aim to empower participants and enhance their financial literacy. It is worth noting that the SOCIAL has two types of accounts: the Traditional Account and the Roth Account. The Traditional Account allows employees to contribute pre-tax dollars, which are taxed upon withdrawal during retirement. On the other hand, the Roth Account accepts after-tax dollars, meaning that withdrawals made during retirement are tax-free. Overall, the Kansas Deferred Compensation Investment Account Plan serves as an important voluntary retirement savings vehicle for Kansas state employees. By combining tax advantages, a diverse range of investment options, and valuable educational resources, the SOCIAL enables participants to build long-term financial security and prepare for a comfortable retirement.

The Kansas Deferred Compensation Investment Account Plan (SOCIAL) is a retirement savings plan designed specifically for Kansas state employees. This voluntary program offers a range of investment options that allow employees to save and grow their retirement funds in a tax-advantaged manner. The SOCIAL provides participants with several important benefits and features. Firstly, it enables employees to contribute a portion of their pre-tax income directly into their investment accounts, thereby reducing their taxable income and potentially lowering their overall tax liability. These contributions are automatically deducted from the employee's paycheck and invested in the selected investment options. One of the key advantages of the SOCIAL is its wide variety of investment choices. Participants can choose from a range of professionally managed funds, including both index funds and actively managed funds. Each fund has its own unique investment strategy and risk profile, allowing employees to tailor their investment portfolio according to their individual preferences and risk tolerance. In addition to the various investment options, the SOCIAL also offers financial education resources to help employees make informed investment decisions. These resources include online tools, calculators, and educational materials, which aim to empower participants and enhance their financial literacy. It is worth noting that the SOCIAL has two types of accounts: the Traditional Account and the Roth Account. The Traditional Account allows employees to contribute pre-tax dollars, which are taxed upon withdrawal during retirement. On the other hand, the Roth Account accepts after-tax dollars, meaning that withdrawals made during retirement are tax-free. Overall, the Kansas Deferred Compensation Investment Account Plan serves as an important voluntary retirement savings vehicle for Kansas state employees. By combining tax advantages, a diverse range of investment options, and valuable educational resources, the SOCIAL enables participants to build long-term financial security and prepare for a comfortable retirement.