Mississippi 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 The Mississippi Employees Savings Thrift Plan, often referred to as ESTP, is a retirement savings program specifically designed for Mississippi state employees. It offers a variety of benefits and opportunities for employees to build their personal retirement funds while enjoying attractive tax advantages. At its core, the Mississippi Employees Savings Thrift Plan is a defined contribution plan. This means that employees can contribute a portion of their pre-tax earnings into the plan, allowing them to invest in various available investment options. The contributions grow over time, providing employees with a chance to accumulate wealth for their retirement years. One key advantage of ESTP is the employer match feature. The state of Mississippi provides a matching contribution for the employee's contributions, typically up to a certain percentage of their salary. This matching contribution is essentially free money that helps to accelerate the growth of an employee's retirement savings. It acts as an additional incentive for employees to participate actively in the plan. Mississippi Employees Savings Thrift Plan offers a range of investment options to suit the diverse needs and risk tolerances of participating employees. These options may include various mutual funds, index funds, target date funds, and other investment vehicles. Participants can choose the investment options that align with their financial goals and investment preferences. Furthermore, ESTP offers flexibility in terms of contribution amounts and employee eligibility. Employees have the ability to adjust their contribution rates periodically to align with their changing financial circumstances. As for employee eligibility, most Mississippi state employees are eligible to participate in the plan, including full-time, permanent part-time, and seasonal employees. It's worth mentioning that there are different types of Mississippi Employees Savings Thrift Plans available to state employees. The primary distinction is between the "Basic Plan" and the "Plus Plan." The Basic Plan is the default option for all eligible employees, while the Plus Plan offers additional features, such as a higher employer matching contribution and catch-up contributions options for employees who are close to retirement age. Overall, the Mississippi Employees Savings Thrift Plan serves as a valuable retirement savings vehicle for Mississippi state employees. Through its tax advantages, matching contributions, and diverse investment options, it empowers employees to build a robust retirement portfolio that aligns with their long-term financial goals.

The Mississippi Employees Savings Thrift Plan, often referred to as ESTP, is a retirement savings program specifically designed for Mississippi state employees. It offers a variety of benefits and opportunities for employees to build their personal retirement funds while enjoying attractive tax advantages. At its core, the Mississippi Employees Savings Thrift Plan is a defined contribution plan. This means that employees can contribute a portion of their pre-tax earnings into the plan, allowing them to invest in various available investment options. The contributions grow over time, providing employees with a chance to accumulate wealth for their retirement years. One key advantage of ESTP is the employer match feature. The state of Mississippi provides a matching contribution for the employee's contributions, typically up to a certain percentage of their salary. This matching contribution is essentially free money that helps to accelerate the growth of an employee's retirement savings. It acts as an additional incentive for employees to participate actively in the plan. Mississippi Employees Savings Thrift Plan offers a range of investment options to suit the diverse needs and risk tolerances of participating employees. These options may include various mutual funds, index funds, target date funds, and other investment vehicles. Participants can choose the investment options that align with their financial goals and investment preferences. Furthermore, ESTP offers flexibility in terms of contribution amounts and employee eligibility. Employees have the ability to adjust their contribution rates periodically to align with their changing financial circumstances. As for employee eligibility, most Mississippi state employees are eligible to participate in the plan, including full-time, permanent part-time, and seasonal employees. It's worth mentioning that there are different types of Mississippi Employees Savings Thrift Plans available to state employees. The primary distinction is between the "Basic Plan" and the "Plus Plan." The Basic Plan is the default option for all eligible employees, while the Plus Plan offers additional features, such as a higher employer matching contribution and catch-up contributions options for employees who are close to retirement age. Overall, the Mississippi Employees Savings Thrift Plan serves as a valuable retirement savings vehicle for Mississippi state employees. Through its tax advantages, matching contributions, and diverse investment options, it empowers employees to build a robust retirement portfolio that aligns with their long-term financial goals.