New York 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 York Deferred Compensation Investment Account Plan is a comprehensive retirement savings program available to employees of the state of New York and certain participating entities. This plan offers participants the opportunity to save for retirement through payroll deductions on a pre-tax or post-tax basis, allowing for tax advantages and potential long-term growth. This investment account plan is designed to provide a variety of investment options, allowing participants to tailor their investment strategy to their individual needs and risk tolerance. The plan offers a range of investment funds, including fixed income, equities, and target date funds, enabling participants to diversify their portfolios and potentially maximize returns. Participants in the New York Deferred Compensation Investment Account Plan can contribute up to certain annual limits set by the Internal Revenue Service (IRS), with catch-up provisions available for those nearing retirement age. These contributions are deducted from the participants' paychecks automatically, making it a convenient and hassle-free way to save for retirement. One notable feature of this plan is the ability to make withdrawals or rollovers from other retirement accounts into the New York Deferred Compensation Investment Account Plan. This flexibility allows participants to consolidate their retirement assets and potentially take advantage of the investment options and benefits offered by the plan. It is important to note that there are different types of New York Deferred Compensation Investment Account Plans available. Some of these include: 1. 457(b) Plan: This type of plan is available to employees of government and tax-exempt organizations. It allows participants to contribute a portion of their salary on a pre-tax basis, reducing their taxable income while saving for retirement. 2. Roth 457(b) Plan: This plan option allows participants to contribute after-tax dollars to their retirement savings account. Although contributions to the Roth 457(b) plan do not provide immediate tax benefits, qualified withdrawals in retirement are tax-free, including both the principal and any investment earnings. 3. 401(k) Plan: While not specifically named as a New York Deferred Compensation Investment Account Plan, some New York employers may offer a 401(k) plan as an additional retirement savings option. These plans are similar in nature to the 457(b) plans, but are more commonly associated with private sector employers. In summary, the New York Deferred Compensation Investment Account Plan provides a valuable retirement savings opportunity for employees of the state of New York and participating entities. With a variety of investment options and contribution methods, this plan allows participants to build a nest egg for their future while enjoying potential tax advantages. Whether through a 457(b) plan, a Roth 457(b) plan, or possibly a 401(k) plan, New York employees have access to a well-rounded retirement savings program tailored to their specific needs.

The New York Deferred Compensation Investment Account Plan is a comprehensive retirement savings program available to employees of the state of New York and certain participating entities. This plan offers participants the opportunity to save for retirement through payroll deductions on a pre-tax or post-tax basis, allowing for tax advantages and potential long-term growth. This investment account plan is designed to provide a variety of investment options, allowing participants to tailor their investment strategy to their individual needs and risk tolerance. The plan offers a range of investment funds, including fixed income, equities, and target date funds, enabling participants to diversify their portfolios and potentially maximize returns. Participants in the New York Deferred Compensation Investment Account Plan can contribute up to certain annual limits set by the Internal Revenue Service (IRS), with catch-up provisions available for those nearing retirement age. These contributions are deducted from the participants' paychecks automatically, making it a convenient and hassle-free way to save for retirement. One notable feature of this plan is the ability to make withdrawals or rollovers from other retirement accounts into the New York Deferred Compensation Investment Account Plan. This flexibility allows participants to consolidate their retirement assets and potentially take advantage of the investment options and benefits offered by the plan. It is important to note that there are different types of New York Deferred Compensation Investment Account Plans available. Some of these include: 1. 457(b) Plan: This type of plan is available to employees of government and tax-exempt organizations. It allows participants to contribute a portion of their salary on a pre-tax basis, reducing their taxable income while saving for retirement. 2. Roth 457(b) Plan: This plan option allows participants to contribute after-tax dollars to their retirement savings account. Although contributions to the Roth 457(b) plan do not provide immediate tax benefits, qualified withdrawals in retirement are tax-free, including both the principal and any investment earnings. 3. 401(k) Plan: While not specifically named as a New York Deferred Compensation Investment Account Plan, some New York employers may offer a 401(k) plan as an additional retirement savings option. These plans are similar in nature to the 457(b) plans, but are more commonly associated with private sector employers. In summary, the New York Deferred Compensation Investment Account Plan provides a valuable retirement savings opportunity for employees of the state of New York and participating entities. With a variety of investment options and contribution methods, this plan allows participants to build a nest egg for their future while enjoying potential tax advantages. Whether through a 457(b) plan, a Roth 457(b) plan, or possibly a 401(k) plan, New York employees have access to a well-rounded retirement savings program tailored to their specific needs.