Lima Arizona Approval of Deferred Compensation Investment Account Plan: The Lima Arizona Approval of Deferred Compensation Investment Account Plan is a comprehensive retirement savings plan offered to employees of the Pima County in Arizona. This plan allows eligible employees to defer a portion of their income, receiving tax advantages while investing in various financial instruments for their future retirement. One type of the Lima Arizona Approval of Deferred Compensation Investment Account Plan is the 401(k) plan. This plan allows employees to contribute a percentage of their pre-tax income into an investment account, with the option for employers to match a portion of their contributions. The funds in the account can then be invested in a range of options such as stocks, bonds, mutual funds, and fixed income securities. Another type of deferred compensation investment account plan is the 457(b) plan. This plan is specifically designed for government and tax-exempt organizations, offering employees the opportunity to defer a portion of their salary into a retirement savings account. Contributions to a 457(b) plan are tax-deferred until withdrawal, providing employees with potential tax advantages. The Lima Arizona Approval of Deferred Compensation Investment Account Plan offers numerous benefits to participants. Firstly, it provides employees with a convenient and disciplined way to save for retirement, allowing for automatic payroll deductions. Additionally, contributions made to the plan are tax-deferred, meaning that the income invested grows without being subject to immediate income taxes. This allows for potential long-term growth and compounding of investments. Furthermore, the Lima Arizona Approval of Deferred Compensation Investment Account Plan allows participants to customize their investment strategy based on their risk tolerance and goals. They have the flexibility to choose from a diverse range of investment options, including both conservative and aggressive funds. This empowers participants to create a personalized portfolio that aligns with their individual retirement objectives. In conclusion, the Lima Arizona Approval of Deferred Compensation Investment Account Plan provides Pima County employees with the opportunity to save for retirement in a tax-advantaged manner. With options like the 401(k) and 457(b) plans, participants can choose the account type that best suits their needs. By taking advantage of this plan, employees can secure their financial future and enjoy a comfortable retirement.
Pima Arizona Approval of deferred compensation investment account plan
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