The Chicago Illinois Deferred Compensation Investment Account Plan is a retirement savings program designed specifically for employees of the city of Chicago. It is a voluntary program that allows participants to set aside a portion of their salary before taxes in order to save for their retirement. The Deferred Compensation Investment Account Plan offers a diverse range of investment options that are specifically tailored to meet the retirement goals of the participants. These investment options include stocks, bonds, mutual funds, and other investment vehicles. One of the key advantages of the Chicago Illinois Deferred Compensation Investment Account Plan is the ability to defer income taxes on the contributions made to the plan. By deferring taxes, participants have the opportunity to potentially grow their investments at a faster rate, as the money that would have been paid in taxes is now being invested. Another advantage of the Chicago Illinois Deferred Compensation Investment Account Plan is the employer match. The city of Chicago offers a matching contribution for participants who contribute a certain percentage of their salary to the plan. This matching contribution can significantly boost the overall savings potential of the plan. In addition to the standard Deferred Compensation Investment Account Plan, there are other types of plans available for participants based on their specific needs and circumstances. These include Roth 457 plans, which allow participants to make after-tax contributions and enjoy tax-free withdrawals in retirement, and catch-up contributions for those who are nearing retirement age and want to maximize their savings. Overall, the Chicago Illinois Deferred Compensation Investment Account Plan is a valuable retirement savings tool that helps employees of the city of Chicago plan for their future. With a wide range of investment options, tax advantages, and employer matching contributions, it offers a flexible and robust solution for long-term financial security.
Chicago Illinois Deferred Compensation Investment Account Plan
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How to fill out Chicago Illinois Deferred Compensation Investment Account Plan?
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