New York 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 York Supplemental Retirement Plan (NY SRP) is a comprehensive retirement savings program designed to provide additional financial security for state and local government employees in the state of New York. This voluntary program allows participants to contribute a portion of their salary towards retirement, in addition to their regular pension benefits. The NY SRP aims to help employees bridge the gap between their pension income and their actual retirement needs by offering various investment options and tax advantages. A key feature of the NY SRP is its flexibility, as participants have the freedom to choose from a range of investment options, including mutual funds, annuities, and life insurance policies. These options allow individuals to tailor their retirement savings strategy to meet their personal financial goals and risk tolerance. Moreover, the contributions made towards the NY SRP are tax-deferred, meaning that participants can potentially reduce their current taxable income while accumulating savings for retirement. The NY SRP offers two main types of plans: the Defined Contribution Retirement Plan (CRP) and the 457 Deferred Compensation Plan. The CRP is ideal for employees who desire more control over their investment choices and want to actively manage their retirement savings. Participants in the CRP can select from a diverse array of investment options and can adjust their allocations over time to adapt to changing circumstances. On the other hand, the 457 Deferred Compensation Plan caters to employees looking for a simpler retirement savings option. This plan allows participants to contribute a portion of their salary towards retirement on a pre-tax basis, similar to a traditional 401(k) plan. The contributions and earnings in this plan grow tax-deferred until retirement, providing employees with an additional source of retirement income. Overall, the New York Supplemental Retirement Plan is a valuable program that offers public sector employees in the state of New York the opportunity to enhance their retirement savings beyond their regular pension benefits. With its flexibility, investment options, and tax advantages, the NY SRP empowers individuals to create a more secure financial future for their retirement years.

The New York Supplemental Retirement Plan (NY SRP) is a comprehensive retirement savings program designed to provide additional financial security for state and local government employees in the state of New York. This voluntary program allows participants to contribute a portion of their salary towards retirement, in addition to their regular pension benefits. The NY SRP aims to help employees bridge the gap between their pension income and their actual retirement needs by offering various investment options and tax advantages. A key feature of the NY SRP is its flexibility, as participants have the freedom to choose from a range of investment options, including mutual funds, annuities, and life insurance policies. These options allow individuals to tailor their retirement savings strategy to meet their personal financial goals and risk tolerance. Moreover, the contributions made towards the NY SRP are tax-deferred, meaning that participants can potentially reduce their current taxable income while accumulating savings for retirement. The NY SRP offers two main types of plans: the Defined Contribution Retirement Plan (CRP) and the 457 Deferred Compensation Plan. The CRP is ideal for employees who desire more control over their investment choices and want to actively manage their retirement savings. Participants in the CRP can select from a diverse array of investment options and can adjust their allocations over time to adapt to changing circumstances. On the other hand, the 457 Deferred Compensation Plan caters to employees looking for a simpler retirement savings option. This plan allows participants to contribute a portion of their salary towards retirement on a pre-tax basis, similar to a traditional 401(k) plan. The contributions and earnings in this plan grow tax-deferred until retirement, providing employees with an additional source of retirement income. Overall, the New York Supplemental Retirement Plan is a valuable program that offers public sector employees in the state of New York the opportunity to enhance their retirement savings beyond their regular pension benefits. With its flexibility, investment options, and tax advantages, the NY SRP empowers individuals to create a more secure financial future for their retirement years.