Tennessee 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 Tennessee Supplemental Retirement Plan (TARP) is a retirement savings program designed to supplement the primary retirement benefits received by state employees in Tennessee. It aims to provide employees with additional financial security during their retirement years. TARP offers various types of retirement plans to cater to the different needs and preferences of employees. One of the primary types of TARP is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary on a pre-tax basis, thereby reducing their taxable income. The employer may also make contributions to the plan on behalf of the employee, further boosting their retirement savings. The investment options in the Defined Contribution Plan vary, giving employees the flexibility to choose the investment strategy that aligns with their risk tolerance and financial goals. Another type of TARP is the Deferred Compensation Plan, also known as the 457 Plan. This plan is available to state employees and other eligible local government employees. With the Deferred Compensation Plan, employees can contribute a portion of their income annually on a pre-tax basis, which is then invested in various investment options offered through the plan. The funds in this plan grow tax-deferred until retirement, providing employees with additional income during their post-employment years. Additionally, the State of Tennessee also offers the Hybrid Plan as part of the TARP. This plan combines features of both the Defined Contribution Plan and the Defined Benefit Plan. It provides employees with a guaranteed retirement benefit based on a formula that considers factors like years of service, average salary, and a predetermined contribution from the employee. The Hybrid Plan offers a greater degree of certainty in retirement benefits compared to a traditional Defined Contribution Plan. Furthermore, TARP provides employees access to comprehensive financial planning tools and resources, allowing them to make informed decisions about their retirement savings. It also offers educational seminars and workshops to help employees understand the various options available and make the most suitable choices for their future needs. The Tennessee Supplemental Retirement Plan plays a crucial role in enhancing the retirement income security of state employees by offering a range of retirement plans tailored to individual needs. Whether it's the Defined Contribution Plan, Deferred Compensation Plan, or the Hybrid Plan, TARP provides employees with the means to save and invest for a financially comfortable retirement.

The Tennessee Supplemental Retirement Plan (TARP) is a retirement savings program designed to supplement the primary retirement benefits received by state employees in Tennessee. It aims to provide employees with additional financial security during their retirement years. TARP offers various types of retirement plans to cater to the different needs and preferences of employees. One of the primary types of TARP is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary on a pre-tax basis, thereby reducing their taxable income. The employer may also make contributions to the plan on behalf of the employee, further boosting their retirement savings. The investment options in the Defined Contribution Plan vary, giving employees the flexibility to choose the investment strategy that aligns with their risk tolerance and financial goals. Another type of TARP is the Deferred Compensation Plan, also known as the 457 Plan. This plan is available to state employees and other eligible local government employees. With the Deferred Compensation Plan, employees can contribute a portion of their income annually on a pre-tax basis, which is then invested in various investment options offered through the plan. The funds in this plan grow tax-deferred until retirement, providing employees with additional income during their post-employment years. Additionally, the State of Tennessee also offers the Hybrid Plan as part of the TARP. This plan combines features of both the Defined Contribution Plan and the Defined Benefit Plan. It provides employees with a guaranteed retirement benefit based on a formula that considers factors like years of service, average salary, and a predetermined contribution from the employee. The Hybrid Plan offers a greater degree of certainty in retirement benefits compared to a traditional Defined Contribution Plan. Furthermore, TARP provides employees access to comprehensive financial planning tools and resources, allowing them to make informed decisions about their retirement savings. It also offers educational seminars and workshops to help employees understand the various options available and make the most suitable choices for their future needs. The Tennessee Supplemental Retirement Plan plays a crucial role in enhancing the retirement income security of state employees by offering a range of retirement plans tailored to individual needs. Whether it's the Defined Contribution Plan, Deferred Compensation Plan, or the Hybrid Plan, TARP provides employees with the means to save and invest for a financially comfortable retirement.