New Mexico 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 New Mexico Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees in the state of New Mexico. It is designed to help individuals save and invest for their future retirement needs. This voluntary plan allows employees to contribute a portion of their income on a pre-tax basis, which can potentially lead to significant tax savings over time. The New Mexico Deferred Compensation Investment Account Plan offers different types of investment options to participants, allowing them to tailor their investment strategy based on their risk tolerance and retirement goals. These investment options may include low-risk options such as money market funds or stable value funds, as well as higher-risk options such as diversified stock funds or international equity funds. The plan also provides flexibility in terms of contribution amounts, allowing participants to increase, decrease, or stop their contributions at any time. Additionally, employees may be eligible for employer matching contributions, further boosting their retirement savings. Participants in the New Mexico Deferred Compensation Investment Account Plan can access their account online, where they can view their investment balance, track investment performance, and make changes to their investment allocations. The plan offers educational resources and tools to help employees make informed investment decisions and plan for their retirement. Retirement savings are typically accessed upon termination of employment, reaching retirement age, or under certain hardship circumstances. Withdrawals from the New Mexico Deferred Compensation Investment Account Plan may have tax implications and penalties, so it is important for participants to carefully consider their options before making any withdrawals. In summary, the New Mexico Deferred Compensation Investment Account Plan is a valuable retirement savings program that allows eligible employees to save for their future while enjoying potential tax advantages. By offering a range of investment options and providing educational resources, this plan empowers participants to take control of their retirement savings and work towards achieving their financial goals.

The New Mexico Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees in the state of New Mexico. It is designed to help individuals save and invest for their future retirement needs. This voluntary plan allows employees to contribute a portion of their income on a pre-tax basis, which can potentially lead to significant tax savings over time. The New Mexico Deferred Compensation Investment Account Plan offers different types of investment options to participants, allowing them to tailor their investment strategy based on their risk tolerance and retirement goals. These investment options may include low-risk options such as money market funds or stable value funds, as well as higher-risk options such as diversified stock funds or international equity funds. The plan also provides flexibility in terms of contribution amounts, allowing participants to increase, decrease, or stop their contributions at any time. Additionally, employees may be eligible for employer matching contributions, further boosting their retirement savings. Participants in the New Mexico Deferred Compensation Investment Account Plan can access their account online, where they can view their investment balance, track investment performance, and make changes to their investment allocations. The plan offers educational resources and tools to help employees make informed investment decisions and plan for their retirement. Retirement savings are typically accessed upon termination of employment, reaching retirement age, or under certain hardship circumstances. Withdrawals from the New Mexico Deferred Compensation Investment Account Plan may have tax implications and penalties, so it is important for participants to carefully consider their options before making any withdrawals. In summary, the New Mexico Deferred Compensation Investment Account Plan is a valuable retirement savings program that allows eligible employees to save for their future while enjoying potential tax advantages. By offering a range of investment options and providing educational resources, this plan empowers participants to take control of their retirement savings and work towards achieving their financial goals.