New Mexico 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 New Mexico Supplemental Retirement Plan (NM SRP) is a state-sponsored retirement savings program designed specifically for employees in New Mexico. It is aimed at providing additional financial security and helping employees build a solid retirement nest egg. This voluntary retirement plan is administered by the New Mexico Educational Retirement Board (MERE), and it offers several key features and benefits. One primary goal of the New Mexico Supplemental Retirement Plan is to fill the income gap that may arise during retirement due to insufficient savings. The plan allows employees to contribute a portion of their salary on a pre-tax basis, thereby reducing their taxable income and potentially increasing their take-home pay. These contributions can be made directly from the employee's paycheck, making it a convenient and hassle-free savings option. The NM SRP offers multiple investment options to suit the varying risk tolerances and preferences of participants. These investment options range from low-risk options such as stable value funds to more aggressive options like equity funds. By providing diversified investment options, NM SRP aims to optimize the potential for long-term growth and help participants maximize their retirement savings. Employees can enjoy the flexibility of contributing as little as 1% or as much as the annual IRS limit set for retirement contributions, allowing them to tailor their savings strategy according to their financial situation. Additionally, the plan allows for catch-up contributions for those who are 50 years or older, enabling them to accelerate their savings as they approach retirement age. In order to ensure ease of use and efficient management, the NM SRP provides convenient online access. Participants have access to a user-friendly website where they can view and manage their accounts, monitor investment performance, make contribution changes, and access helpful retirement planning tools and resources. It is worth noting that within the New Mexico Supplemental Retirement Plan, there may be different types or variations tailored to specific employee groups or organizations. These could include plans for public school employees, state employees, university employees, judicial employees, and legislative employees, among others. While the overall structure and benefits of the plans may remain consistent, there might be slight variations to cater to the specific needs and requirements of each employee group. In conclusion, the New Mexico Supplemental Retirement Plan offers a valuable opportunity for employees in New Mexico to save for retirement and bridge the income gap. With its range of investment options, flexible contribution limits, and convenient online access, it strives to empower individuals to take control of their retirement savings and secure a financially stable future.

The New Mexico Supplemental Retirement Plan (NM SRP) is a state-sponsored retirement savings program designed specifically for employees in New Mexico. It is aimed at providing additional financial security and helping employees build a solid retirement nest egg. This voluntary retirement plan is administered by the New Mexico Educational Retirement Board (MERE), and it offers several key features and benefits. One primary goal of the New Mexico Supplemental Retirement Plan is to fill the income gap that may arise during retirement due to insufficient savings. The plan allows employees to contribute a portion of their salary on a pre-tax basis, thereby reducing their taxable income and potentially increasing their take-home pay. These contributions can be made directly from the employee's paycheck, making it a convenient and hassle-free savings option. The NM SRP offers multiple investment options to suit the varying risk tolerances and preferences of participants. These investment options range from low-risk options such as stable value funds to more aggressive options like equity funds. By providing diversified investment options, NM SRP aims to optimize the potential for long-term growth and help participants maximize their retirement savings. Employees can enjoy the flexibility of contributing as little as 1% or as much as the annual IRS limit set for retirement contributions, allowing them to tailor their savings strategy according to their financial situation. Additionally, the plan allows for catch-up contributions for those who are 50 years or older, enabling them to accelerate their savings as they approach retirement age. In order to ensure ease of use and efficient management, the NM SRP provides convenient online access. Participants have access to a user-friendly website where they can view and manage their accounts, monitor investment performance, make contribution changes, and access helpful retirement planning tools and resources. It is worth noting that within the New Mexico Supplemental Retirement Plan, there may be different types or variations tailored to specific employee groups or organizations. These could include plans for public school employees, state employees, university employees, judicial employees, and legislative employees, among others. While the overall structure and benefits of the plans may remain consistent, there might be slight variations to cater to the specific needs and requirements of each employee group. In conclusion, the New Mexico Supplemental Retirement Plan offers a valuable opportunity for employees in New Mexico to save for retirement and bridge the income gap. With its range of investment options, flexible contribution limits, and convenient online access, it strives to empower individuals to take control of their retirement savings and secure a financially stable future.