New Mexico Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-22-109E
• Format: Word; Rich Text

Description

22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant The New Mexico Savings Plan for Employees is a comprehensive retirement savings program designed to assist the employees of the state of New Mexico in achieving their retirement goals. This plan offers several types of savings options and investment choices to cater to the diverse needs and preferences of participants. One type of New Mexico Savings Plan for Employees is the Defined Contribution Plan. This plan enables employees to contribute a portion of their pre-tax earnings into a retirement account. Participants can choose from a variety of investment options, such as stocks, bonds, and mutual funds, to grow their savings over time. The contributions made by employees are often matched by the employer, making it an attractive benefit for state employees. Another type of savings plan offered is the Deferred Compensation Plan. This plan is designed to complement the Defined Contribution Plan by allowing employees to set aside additional funds for retirement on a pre-tax basis. Participants can customize their contribution amount and investment options to suit their individual financial goals. The earnings on these contributions grow tax-deferred until retirement, providing the potential for significant long-term savings. Additionally, the New Mexico Savings Plan for Employees extends its benefits through an Employee Investment Fund (IF). The IF is a self-directed investment option that allows employees to invest their retirement savings in specific New Mexico-based businesses and initiatives. This unique feature allows participants to support local economic development while potentially earning competitive returns. The New Mexico Savings Plan for Employees aims to provide employees with a diversified range of investment options, allowing them to tailor their retirement savings according to their risk tolerance and financial objectives. With features like employer matching, tax advantages, and the ability to invest in local businesses, this plan serves as a valuable tool for empowering state employees to secure a financially sound retirement. Keywords: New Mexico Savings Plan for Employees, retirement savings program, Defined Contribution Plan, retirement account, investment options, pre-tax earnings, employer match, Deferred Compensation Plan, contribution amount, investment choices, tax-deferred growth, Employee Investment Fund, New Mexico-based businesses, local economic development, competitive returns, risk tolerance, financial objectives.

The New Mexico Savings Plan for Employees is a comprehensive retirement savings program designed to assist the employees of the state of New Mexico in achieving their retirement goals. This plan offers several types of savings options and investment choices to cater to the diverse needs and preferences of participants. One type of New Mexico Savings Plan for Employees is the Defined Contribution Plan. This plan enables employees to contribute a portion of their pre-tax earnings into a retirement account. Participants can choose from a variety of investment options, such as stocks, bonds, and mutual funds, to grow their savings over time. The contributions made by employees are often matched by the employer, making it an attractive benefit for state employees. Another type of savings plan offered is the Deferred Compensation Plan. This plan is designed to complement the Defined Contribution Plan by allowing employees to set aside additional funds for retirement on a pre-tax basis. Participants can customize their contribution amount and investment options to suit their individual financial goals. The earnings on these contributions grow tax-deferred until retirement, providing the potential for significant long-term savings. Additionally, the New Mexico Savings Plan for Employees extends its benefits through an Employee Investment Fund (IF). The IF is a self-directed investment option that allows employees to invest their retirement savings in specific New Mexico-based businesses and initiatives. This unique feature allows participants to support local economic development while potentially earning competitive returns. The New Mexico Savings Plan for Employees aims to provide employees with a diversified range of investment options, allowing them to tailor their retirement savings according to their risk tolerance and financial objectives. With features like employer matching, tax advantages, and the ability to invest in local businesses, this plan serves as a valuable tool for empowering state employees to secure a financially sound retirement. Keywords: New Mexico Savings Plan for Employees, retirement savings program, Defined Contribution Plan, retirement account, investment options, pre-tax earnings, employer match, Deferred Compensation Plan, contribution amount, investment choices, tax-deferred growth, Employee Investment Fund, New Mexico-based businesses, local economic development, competitive returns, risk tolerance, financial objectives.