Contra Costa California Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Contra Costa
• 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 Contra Costa California Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees of Contra Costa County, California. This plan allows employees to contribute a portion of their salary on a pre-tax basis, which can be used to invest in various investment options. The primary aim of the Contra Costa California Deferred Compensation Investment Account Plan is to provide employees with an additional source of income during their retirement years. By contributing a portion of their salary to the plan, employees can take advantage of the tax benefits associated with deferred compensation. Contributions made to the plan are not subject to federal or state income taxes until the funds are withdrawn. There are different types of Contra Costa California Deferred Compensation Investment Account Plans available to employees, which allow them to tailor their investment strategy according to their needs and risk tolerance. 1. 457(b) Plan: This plan is specifically designed for governmental and public employees, including those working for Contra Costa County. It allows employees to contribute a portion of their salary on a pre-tax basis and offers tax advantages and flexibility in investment options. 2. Roth 457(b) Plan: This plan is similar to the 457(b) plan, but with a Roth option. Employees can make after-tax contributions to the plan, and qualified withdrawals in retirement are tax-free, providing potential tax advantages for those who expect to be in a higher tax bracket during retirement. By participating in any of the Contra Costa California Deferred Compensation Investment Account Plans, employees can take control of their retirement savings and invest in a diverse array of investment options, including mutual funds, index funds, and target-date funds. These investment options are managed by professional investment firms, ensuring that employees have access to well-diversified and professionally managed portfolios. The Contra Costa California Deferred Compensation Investment Account Plan also offers educational resources and tools to help employees make informed decisions about their investments. Participants can access online calculators, attend webinars, and receive personalized guidance from plan administrators, ensuring that they have the necessary knowledge to make sound investment choices. Overall, the Contra Costa California Deferred Compensation Investment Account Plan is a valuable retirement savings program for eligible employees, providing tax advantages, investment flexibility, and educational resources to help them achieve their long-term financial goals.

The Contra Costa California Deferred Compensation Investment Account Plan is a retirement savings program offered to eligible employees of Contra Costa County, California. This plan allows employees to contribute a portion of their salary on a pre-tax basis, which can be used to invest in various investment options. The primary aim of the Contra Costa California Deferred Compensation Investment Account Plan is to provide employees with an additional source of income during their retirement years. By contributing a portion of their salary to the plan, employees can take advantage of the tax benefits associated with deferred compensation. Contributions made to the plan are not subject to federal or state income taxes until the funds are withdrawn. There are different types of Contra Costa California Deferred Compensation Investment Account Plans available to employees, which allow them to tailor their investment strategy according to their needs and risk tolerance. 1. 457(b) Plan: This plan is specifically designed for governmental and public employees, including those working for Contra Costa County. It allows employees to contribute a portion of their salary on a pre-tax basis and offers tax advantages and flexibility in investment options. 2. Roth 457(b) Plan: This plan is similar to the 457(b) plan, but with a Roth option. Employees can make after-tax contributions to the plan, and qualified withdrawals in retirement are tax-free, providing potential tax advantages for those who expect to be in a higher tax bracket during retirement. By participating in any of the Contra Costa California Deferred Compensation Investment Account Plans, employees can take control of their retirement savings and invest in a diverse array of investment options, including mutual funds, index funds, and target-date funds. These investment options are managed by professional investment firms, ensuring that employees have access to well-diversified and professionally managed portfolios. The Contra Costa California Deferred Compensation Investment Account Plan also offers educational resources and tools to help employees make informed decisions about their investments. Participants can access online calculators, attend webinars, and receive personalized guidance from plan administrators, ensuring that they have the necessary knowledge to make sound investment choices. Overall, the Contra Costa California Deferred Compensation Investment Account Plan is a valuable retirement savings program for eligible employees, providing tax advantages, investment flexibility, and educational resources to help them achieve their long-term financial goals.