Oregon 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 Oregon Savings Plan for Employees (ESPE) is a comprehensive retirement savings program designed to offer an array of investment options for employees in Oregon. This voluntary program enables individuals to effectively plan and save for their retirement, ensuring financial stability in their golden years. With various investment options available, employees can select the plan that best suits their personal financial goals and risk appetite. One of the popular types of the Oregon Savings Plan for Employees is the traditional 401(k) plan. This plan allows participants to save pre-tax dollars, which helps reduce their current taxable income. Contributions made to the traditional 401(k) account are invested in a range of investment options such as mutual funds or target-date funds. The growth within the account is tax-deferred, ensuring that taxes are only applicable upon withdrawal during retirement. Another type of plan under the Oregon Savings Plan for Employees is the Roth 401(k). This plan provides participants with the opportunity to contribute after-tax dollars, allowing for tax-free withdrawals during retirement. This can be advantageous for individuals who anticipate being in a higher tax bracket during retirement or wish to minimize their taxable income in the future. Furthermore, the Oregon Savings Plan for Public Employees is a specific plan tailored exclusively for public employees in the state. It offers similar investment options as the traditional and Roth 401(k) plans, but with additional benefits and options specifically designed for public sector workers. This plan ensures that public employees have the chance to build a secure retirement while taking advantage of specialized features such as pension portability or a choice between different investment providers. In summary, the Oregon Savings Plan for Employees consists of various retirement savings options, including traditional 401(k), Roth 401(k), and a plan exclusively designed for public employees. Each plan allows individuals to save and invest their funds according to their unique financial situations and long-term goals. This program aims to ensure that employees in Oregon have access to effective retirement savings tools, helping them secure a financially stable future.

The Oregon Savings Plan for Employees (ESPE) is a comprehensive retirement savings program designed to offer an array of investment options for employees in Oregon. This voluntary program enables individuals to effectively plan and save for their retirement, ensuring financial stability in their golden years. With various investment options available, employees can select the plan that best suits their personal financial goals and risk appetite. One of the popular types of the Oregon Savings Plan for Employees is the traditional 401(k) plan. This plan allows participants to save pre-tax dollars, which helps reduce their current taxable income. Contributions made to the traditional 401(k) account are invested in a range of investment options such as mutual funds or target-date funds. The growth within the account is tax-deferred, ensuring that taxes are only applicable upon withdrawal during retirement. Another type of plan under the Oregon Savings Plan for Employees is the Roth 401(k). This plan provides participants with the opportunity to contribute after-tax dollars, allowing for tax-free withdrawals during retirement. This can be advantageous for individuals who anticipate being in a higher tax bracket during retirement or wish to minimize their taxable income in the future. Furthermore, the Oregon Savings Plan for Public Employees is a specific plan tailored exclusively for public employees in the state. It offers similar investment options as the traditional and Roth 401(k) plans, but with additional benefits and options specifically designed for public sector workers. This plan ensures that public employees have the chance to build a secure retirement while taking advantage of specialized features such as pension portability or a choice between different investment providers. In summary, the Oregon Savings Plan for Employees consists of various retirement savings options, including traditional 401(k), Roth 401(k), and a plan exclusively designed for public employees. Each plan allows individuals to save and invest their funds according to their unique financial situations and long-term goals. This program aims to ensure that employees in Oregon have access to effective retirement savings tools, helping them secure a financially stable future.