22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars
The Oregon Employees Savings Thrift Plan (ESTP) is a comprehensive retirement savings program designed to provide financial security and stability for employees in the state of Oregon. It is available to eligible public employees including state, local government, school districts, and some non-profit organizations. The Oregon Employees Savings Thrift Plan offers employees a variety of investment options to choose from, allowing them to customize their retirement portfolios based on their individual goals and risk tolerance. These investment options cover a wide range of asset classes including stocks, bonds, and mutual funds, ensuring diversification and potential for long-term growth. One of the main advantages of participating in the Oregon Employees Savings Thrift Plan is the ability to contribute a portion of pre-tax income, reducing taxable income for the employee. This means that contributions are deducted from gross pay before income taxes are calculated, enabling employees to potentially save on taxes while simultaneously building their retirement nest egg. Furthermore, the Oregon Employees Savings Thrift Plan offers a Roth option, allowing participants to make after-tax contributions. Although these contributions are not tax-deductible, all qualified Roth distributions, including earnings, are tax-free. This feature provides flexibility in retirement planning and allows employees to choose the most tax-efficient strategy that suits their financial circumstances. Additionally, the Oregon Employees Savings Thrift Plan offers a variety of investment tools and resources to help participants make informed decisions. Online account access, educational materials, and retirement planning calculators are available to help employees navigate the process and maximize their savings potential. While there are no specific variations within the Oregon Employees Savings Thrift Plan, it is important to note that employees may have different contribution options based on their employment status. For example, some employees may be eligible for automatic enrollment while others may need to opt in voluntarily. It is crucial for individuals to consult their HR department or plan administrator to determine their eligibility and contribution options. In conclusion, the Oregon Employees Savings Thrift Plan is a valuable retirement savings program that provides Oregon public employees with a convenient and tax-advantaged way to invest in their future. With a wide range of investment options, contribution choices, and educational resources, participants can take control of their retirement planning and work towards achieving financial security and well-being.
The Oregon Employees Savings Thrift Plan (ESTP) is a comprehensive retirement savings program designed to provide financial security and stability for employees in the state of Oregon. It is available to eligible public employees including state, local government, school districts, and some non-profit organizations. The Oregon Employees Savings Thrift Plan offers employees a variety of investment options to choose from, allowing them to customize their retirement portfolios based on their individual goals and risk tolerance. These investment options cover a wide range of asset classes including stocks, bonds, and mutual funds, ensuring diversification and potential for long-term growth. One of the main advantages of participating in the Oregon Employees Savings Thrift Plan is the ability to contribute a portion of pre-tax income, reducing taxable income for the employee. This means that contributions are deducted from gross pay before income taxes are calculated, enabling employees to potentially save on taxes while simultaneously building their retirement nest egg. Furthermore, the Oregon Employees Savings Thrift Plan offers a Roth option, allowing participants to make after-tax contributions. Although these contributions are not tax-deductible, all qualified Roth distributions, including earnings, are tax-free. This feature provides flexibility in retirement planning and allows employees to choose the most tax-efficient strategy that suits their financial circumstances. Additionally, the Oregon Employees Savings Thrift Plan offers a variety of investment tools and resources to help participants make informed decisions. Online account access, educational materials, and retirement planning calculators are available to help employees navigate the process and maximize their savings potential. While there are no specific variations within the Oregon Employees Savings Thrift Plan, it is important to note that employees may have different contribution options based on their employment status. For example, some employees may be eligible for automatic enrollment while others may need to opt in voluntarily. It is crucial for individuals to consult their HR department or plan administrator to determine their eligibility and contribution options. In conclusion, the Oregon Employees Savings Thrift Plan is a valuable retirement savings program that provides Oregon public employees with a convenient and tax-advantaged way to invest in their future. With a wide range of investment options, contribution choices, and educational resources, participants can take control of their retirement planning and work towards achieving financial security and well-being.