Maine 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 Maine Supplemental Retirement Plan, also known as Maneuver, is a retirement savings program offered by the state of Maine to its public employees. It is designed to provide an additional retirement savings option to enhance their overall retirement income. The program is administered by the Maine Public Employees Retirement System (Mainers). The Maine Supplemental Retirement Plan allows employees to contribute a portion of their salary on a pre-tax basis, similar to a 401(k) plan. These contributions are automatically deducted from their paycheck before taxes are applied, reducing their taxable income and providing potential tax advantages. Employees can select how much they want to contribute, within certain limits, and can adjust their contributions at any time. One of the key features of the Maine Supplemental Retirement Plan is the variety of investment options available to participants. Employees can choose from a range of investment funds, including target-date funds, index funds, and actively managed funds. This allows each participant to tailor their investments based on their individual risk tolerance and retirement goals. In addition to the core Maine Supplemental Retirement Plan, there are a few different types of supplemental retirement plans offered to public employees in Maine. These include the Deferred Compensation Plan and the Tax-Sheltered Annuity Plan. The Deferred Compensation Plan, also referred to as the 457 Plan, is a retirement savings option available to state and local government employees. It operates similarly to the Maine Supplemental Retirement Plan, but with certain unique features. Participants can make pre-tax contributions to the plan, and withdrawals are generally subject to ordinary income tax. The plan also allows for catch-up contributions for employees nearing retirement age. The Tax-Sheltered Annuity Plan, commonly known as a 403(b) plan, is available to employees of certain educational institutions, healthcare organizations, and non-profit organizations. While operated independently of the Maine Supplemental Retirement Plan, this plan offers similar pre-tax contribution benefits and a variety of investment options. Overall, the Maine Supplemental Retirement Plan and its various types aim to provide public employees with opportunities to save for retirement beyond their regular pension or Social Security benefits. It offers flexibility in contribution levels, investment options, and tax advantages to help employees build a more secure financial future.

Maine Supplemental Retirement Plan, also known as Maneuver, is a retirement savings program offered by the state of Maine to its public employees. It is designed to provide an additional retirement savings option to enhance their overall retirement income. The program is administered by the Maine Public Employees Retirement System (Mainers). The Maine Supplemental Retirement Plan allows employees to contribute a portion of their salary on a pre-tax basis, similar to a 401(k) plan. These contributions are automatically deducted from their paycheck before taxes are applied, reducing their taxable income and providing potential tax advantages. Employees can select how much they want to contribute, within certain limits, and can adjust their contributions at any time. One of the key features of the Maine Supplemental Retirement Plan is the variety of investment options available to participants. Employees can choose from a range of investment funds, including target-date funds, index funds, and actively managed funds. This allows each participant to tailor their investments based on their individual risk tolerance and retirement goals. In addition to the core Maine Supplemental Retirement Plan, there are a few different types of supplemental retirement plans offered to public employees in Maine. These include the Deferred Compensation Plan and the Tax-Sheltered Annuity Plan. The Deferred Compensation Plan, also referred to as the 457 Plan, is a retirement savings option available to state and local government employees. It operates similarly to the Maine Supplemental Retirement Plan, but with certain unique features. Participants can make pre-tax contributions to the plan, and withdrawals are generally subject to ordinary income tax. The plan also allows for catch-up contributions for employees nearing retirement age. The Tax-Sheltered Annuity Plan, commonly known as a 403(b) plan, is available to employees of certain educational institutions, healthcare organizations, and non-profit organizations. While operated independently of the Maine Supplemental Retirement Plan, this plan offers similar pre-tax contribution benefits and a variety of investment options. Overall, the Maine Supplemental Retirement Plan and its various types aim to provide public employees with opportunities to save for retirement beyond their regular pension or Social Security benefits. It offers flexibility in contribution levels, investment options, and tax advantages to help employees build a more secure financial future.