Rhode Island 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 Rhode Island Supplemental Retirement Plan (RI SRP) is a government-sponsored retirement savings program designed to supplement the retirement income of employees who participate in the state's MERS (Municipal Employees' Retirement System) pension plan. It provides an additional retirement savings option for public employees working for participating municipalities and school districts in Rhode Island. The RI SRP offers several types of retirement plans to suit the varying needs and preferences of the participants. One such plan is the defined contribution plan, where employees make contributions to their individual retirement accounts (IRAs) on a pre-tax basis via payroll deductions. These contributions can be invested in a range of investment options, such as stocks, bonds, and mutual funds, allowing their retirement savings to potentially grow over time. Another type of plan under the RI SRP is the deferred compensation plan. This plan enables employees to defer a portion of their salary, again on a pre-tax basis, into a retirement account that can be invested. This plan offers flexibility to participants, as they have the ability to choose how much of their income they want to defer and when to receive distributions in retirement. Additionally, the RI SRP offers a 457(b) plan, which is a tax-advantaged retirement savings vehicle available to employees of government and certain non-profit organizations. Similar to the deferred compensation plan, employees can contribute a portion of their income on a pre-tax basis, subject to certain contribution limits set by the Internal Revenue Service (IRS). This plan also allows for potential investment growth and provides participants with the freedom to control their retirement savings. The Rhode Island Supplemental Retirement Plan aims to provide public employees with a reliable and efficient way to save for their retirement and ensure financial security in their post-employment years. By offering various retirement plan options, the program caters to the diverse needs and preferences of participants, empowering them to take control of their retirement savings journey.

The Rhode Island Supplemental Retirement Plan (RI SRP) is a government-sponsored retirement savings program designed to supplement the retirement income of employees who participate in the state's MERS (Municipal Employees' Retirement System) pension plan. It provides an additional retirement savings option for public employees working for participating municipalities and school districts in Rhode Island. The RI SRP offers several types of retirement plans to suit the varying needs and preferences of the participants. One such plan is the defined contribution plan, where employees make contributions to their individual retirement accounts (IRAs) on a pre-tax basis via payroll deductions. These contributions can be invested in a range of investment options, such as stocks, bonds, and mutual funds, allowing their retirement savings to potentially grow over time. Another type of plan under the RI SRP is the deferred compensation plan. This plan enables employees to defer a portion of their salary, again on a pre-tax basis, into a retirement account that can be invested. This plan offers flexibility to participants, as they have the ability to choose how much of their income they want to defer and when to receive distributions in retirement. Additionally, the RI SRP offers a 457(b) plan, which is a tax-advantaged retirement savings vehicle available to employees of government and certain non-profit organizations. Similar to the deferred compensation plan, employees can contribute a portion of their income on a pre-tax basis, subject to certain contribution limits set by the Internal Revenue Service (IRS). This plan also allows for potential investment growth and provides participants with the freedom to control their retirement savings. The Rhode Island Supplemental Retirement Plan aims to provide public employees with a reliable and efficient way to save for their retirement and ensure financial security in their post-employment years. By offering various retirement plan options, the program caters to the diverse needs and preferences of participants, empowering them to take control of their retirement savings journey.