Kentucky Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-22-118E
• Format: Word; Rich Text

Description

22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars Kentucky Employees Savings Thrift Plan, commonly referred to as ESTP, is a retirement savings program available to eligible employees in the state of Kentucky. This defined contribution plan allows employees to save and invest a portion of their pre-tax income to secure a financially stable retirement. The Kentucky Employees Savings Thrift Plan is administered by the Kentucky Retirement Systems (MRS), which oversees retirement benefits for public sector employees. It provides an opportunity for state and local government employees, including teachers, to save for retirement through tax-deferred contributions. Participants in the Kentucky Employees Savings Thrift Plan can choose from a variety of investment options to grow their savings over time. These investment options include stocks, bonds, mutual funds, and stable value funds, allowing employees to customize their investment portfolio based on their risk tolerance and financial goals. The plan offers a diverse range of investment options to suit different preferences and needs. One key advantage of the Kentucky Employees Savings Thrift Plan is the ability to make pre-tax contributions, also known as elective deferrals. By contributing a portion of their salary to the plan on a pre-tax basis, employees can lower their taxable income in the current year, potentially reducing their overall tax liability. Furthermore, the Kentucky Employees Savings Thrift Plan may also offer employer matching contributions, where the employer contributes a percentage of the employee's salary to the plan. This matching contribution acts as an additional incentive for employees to participate in the plan and maximize their retirement savings. It is worth mentioning that the Kentucky Retirement Systems oversees different types of retirement plans, and the Kentucky Employees Savings Thrift Plan is one of them. Other retirement plans administered by MRS include the Kentucky Employees' Retirement System (KEYS), KEYS Non-Hazardous, Kentucky Teachers' Retirement System (KTS), and Kentucky State Police Retirement System (KS PRS). In summary, the Kentucky Employees Savings Thrift Plan is a retirement savings program offered to eligible employees in Kentucky, allowing them to save for retirement through tax-deferred contributions and a diverse range of investment options. It provides flexibility and incentives to build a solid financial foundation for retirement alongside other retirement plans administered by the Kentucky Retirement Systems.

Kentucky Employees Savings Thrift Plan, commonly referred to as ESTP, is a retirement savings program available to eligible employees in the state of Kentucky. This defined contribution plan allows employees to save and invest a portion of their pre-tax income to secure a financially stable retirement. The Kentucky Employees Savings Thrift Plan is administered by the Kentucky Retirement Systems (MRS), which oversees retirement benefits for public sector employees. It provides an opportunity for state and local government employees, including teachers, to save for retirement through tax-deferred contributions. Participants in the Kentucky Employees Savings Thrift Plan can choose from a variety of investment options to grow their savings over time. These investment options include stocks, bonds, mutual funds, and stable value funds, allowing employees to customize their investment portfolio based on their risk tolerance and financial goals. The plan offers a diverse range of investment options to suit different preferences and needs. One key advantage of the Kentucky Employees Savings Thrift Plan is the ability to make pre-tax contributions, also known as elective deferrals. By contributing a portion of their salary to the plan on a pre-tax basis, employees can lower their taxable income in the current year, potentially reducing their overall tax liability. Furthermore, the Kentucky Employees Savings Thrift Plan may also offer employer matching contributions, where the employer contributes a percentage of the employee's salary to the plan. This matching contribution acts as an additional incentive for employees to participate in the plan and maximize their retirement savings. It is worth mentioning that the Kentucky Retirement Systems oversees different types of retirement plans, and the Kentucky Employees Savings Thrift Plan is one of them. Other retirement plans administered by MRS include the Kentucky Employees' Retirement System (KEYS), KEYS Non-Hazardous, Kentucky Teachers' Retirement System (KTS), and Kentucky State Police Retirement System (KS PRS). In summary, the Kentucky Employees Savings Thrift Plan is a retirement savings program offered to eligible employees in Kentucky, allowing them to save for retirement through tax-deferred contributions and a diverse range of investment options. It provides flexibility and incentives to build a solid financial foundation for retirement alongside other retirement plans administered by the Kentucky Retirement Systems.