North Dakota Employees Savings Thrift Plan

State:
Multi-State
Control #:
US-CC-22-118E
Format:
Word; 
Rich Text
Instant download

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
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FAQ

The maximum pension you can receive is up to 48.5% of your final pensionable pay, plus a tax-free lump sum of three times your annual pension. For AFPS 05, your pension is 1/70th of your final pensionable earnings multiplied by the years and days of service.

Military Benefits When Your Service is Up Home loans. ... The GI Bill. ... How to apply for and use your GI Bill benefits. ... Additional education benefits and programs. ... VA health care. ... Who is eligible for compensation? ... Life insurance. ... Long-term care.

In general, Retired Soldiers who have accumulated 20 years of active service are eligible for Retired Pay. Final Pay Plan: For Soldiers who entered military service prior to September 8, 1980 retired pay is computed using 50% of basic pay after 20 years of service plus an additional 2.5% for each additional year.

FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement.

Defined Benefit Hybrid Retirement Plan.

Your first retired pay should be processed in 30 to 45 days after your retirement date.

Pension plans for active duty military There are two pension plans for active duty service members. Both plans require 20 or more years of service. Legacy or High 36 Retirement System - This plan is based on an average of your highest 36 months of basic pay.

Established by Congress in the Federal Employees' Retirement System Act of 1986, the TSP offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.

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North Dakota Employees Savings Thrift Plan