Tennessee 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 The Tennessee Deferred Compensation Investment Account Plan is a retirement savings program available for Tennessee state employees. It is designed to facilitate long-term financial security by allowing employees to contribute a portion of their income on a pre-tax basis, thereby reducing their current taxable income. Contributions made to the Tennessee Deferred Compensation Investment Account Plan are invested in a variety of investment options, giving participants the opportunity to grow their retirement savings through various asset classes such as stocks, bonds, and mutual funds. The plan offers a range of investment options suited to individual risk preferences and goals, including both active and passive investment strategies. Participants in the Tennessee Deferred Compensation Investment Account Plan can choose from a selection of diversified investment portfolios managed by reputable investment firms. Some investment options include index funds, target-date funds, and balanced funds, each with different risk and return characteristics. One key aspect of the Tennessee Deferred Compensation Investment Account Plan is the ability to control and manage contributions. Participants can choose to contribute a specific percentage of their salary or a fixed dollar amount, up to the annual limits set by the Internal Revenue Service (IRS). This flexibility allows employees to adjust their contributions based on their financial circumstances and retirement goals. In addition to the core investment features, the plan also offers educational resources and tools to help participants make informed investment decisions. Online account access provides comprehensive information on investment performance, account balances, and contribution history, empowering participants to monitor their retirement savings progress. While the Tennessee Deferred Compensation Investment Account Plan is primarily aimed at state employees, there may be different variations or specific plans available for certain employee groups, such as teachers or law enforcement personnel. These specialized plans may offer additional benefits or investment options tailored to the unique needs of these specific employee groups. Overall, the Tennessee Deferred Compensation Investment Account Plan serves as a valuable retirement savings vehicle for Tennessee state employees, assisting them in building a secure financial foundation for their retirement years.

The Tennessee Deferred Compensation Investment Account Plan is a retirement savings program available for Tennessee state employees. It is designed to facilitate long-term financial security by allowing employees to contribute a portion of their income on a pre-tax basis, thereby reducing their current taxable income. Contributions made to the Tennessee Deferred Compensation Investment Account Plan are invested in a variety of investment options, giving participants the opportunity to grow their retirement savings through various asset classes such as stocks, bonds, and mutual funds. The plan offers a range of investment options suited to individual risk preferences and goals, including both active and passive investment strategies. Participants in the Tennessee Deferred Compensation Investment Account Plan can choose from a selection of diversified investment portfolios managed by reputable investment firms. Some investment options include index funds, target-date funds, and balanced funds, each with different risk and return characteristics. One key aspect of the Tennessee Deferred Compensation Investment Account Plan is the ability to control and manage contributions. Participants can choose to contribute a specific percentage of their salary or a fixed dollar amount, up to the annual limits set by the Internal Revenue Service (IRS). This flexibility allows employees to adjust their contributions based on their financial circumstances and retirement goals. In addition to the core investment features, the plan also offers educational resources and tools to help participants make informed investment decisions. Online account access provides comprehensive information on investment performance, account balances, and contribution history, empowering participants to monitor their retirement savings progress. While the Tennessee Deferred Compensation Investment Account Plan is primarily aimed at state employees, there may be different variations or specific plans available for certain employee groups, such as teachers or law enforcement personnel. These specialized plans may offer additional benefits or investment options tailored to the unique needs of these specific employee groups. Overall, the Tennessee Deferred Compensation Investment Account Plan serves as a valuable retirement savings vehicle for Tennessee state employees, assisting them in building a secure financial foundation for their retirement years.