Virginia 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 Virginia Deferred Compensation Investment Account Plan, also known as the Virginia 457 Plan, is a retirement savings program designed to help employees of the Commonwealth of Virginia and other participating employers save for their retirement years. It offers tax advantages and a variety of investment options to help individuals build their retirement nest egg. The Virginia Deferred Compensation Investment Account Plan is a voluntary program that allows employees to contribute a portion of their pre-tax income to their retirement account. These contributions are made through automatic payroll deductions, making it convenient and easy for employees to save for retirement. One of the main advantages of the Virginia 457 Plan is its tax-deferred feature. Contributions made to the plan are deducted from an employee's taxable income, resulting in immediate tax savings. Additionally, the earnings on these contributions grow tax-deferred until retirement, when withdrawals are usually taxed at a potentially lower rate. The Virginia Deferred Compensation Investment Account Plan offers a range of investment options to suit different risk tolerances and investment goals. These options include mutual funds, target-date funds, and fixed-interest funds. Employees can choose to allocate their contributions among these options based on their individual preferences. In addition to the core Virginia Deferred Compensation Investment Account Plan, there are several other types of plans available to employees. One is the Roth 457 Plan, which allows employees to make after-tax contributions to their retirement account. Unlike traditional pre-tax contributions, Roth contributions are not tax-deductible, but qualified withdrawals, including earnings, are tax-free in retirement. Another option is the Hybrid 457 Plan, which combines elements of both a defined benefit pension plan and a 457 plan. This plan provides employees with a guaranteed retirement income, along with the flexibility of a 457 plan in terms of contributions and investments. The Virginia Deferred Compensation Investment Account Plan offers participants online tools and resources to help them manage their retirement savings. Through the plan's website, employees can access account information, review investment options, and make changes to their contributions and investment allocations. Overall, the Virginia Deferred Compensation Investment Account Plan is a valuable retirement savings vehicle that allows employees of the Commonwealth of Virginia and other participating employers to build a secure financial future. With its tax advantages, diverse investment options, and online tools, this plan provides individuals with the means to efficiently save for retirement and achieve their long-term financial goals.

The Virginia Deferred Compensation Investment Account Plan, also known as the Virginia 457 Plan, is a retirement savings program designed to help employees of the Commonwealth of Virginia and other participating employers save for their retirement years. It offers tax advantages and a variety of investment options to help individuals build their retirement nest egg. The Virginia Deferred Compensation Investment Account Plan is a voluntary program that allows employees to contribute a portion of their pre-tax income to their retirement account. These contributions are made through automatic payroll deductions, making it convenient and easy for employees to save for retirement. One of the main advantages of the Virginia 457 Plan is its tax-deferred feature. Contributions made to the plan are deducted from an employee's taxable income, resulting in immediate tax savings. Additionally, the earnings on these contributions grow tax-deferred until retirement, when withdrawals are usually taxed at a potentially lower rate. The Virginia Deferred Compensation Investment Account Plan offers a range of investment options to suit different risk tolerances and investment goals. These options include mutual funds, target-date funds, and fixed-interest funds. Employees can choose to allocate their contributions among these options based on their individual preferences. In addition to the core Virginia Deferred Compensation Investment Account Plan, there are several other types of plans available to employees. One is the Roth 457 Plan, which allows employees to make after-tax contributions to their retirement account. Unlike traditional pre-tax contributions, Roth contributions are not tax-deductible, but qualified withdrawals, including earnings, are tax-free in retirement. Another option is the Hybrid 457 Plan, which combines elements of both a defined benefit pension plan and a 457 plan. This plan provides employees with a guaranteed retirement income, along with the flexibility of a 457 plan in terms of contributions and investments. The Virginia Deferred Compensation Investment Account Plan offers participants online tools and resources to help them manage their retirement savings. Through the plan's website, employees can access account information, review investment options, and make changes to their contributions and investment allocations. Overall, the Virginia Deferred Compensation Investment Account Plan is a valuable retirement savings vehicle that allows employees of the Commonwealth of Virginia and other participating employers to build a secure financial future. With its tax advantages, diverse investment options, and online tools, this plan provides individuals with the means to efficiently save for retirement and achieve their long-term financial goals.