North Dakota 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 Dakota Supplemental Retirement Plan is a financial program designed to provide retirement benefits and financial security to employees of the state of North Dakota. This plan acts as a supplemental retirement option in addition to the regular retirement plans available to employees in the state. It offers various benefits and features to help individuals save and invest for their retirement years. One type of North Dakota Supplemental Retirement Plan is the 457(b) plan. The 457(b) plan is available to employees of governmental organizations, such as state agencies, municipalities, and school districts. This plan allows eligible participants to save for retirement on a tax-deferred basis, meaning they contribute a portion of their pre-tax income into the plan, reducing their current taxable income. The funds invested grow tax-free until they are withdrawn during retirement. Another type of supplemental retirement plan is the Deferred Compensation Plan (DCP). The DCP is a voluntary plan available to employees of the state government, including elected officials, judges, and employees of political subdivisions. This plan allows participants to contribute a portion of their salary on a pre-tax basis, providing tax advantages similar to the 457(b) plan. The DCP offers a range of investment options, allowing participants to choose investments based on their risk tolerance and retirement goals. The North Dakota Supplemental Retirement Plan offers significant advantages to participants, including employer-matching contributions for certain employees, the ability to make catch-up contributions for individuals nearing retirement, and the flexibility to transfer funds between investment options. Participants can also access educational resources and financial planning tools to help them make informed decisions about their retirement savings. Planning for retirement is essential, and the North Dakota Supplemental Retirement Plan provides a valuable avenue for state employees to save for their future. With options like the 457(b) plan and the Deferred Compensation Plan, individuals can tailor their retirement savings strategies to meet their specific needs and financial goals. By taking advantage of these plans, employees have the opportunity to build a secure financial foundation while enjoying potential tax benefits.

The North Dakota Supplemental Retirement Plan is a financial program designed to provide retirement benefits and financial security to employees of the state of North Dakota. This plan acts as a supplemental retirement option in addition to the regular retirement plans available to employees in the state. It offers various benefits and features to help individuals save and invest for their retirement years. One type of North Dakota Supplemental Retirement Plan is the 457(b) plan. The 457(b) plan is available to employees of governmental organizations, such as state agencies, municipalities, and school districts. This plan allows eligible participants to save for retirement on a tax-deferred basis, meaning they contribute a portion of their pre-tax income into the plan, reducing their current taxable income. The funds invested grow tax-free until they are withdrawn during retirement. Another type of supplemental retirement plan is the Deferred Compensation Plan (DCP). The DCP is a voluntary plan available to employees of the state government, including elected officials, judges, and employees of political subdivisions. This plan allows participants to contribute a portion of their salary on a pre-tax basis, providing tax advantages similar to the 457(b) plan. The DCP offers a range of investment options, allowing participants to choose investments based on their risk tolerance and retirement goals. The North Dakota Supplemental Retirement Plan offers significant advantages to participants, including employer-matching contributions for certain employees, the ability to make catch-up contributions for individuals nearing retirement, and the flexibility to transfer funds between investment options. Participants can also access educational resources and financial planning tools to help them make informed decisions about their retirement savings. Planning for retirement is essential, and the North Dakota Supplemental Retirement Plan provides a valuable avenue for state employees to save for their future. With options like the 457(b) plan and the Deferred Compensation Plan, individuals can tailor their retirement savings strategies to meet their specific needs and financial goals. By taking advantage of these plans, employees have the opportunity to build a secure financial foundation while enjoying potential tax benefits.