Montana 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 Montana Deferred Compensation Investment Account Plan, often referred to as the Montana CIA, is a retirement savings program designed to supplement the retirement income of eligible Montana state employees. It serves as a voluntary investment option for employees who desire to contribute a portion of their income to a tax-deferred account. With the Montana CIA, employees have the opportunity to save for retirement by contributing a portion of their salary before taxes are withheld. This pre-tax contribution reduces the employee's taxable income, resulting in potential tax savings. The contributed funds, along with any investment earnings, grow tax-deferred until withdrawal during retirement. The Montana Deferred Compensation Investment Account Plan offers a range of investment options to participating employees. These options include various portfolios with different risk levels and investment strategies, allowing employees to tailor their investment approach based on their personal preferences and investment objectives. Some common investment options include stocks, bonds, mutual funds, and target-date funds. Furthermore, the Montana CIA provides valuable features such as automatic payroll deductions, online account access, and tools for retirement planning. It also offers educational resources and assistance from financial professionals to help employees make informed investment decisions and develop a comprehensive retirement strategy. While the Montana CIA primarily caters to state employees, it may also extend to employees of participating local government entities or public education institutions, depending on the specific plan provisions. Each entity may have its version of the deferred compensation plan, tailored to its employees' needs while adhering to the guidelines established by Montana state laws. In conclusion, the Montana Deferred Compensation Investment Account Plan is a voluntary retirement savings program available to eligible state employees in Montana, providing them with a convenient and tax-efficient way to save for retirement. The plan offers diverse investment options, online account management tools, and professional assistance to help participants build a solid financial foundation for their future.

The Montana Deferred Compensation Investment Account Plan, often referred to as the Montana CIA, is a retirement savings program designed to supplement the retirement income of eligible Montana state employees. It serves as a voluntary investment option for employees who desire to contribute a portion of their income to a tax-deferred account. With the Montana CIA, employees have the opportunity to save for retirement by contributing a portion of their salary before taxes are withheld. This pre-tax contribution reduces the employee's taxable income, resulting in potential tax savings. The contributed funds, along with any investment earnings, grow tax-deferred until withdrawal during retirement. The Montana Deferred Compensation Investment Account Plan offers a range of investment options to participating employees. These options include various portfolios with different risk levels and investment strategies, allowing employees to tailor their investment approach based on their personal preferences and investment objectives. Some common investment options include stocks, bonds, mutual funds, and target-date funds. Furthermore, the Montana CIA provides valuable features such as automatic payroll deductions, online account access, and tools for retirement planning. It also offers educational resources and assistance from financial professionals to help employees make informed investment decisions and develop a comprehensive retirement strategy. While the Montana CIA primarily caters to state employees, it may also extend to employees of participating local government entities or public education institutions, depending on the specific plan provisions. Each entity may have its version of the deferred compensation plan, tailored to its employees' needs while adhering to the guidelines established by Montana state laws. In conclusion, the Montana Deferred Compensation Investment Account Plan is a voluntary retirement savings program available to eligible state employees in Montana, providing them with a convenient and tax-efficient way to save for retirement. The plan offers diverse investment options, online account management tools, and professional assistance to help participants build a solid financial foundation for their future.