North Carolina 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 The North Carolina Supplemental Retirement Plan (NC 401(k)) is a retirement savings program offered to employees of the State of North Carolina, local governments, public schools, and community colleges. It provides an additional voluntary retirement savings option alongside the traditional pension system. The NC 401(k) allows participants to contribute a portion of their pre-tax income into a variety of investment options, helping them save for a secure financial future. With its tax advantages, participants can lower their taxable income and potentially have higher take-home pay. One of the types of NC 401(k) plans available is the Traditional 401(k). This plan allows participants to contribute pre-tax income, resulting in immediate tax savings. The contributions grow tax-deferred until withdrawals are made during retirement. Withdrawals are then subject to income taxes. Another type of NC 401(k) plan is the Roth 401(k). This plan permits participants to contribute after-tax income, meaning they don't get any immediate tax deductions. However, the contributions and any potential investment earnings grow tax-free. Withdrawals during retirement are generally tax-free as well. Furthermore, there is the NC 457 Plan, known as a deferred compensation plan. This plan is available to certain local government employees and allows them to contribute a portion of their pre-tax income, similar to a traditional 401(k). It offers the same tax advantages and investment options as the NC 401(k), allowing participants to boost their retirement savings further. The NC 401(k) and NC 457 Plan provide participants with a range of investment options, such as mutual funds and target-date funds. These plans enable employees to choose investments based on their risk tolerance and retirement goals. Overall, the North Carolina Supplemental Retirement Plan (NC 401(k)) offers employees the opportunity to save for retirement beyond the traditional pension system. With options like the Traditional 401(k), Roth 401(k), and NC 457 Plan, participants can customize their retirement savings strategy to suit their individual needs. Start saving with the NC 401(k) today and secure a brighter future.

The North Carolina Supplemental Retirement Plan (NC 401(k)) is a retirement savings program offered to employees of the State of North Carolina, local governments, public schools, and community colleges. It provides an additional voluntary retirement savings option alongside the traditional pension system. The NC 401(k) allows participants to contribute a portion of their pre-tax income into a variety of investment options, helping them save for a secure financial future. With its tax advantages, participants can lower their taxable income and potentially have higher take-home pay. One of the types of NC 401(k) plans available is the Traditional 401(k). This plan allows participants to contribute pre-tax income, resulting in immediate tax savings. The contributions grow tax-deferred until withdrawals are made during retirement. Withdrawals are then subject to income taxes. Another type of NC 401(k) plan is the Roth 401(k). This plan permits participants to contribute after-tax income, meaning they don't get any immediate tax deductions. However, the contributions and any potential investment earnings grow tax-free. Withdrawals during retirement are generally tax-free as well. Furthermore, there is the NC 457 Plan, known as a deferred compensation plan. This plan is available to certain local government employees and allows them to contribute a portion of their pre-tax income, similar to a traditional 401(k). It offers the same tax advantages and investment options as the NC 401(k), allowing participants to boost their retirement savings further. The NC 401(k) and NC 457 Plan provide participants with a range of investment options, such as mutual funds and target-date funds. These plans enable employees to choose investments based on their risk tolerance and retirement goals. Overall, the North Carolina Supplemental Retirement Plan (NC 401(k)) offers employees the opportunity to save for retirement beyond the traditional pension system. With options like the Traditional 401(k), Roth 401(k), and NC 457 Plan, participants can customize their retirement savings strategy to suit their individual needs. Start saving with the NC 401(k) today and secure a brighter future.