The Nevada Deferred Compensation Investment Account Plan, often referred to as the Nevada CIA, is a retirement savings program available for public employees in the state of Nevada. It is designed to supplement their retirement benefits from the Public Employees' Retirement System (PEERS). The Nevada CIA allows public employees to invest a portion of their salary in different investment options to accumulate a retirement nest egg. One of the main advantages of the Nevada Deferred Compensation Investment Account Plan is its tax-deferred nature. Contributions made by employees are deducted from their income before taxes are applied, reducing their current taxable income. This allows employees to lower their tax burden while simultaneously saving for retirement. The Nevada CIA offers a variety of investment options to suit different risk appetites and investment goals. These options include mutual funds, target-date funds, and fixed income options. Each investment option has its own risk and return characteristics, allowing participants to choose the strategy that aligns with their individual investment preferences. Participants in the Nevada CIA can also take advantage of employer matching contributions, which incentivizes employees to contribute a certain percentage of their salary to maximize their retirement savings. This employer match can significantly boost the growth of the investment account over time. Furthermore, the Nevada Deferred Compensation Investment Account Plan grants participants the flexibility to make changes to their investment allocations and contribution amounts as their financial circumstances evolve. This flexibility enables individuals to adapt their retirement savings strategy over time, ensuring that it remains aligned with their changing needs and goals. Different types of the Nevada Deferred Compensation Investment Account Plan may exist, offering variations in investment options and features. While specific plan names might differ, some common types may include the Core Investment Menu, Socially Responsible Investment Options, and Self-Directed Brokerage Account, among others. These options cater to participants with diverse investment preferences and allow them to customize their retirement savings strategy accordingly. In summary, the Nevada Deferred Compensation Investment Account Plan is a valuable retirement savings program for public employees in Nevada. By offering tax advantages, a range of investment options, and the opportunity for employer matching contributions, the plan empowers participants to grow their retirement savings effectively. Whether through the Core Investment Menu, Socially Responsible Investment Options, or other variations, the Nevada CIA provides public employees with the necessary tools to secure their financial future.
Nevada Deferred Compensation Investment Account Plan
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FAQ
A 401(k) has an edge when it comes to regular contributions, since employer matches don't count against your annual contribution limit. But if you have a 457 plan, you could benefit from the special catch-up contribution provision which you don't get with a 401(k).
When you defer receiving income, you also defer paying federal and state taxes on that income until it's paid out to you. This can be especially appealing if you're currently in a high tax bracket and expect to be in a lower tax bracket in the future.
A 457(b) plan's annual contributions and other additions (excluding earnings) to a participant's account cannot exceed the lesser of: 100% of the participant's includible compensation, or. the elective deferral limit ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
With a nonqualified deferred compensation (NQDC) plan, your employees can defer some of their pay until a later date. This type of deferred compensation plan typically pays out income after an employee leaves their job, like in retirement, for instance.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.