Rhode Island 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 Rhode Island Savings Plan for Employees, also known as the RISER, is a retirement savings program specifically designed for the employees of Rhode Island. It aims to provide them with a convenient and accessible way to save for retirement while enjoying potential tax advantages. This retirement savings plan is offered by the state of Rhode Island and is available to all eligible state employees, including teachers, municipal employees, and certain non-profit organization employees. It is overseen by the Rhode Island Employees' Retirement System (RIVERS), which ensures the smooth operation of the plan. The RISER offers different types of savings plans to cater to individuals' unique needs and preferences. These include: 1. Defined Contribution Plan: This type of savings plan allows employees to contribute a portion of their salary on a pre-tax basis, meaning that the taxes on the contributions are deferred until retirement when withdrawals are made. The funds are then invested in a variety of investment options, such as stocks, bonds, and mutual funds, allowing participants to potentially grow their savings over time. 2. Roth 457(b) Plan: This plan is similar to the Defined Contribution Plan but with after-tax contributions. With this option, employees contribute a portion of their income to the plan on an after-tax basis. Although contributions are not tax-deductible, the earnings on investments grow tax-free, and qualified withdrawals in retirement are also tax-free. 3. Supplemental Savings Plan: In addition to the above savings plans, the RISER also provides a supplemental savings option. This plan allows employees to make additional contributions beyond the regular retirement savings plan, giving them the opportunity to save more for their future. Regardless of the type of savings plan employees choose, the RISER offers a wide range of investment options to suit different risk appetites and retirement goals. Participants can select from conservative, moderate, or aggressive investment strategies based on their preferences and time horizon until retirement. To support employees in making informed decisions about their retirement savings, the RISER provides educational resources, online tools, and access to financial advisors who can offer guidance on investment options. In conclusion, the Rhode Island Savings Plan for Employees (RISER) is a comprehensive retirement savings program that offers several types of plans to help Rhode Island employees save and invest for their future. Whether through the Defined Contribution Plan, Roth 457(b) Plan, or Supplemental Savings Plan, participants have the opportunity to grow their savings and secure a financially comfortable retirement.

The Rhode Island Savings Plan for Employees, also known as the RISER, is a retirement savings program specifically designed for the employees of Rhode Island. It aims to provide them with a convenient and accessible way to save for retirement while enjoying potential tax advantages. This retirement savings plan is offered by the state of Rhode Island and is available to all eligible state employees, including teachers, municipal employees, and certain non-profit organization employees. It is overseen by the Rhode Island Employees' Retirement System (RIVERS), which ensures the smooth operation of the plan. The RISER offers different types of savings plans to cater to individuals' unique needs and preferences. These include: 1. Defined Contribution Plan: This type of savings plan allows employees to contribute a portion of their salary on a pre-tax basis, meaning that the taxes on the contributions are deferred until retirement when withdrawals are made. The funds are then invested in a variety of investment options, such as stocks, bonds, and mutual funds, allowing participants to potentially grow their savings over time. 2. Roth 457(b) Plan: This plan is similar to the Defined Contribution Plan but with after-tax contributions. With this option, employees contribute a portion of their income to the plan on an after-tax basis. Although contributions are not tax-deductible, the earnings on investments grow tax-free, and qualified withdrawals in retirement are also tax-free. 3. Supplemental Savings Plan: In addition to the above savings plans, the RISER also provides a supplemental savings option. This plan allows employees to make additional contributions beyond the regular retirement savings plan, giving them the opportunity to save more for their future. Regardless of the type of savings plan employees choose, the RISER offers a wide range of investment options to suit different risk appetites and retirement goals. Participants can select from conservative, moderate, or aggressive investment strategies based on their preferences and time horizon until retirement. To support employees in making informed decisions about their retirement savings, the RISER provides educational resources, online tools, and access to financial advisors who can offer guidance on investment options. In conclusion, the Rhode Island Savings Plan for Employees (RISER) is a comprehensive retirement savings program that offers several types of plans to help Rhode Island employees save and invest for their future. Whether through the Defined Contribution Plan, Roth 457(b) Plan, or Supplemental Savings Plan, participants have the opportunity to grow their savings and secure a financially comfortable retirement.