Pennsylvania 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 Pennsylvania Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the state of Pennsylvania. This employer-sponsored plan allows individuals to set aside a portion of their pre-tax income for retirement, providing them with a convenient and structured way to save for the future. The Pennsylvania Deferred Compensation Investment Account Plan offers participants several key benefits. Firstly, contributions made to the plan are tax-deferred, meaning they are deducted from the employee's salary before taxes are calculated. This can result in immediate tax savings, as the employee's taxable income is reduced by the amount contributed to the plan. Furthermore, the plan offers a variety of investment options, allowing participants to choose from a range of diversified portfolios tailored to their individual risk tolerance and investment goals. This flexibility allows employees to create a personalized investment strategy that aligns with their specific financial objectives. The plan also offers additional advantages such as employer-matching contributions, which can help employees accelerate their retirement savings. The specific matching contributions may vary depending on the employer and the plan type. Speaking of different plan types, the Pennsylvania Deferred Compensation Investment Account Plan offers two primary options: the 457(b) Plan and the 401(k) Plan. The 457(b) Plan is available to most state, municipal, county, and other governmental employees, while the 401(k) Plan is designed for employees of participating public higher education institutions. Both plan types operate similarly, allowing employees to contribute a portion of their salary on a pre-tax basis. However, there are slight differences in contribution limits and withdrawal rules between the two plan types, which employees should understand when making their investment decisions. Participants in the Pennsylvania Deferred Compensation Investment Account Plan can access their account information online, where they can monitor their investments, update beneficiary information, and make changes to their contribution amounts. This convenient online platform provides participants with easy access to their retirement savings information and empowers them to take an active role in managing their financial future. In summary, the Pennsylvania Deferred Compensation Investment Account Plan is a retirement savings program for state and public higher education employees. It offers tax advantages, a range of investment options, and employer-matching contributions. With different plan types available, employees can select the one that best suits their needs and financial goals.

Pennsylvania Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the state of Pennsylvania. This employer-sponsored plan allows individuals to set aside a portion of their pre-tax income for retirement, providing them with a convenient and structured way to save for the future. The Pennsylvania Deferred Compensation Investment Account Plan offers participants several key benefits. Firstly, contributions made to the plan are tax-deferred, meaning they are deducted from the employee's salary before taxes are calculated. This can result in immediate tax savings, as the employee's taxable income is reduced by the amount contributed to the plan. Furthermore, the plan offers a variety of investment options, allowing participants to choose from a range of diversified portfolios tailored to their individual risk tolerance and investment goals. This flexibility allows employees to create a personalized investment strategy that aligns with their specific financial objectives. The plan also offers additional advantages such as employer-matching contributions, which can help employees accelerate their retirement savings. The specific matching contributions may vary depending on the employer and the plan type. Speaking of different plan types, the Pennsylvania Deferred Compensation Investment Account Plan offers two primary options: the 457(b) Plan and the 401(k) Plan. The 457(b) Plan is available to most state, municipal, county, and other governmental employees, while the 401(k) Plan is designed for employees of participating public higher education institutions. Both plan types operate similarly, allowing employees to contribute a portion of their salary on a pre-tax basis. However, there are slight differences in contribution limits and withdrawal rules between the two plan types, which employees should understand when making their investment decisions. Participants in the Pennsylvania Deferred Compensation Investment Account Plan can access their account information online, where they can monitor their investments, update beneficiary information, and make changes to their contribution amounts. This convenient online platform provides participants with easy access to their retirement savings information and empowers them to take an active role in managing their financial future. In summary, the Pennsylvania Deferred Compensation Investment Account Plan is a retirement savings program for state and public higher education employees. It offers tax advantages, a range of investment options, and employer-matching contributions. With different plan types available, employees can select the one that best suits their needs and financial goals.