Tennessee Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-22-118E
• Format: Word; Rich Text

Description

22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars The Tennessee Employees Savings Thrift Plan, also known as the TSP, is a retirement savings program specifically designed for Tennessee state employees. It is a valuable benefit provided by the Tennessee Consolidated Retirement System (TCR) and offers state employees an opportunity to save and invest for their future retirement needs. One of the primary goals of the Tennessee Employees Savings Thrift Plan is to provide state employees with a convenient and effective way to build their retirement savings. The plan allows participants to contribute a portion of their salary on a pre-tax basis, which means that the contribution amount is deducted from their paycheck before taxes are applied. This tax advantage can help employees maximize their savings potential and lower their overall taxable income. The TSP offers a diverse range of investment options to suit individual preferences and risk tolerance. Participants can choose from various investment funds, including low-cost index funds, target-date funds, and bond funds, among others. These investment options enable employees to create a well-balanced and diversified portfolio, which is essential for long-term growth and wealth accumulation. Moreover, the TSP offers eligible employees a generous employer match program. Depending on the employee's length of service and amount of personal contributions, the state may match a portion of the employee's contributions. This matching contribution acts as a significant incentive for employees to maximize their savings and take full advantage of the benefits provided by the plan. Additionally, the Tennessee Employees Savings Thrift Plan offers flexibility in terms of account management and withdrawals. Participants can easily access their account online, review their investment performance, adjust their contribution percentage, and make fund allocations. The plan also allows participants to take loans or make hardship withdrawals in certain circumstances, ensuring that employees have options to manage their financial needs when necessary. It's worth noting that while the TSP primarily caters to state employees, there may be other variations of the Tennessee Employees Savings Thrift Plan available to certain groups or organizations affiliated with the state. These plans typically follow similar principles but may have specific features or guidelines tailored to the respective groups. In conclusion, the Tennessee Employees Savings Thrift Plan is an advantageous retirement savings program offered to state employees, providing them with a tax-efficient way to save and invest for their retirement. With a variety of investment options, employer matching contributions, and flexible account management, the TSP empowers Tennessee state employees to plan for a financially secure future.

The Tennessee Employees Savings Thrift Plan, also known as the TSP, is a retirement savings program specifically designed for Tennessee state employees. It is a valuable benefit provided by the Tennessee Consolidated Retirement System (TCR) and offers state employees an opportunity to save and invest for their future retirement needs. One of the primary goals of the Tennessee Employees Savings Thrift Plan is to provide state employees with a convenient and effective way to build their retirement savings. The plan allows participants to contribute a portion of their salary on a pre-tax basis, which means that the contribution amount is deducted from their paycheck before taxes are applied. This tax advantage can help employees maximize their savings potential and lower their overall taxable income. The TSP offers a diverse range of investment options to suit individual preferences and risk tolerance. Participants can choose from various investment funds, including low-cost index funds, target-date funds, and bond funds, among others. These investment options enable employees to create a well-balanced and diversified portfolio, which is essential for long-term growth and wealth accumulation. Moreover, the TSP offers eligible employees a generous employer match program. Depending on the employee's length of service and amount of personal contributions, the state may match a portion of the employee's contributions. This matching contribution acts as a significant incentive for employees to maximize their savings and take full advantage of the benefits provided by the plan. Additionally, the Tennessee Employees Savings Thrift Plan offers flexibility in terms of account management and withdrawals. Participants can easily access their account online, review their investment performance, adjust their contribution percentage, and make fund allocations. The plan also allows participants to take loans or make hardship withdrawals in certain circumstances, ensuring that employees have options to manage their financial needs when necessary. It's worth noting that while the TSP primarily caters to state employees, there may be other variations of the Tennessee Employees Savings Thrift Plan available to certain groups or organizations affiliated with the state. These plans typically follow similar principles but may have specific features or guidelines tailored to the respective groups. In conclusion, the Tennessee Employees Savings Thrift Plan is an advantageous retirement savings program offered to state employees, providing them with a tax-efficient way to save and invest for their retirement. With a variety of investment options, employer matching contributions, and flexible account management, the TSP empowers Tennessee state employees to plan for a financially secure future.