Wisconsin 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 Wisconsin Employees Savings Thrift Plan is a retirement savings program specifically designed for employees in Wisconsin. It encourages state employees to save for their future by offering a range of investment options and tax advantages. The Wisconsin Employees Savings Thrift Plan is a defined contribution plan, which means it allows employees to contribute a portion of their salary into their retirement account. These contributions are made on a pre-tax basis, allowing employees to lower their taxable income and potentially reduce their tax burden. One key feature of the plan is the employer match. The state of Wisconsin provides a matching contribution of up to a certain percentage of an employee's salary, helping to boost their retirement savings even further. This match is essentially free money that employees can take advantage of by participating in the plan. There are several investment options available within the Wisconsin Employees Savings Thrift Plan. These options include various mutual funds and target-date funds, allowing employees to choose an investment strategy that aligns with their risk tolerance and retirement goals. The plan also offers a self-directed brokerage account option, which allows employees to have more control over their investments by choosing individual stocks and bonds. It is worth noting that there may be different variations of the Wisconsin Employees Savings Thrift Plan depending on an employee's employment status. For example, there may be specific plans for state employees, university employees, or local government employees. Each plan is tailored to meet the needs of its respective employee group while still providing the core benefits of the program. Overall, the Wisconsin Employees Savings Thrift Plan is a valuable retirement savings vehicle for Wisconsin employees. It offers tax advantages, employer matching contributions, and a range of investment options to help participants grow their savings over time. By taking advantage of this plan, employees can take meaningful steps towards achieving their retirement goals and securing their financial future.

The Wisconsin Employees Savings Thrift Plan is a retirement savings program specifically designed for employees in Wisconsin. It encourages state employees to save for their future by offering a range of investment options and tax advantages. The Wisconsin Employees Savings Thrift Plan is a defined contribution plan, which means it allows employees to contribute a portion of their salary into their retirement account. These contributions are made on a pre-tax basis, allowing employees to lower their taxable income and potentially reduce their tax burden. One key feature of the plan is the employer match. The state of Wisconsin provides a matching contribution of up to a certain percentage of an employee's salary, helping to boost their retirement savings even further. This match is essentially free money that employees can take advantage of by participating in the plan. There are several investment options available within the Wisconsin Employees Savings Thrift Plan. These options include various mutual funds and target-date funds, allowing employees to choose an investment strategy that aligns with their risk tolerance and retirement goals. The plan also offers a self-directed brokerage account option, which allows employees to have more control over their investments by choosing individual stocks and bonds. It is worth noting that there may be different variations of the Wisconsin Employees Savings Thrift Plan depending on an employee's employment status. For example, there may be specific plans for state employees, university employees, or local government employees. Each plan is tailored to meet the needs of its respective employee group while still providing the core benefits of the program. Overall, the Wisconsin Employees Savings Thrift Plan is a valuable retirement savings vehicle for Wisconsin employees. It offers tax advantages, employer matching contributions, and a range of investment options to help participants grow their savings over time. By taking advantage of this plan, employees can take meaningful steps towards achieving their retirement goals and securing their financial future.