The Mississippi Deferred Compensation Investment Account Plan offers employees the opportunity to save for retirement by deferring a portion of their income on a pre-tax basis. It is a valuable benefit provided by the state of Mississippi for its employees, including public school teachers, state agency workers, and other governmental employees. The Mississippi Deferred Compensation Investment Account Plan allows individuals to save for retirement through various investment options. Participants can choose from a range of investment funds, including stocks, bonds, and mutual funds, tailored to their personal risk tolerance and long-term financial goals. This retirement savings plan is specifically designed to provide employees with tax advantages. Participants can contribute a portion of their salary before taxes, thus reducing their taxable income and potentially lowering their overall tax burden. The contributions and any investment earnings are tax-deferred until withdrawal during retirement, enabling individuals to potentially grow their retirement savings faster. With the Mississippi Deferred Compensation Investment Account Plan, participants can also benefit from employer matching contributions. The state may match a portion of the employee's contributions, effectively providing a boost to their retirement savings. This employer match is a valuable incentive to encourage employees to save for their retirement. Moreover, Mississippi offers two different types of Deferred Compensation Investment Account Plans: the 457(b) plan and the 401(k) plan. While both plans provide similar advantages, there are some differences in terms of eligibility and contribution limits. The Mississippi 457(b) plan is available to all state, county, and municipal employees, including public school teachers. It allows participants to contribute a higher amount of their income compared to the 401(k) plan. In 2021, the maximum contribution limit for the 457(b) plan is $19,500, with an additional catch-up contribution of $6,500 for participants aged 50 or older. On the other hand, the Mississippi 401(k) plan is available solely to employees of the Mississippi State Board of Education and the Institutions of Higher Learning. The contribution limits are lower compared to the 457(b) plan, but it still offers a valuable option for retirement savings. In 2021, the maximum contribution limit for the 401(k) plan is also $19,500, with an additional catch-up contribution of $6,500 for participants aged 50 or older. It is important for Mississippi employees to carefully consider their retirement goals, risk tolerance, and eligibility when choosing between these two plans. Seeking guidance from financial advisors or utilizing the resources provided by the Mississippi Deferred Compensation Investment Account Plan can help individuals make informed decisions about their retirement savings. In conclusion, the Mississippi Deferred Compensation Investment Account Plan is an excellent retirement savings option for state employees. By deferring a portion of their income before taxes, participants can save for the future while potentially benefiting from employer matching contributions. The plan offers various investment options, allowing individuals to tailor their portfolio based on their personal financial objectives and risk tolerance. Whether through the 457(b) or the 401(k) plan, Mississippi employees have the opportunity to secure their financial future and enjoy a comfortable retirement.
Mississippi Deferred Compensation Investment Account Plan
State:
Multi-State
Control #:
US-CC-20-146
Format:
Word;
Rich Text
Instant download
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 Mississippi Deferred Compensation Investment Account Plan offers employees the opportunity to save for retirement by deferring a portion of their income on a pre-tax basis. It is a valuable benefit provided by the state of Mississippi for its employees, including public school teachers, state agency workers, and other governmental employees. The Mississippi Deferred Compensation Investment Account Plan allows individuals to save for retirement through various investment options. Participants can choose from a range of investment funds, including stocks, bonds, and mutual funds, tailored to their personal risk tolerance and long-term financial goals. This retirement savings plan is specifically designed to provide employees with tax advantages. Participants can contribute a portion of their salary before taxes, thus reducing their taxable income and potentially lowering their overall tax burden. The contributions and any investment earnings are tax-deferred until withdrawal during retirement, enabling individuals to potentially grow their retirement savings faster. With the Mississippi Deferred Compensation Investment Account Plan, participants can also benefit from employer matching contributions. The state may match a portion of the employee's contributions, effectively providing a boost to their retirement savings. This employer match is a valuable incentive to encourage employees to save for their retirement. Moreover, Mississippi offers two different types of Deferred Compensation Investment Account Plans: the 457(b) plan and the 401(k) plan. While both plans provide similar advantages, there are some differences in terms of eligibility and contribution limits. The Mississippi 457(b) plan is available to all state, county, and municipal employees, including public school teachers. It allows participants to contribute a higher amount of their income compared to the 401(k) plan. In 2021, the maximum contribution limit for the 457(b) plan is $19,500, with an additional catch-up contribution of $6,500 for participants aged 50 or older. On the other hand, the Mississippi 401(k) plan is available solely to employees of the Mississippi State Board of Education and the Institutions of Higher Learning. The contribution limits are lower compared to the 457(b) plan, but it still offers a valuable option for retirement savings. In 2021, the maximum contribution limit for the 401(k) plan is also $19,500, with an additional catch-up contribution of $6,500 for participants aged 50 or older. It is important for Mississippi employees to carefully consider their retirement goals, risk tolerance, and eligibility when choosing between these two plans. Seeking guidance from financial advisors or utilizing the resources provided by the Mississippi Deferred Compensation Investment Account Plan can help individuals make informed decisions about their retirement savings. In conclusion, the Mississippi Deferred Compensation Investment Account Plan is an excellent retirement savings option for state employees. By deferring a portion of their income before taxes, participants can save for the future while potentially benefiting from employer matching contributions. The plan offers various investment options, allowing individuals to tailor their portfolio based on their personal financial objectives and risk tolerance. Whether through the 457(b) or the 401(k) plan, Mississippi employees have the opportunity to secure their financial future and enjoy a comfortable retirement.
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