Chicago Illinois Approval of deferred compensation investment account plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: Chicago
• Control #: US-CC-20-135-NE
• Format: Word; Rich Text

Description

This is a multi-state form covering the subject matter of the title. Chicago Illinois Approval of Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees in the city of Chicago. This plan allows employees to set aside a portion of their salary and invest it in various investment options for the purpose of building a nest egg for retirement. The Approval of Deferred Compensation Investment Account Plan in Chicago Illinois offers several types of investment options to cater to the varying preferences and risk tolerance levels of employees. Some different types of Chicago Illinois Approval of Deferred Compensation Investment Account Plans include: 1. Traditional Investment Account: This type of plan allows employees to contribute a portion of their pre-tax salary to the account. The contributions, along with any employer matching contributions, are invested in various investment vehicles such as stocks, bonds, mutual funds, and ETFs. 2. Roth Investment Account: In this type of plan, employees contribute a portion of their after-tax salary to the account. Roth's investment accounts offer tax-free qualified withdrawals in retirement, making it an attractive option for employees who anticipate being in a higher tax bracket during retirement. 3. Target Date Retirement Fund: This plan offers a simplified approach to investing, where employees choose a target retirement date and invest in a single fund that automatically adjusts its asset allocation over time to become more conservative as the retirement date approaches. 4. Self-Directed Investment Account: This type of plan grants employees greater control over their investment choices by allowing them to select specific individual stocks, bonds, or other investment vehicles. However, self-directed accounts require more active management and financial knowledge. The Approval of Deferred Compensation Investment Account Plan in Chicago Illinois provides employees with the flexibility to choose one or a combination of these investment options based on their financial goals, risk tolerance, and personal preferences. This plan aims to help employees accumulate wealth for retirement through tax advantages and the power of compounding returns over time. Overall, the Chicago Illinois Approval of Deferred Compensation Investment Account Plan offers a range of investment options to help employees make sound financial decisions and secure a comfortable retirement.

Chicago Illinois Approval of Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees in the city of Chicago. This plan allows employees to set aside a portion of their salary and invest it in various investment options for the purpose of building a nest egg for retirement. The Approval of Deferred Compensation Investment Account Plan in Chicago Illinois offers several types of investment options to cater to the varying preferences and risk tolerance levels of employees. Some different types of Chicago Illinois Approval of Deferred Compensation Investment Account Plans include: 1. Traditional Investment Account: This type of plan allows employees to contribute a portion of their pre-tax salary to the account. The contributions, along with any employer matching contributions, are invested in various investment vehicles such as stocks, bonds, mutual funds, and ETFs. 2. Roth Investment Account: In this type of plan, employees contribute a portion of their after-tax salary to the account. Roth's investment accounts offer tax-free qualified withdrawals in retirement, making it an attractive option for employees who anticipate being in a higher tax bracket during retirement. 3. Target Date Retirement Fund: This plan offers a simplified approach to investing, where employees choose a target retirement date and invest in a single fund that automatically adjusts its asset allocation over time to become more conservative as the retirement date approaches. 4. Self-Directed Investment Account: This type of plan grants employees greater control over their investment choices by allowing them to select specific individual stocks, bonds, or other investment vehicles. However, self-directed accounts require more active management and financial knowledge. The Approval of Deferred Compensation Investment Account Plan in Chicago Illinois provides employees with the flexibility to choose one or a combination of these investment options based on their financial goals, risk tolerance, and personal preferences. This plan aims to help employees accumulate wealth for retirement through tax advantages and the power of compounding returns over time. Overall, the Chicago Illinois Approval of Deferred Compensation Investment Account Plan offers a range of investment options to help employees make sound financial decisions and secure a comfortable retirement.