Cook Illinois Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Cook
• 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 Cook Illinois Deferred Compensation Investment Account Plan is a retirement savings option offered to employees of the Cook County Government in Illinois. This plan allows employees to contribute a portion of their pre-tax salary towards their retirement income, providing a tax advantage by reducing their taxable income. The Cook Illinois Deferred Compensation Investment Account Plan is designed to help employees build a secure financial future by offering a variety of investment options. Participants can choose from a range of investment vehicles such as mutual funds, stocks, bonds, and money market funds, tailored to their individual risk tolerance and long-term financial goals. One notable feature of this plan is the option for employees to defer a portion of their compensation, allowing for potential tax savings and compounding growth over time. By deferring their compensation, participants can reduce their current taxable income and potentially benefit from lower tax brackets during retirement. Furthermore, the Cook Illinois Deferred Compensation Investment Account Plan offers flexibility in terms of contributions. Participants can adjust their contribution rate at any time throughout their employment, allowing them to increase or decrease their savings rate based on their financial circumstances. Additionally, this plan provides participants with access to educational resources and tools to help them make informed investment decisions. Online services and mobile applications are available, allowing employees to monitor their account balances, view investment performance, and make changes to their investment allocations. It is important to note that there may be different types of Cook Illinois Deferred Compensation Investment Account Plans based on the employees' positions and eligibility. While the core features of the plan remain the same, there might be variations in contribution limits, matching contributions, and available investment options based on the employee's job classification. In summary, the Cook Illinois Deferred Compensation Investment Account Plan is a retirement savings vehicle that offers Cook County Government employees the opportunity to save and invest for their future. With a wide range of investment options, tax advantages, and flexibility in contributions, this plan aims to help employees build a solid financial foundation for their retirement years.

The Cook Illinois Deferred Compensation Investment Account Plan is a retirement savings option offered to employees of the Cook County Government in Illinois. This plan allows employees to contribute a portion of their pre-tax salary towards their retirement income, providing a tax advantage by reducing their taxable income. The Cook Illinois Deferred Compensation Investment Account Plan is designed to help employees build a secure financial future by offering a variety of investment options. Participants can choose from a range of investment vehicles such as mutual funds, stocks, bonds, and money market funds, tailored to their individual risk tolerance and long-term financial goals. One notable feature of this plan is the option for employees to defer a portion of their compensation, allowing for potential tax savings and compounding growth over time. By deferring their compensation, participants can reduce their current taxable income and potentially benefit from lower tax brackets during retirement. Furthermore, the Cook Illinois Deferred Compensation Investment Account Plan offers flexibility in terms of contributions. Participants can adjust their contribution rate at any time throughout their employment, allowing them to increase or decrease their savings rate based on their financial circumstances. Additionally, this plan provides participants with access to educational resources and tools to help them make informed investment decisions. Online services and mobile applications are available, allowing employees to monitor their account balances, view investment performance, and make changes to their investment allocations. It is important to note that there may be different types of Cook Illinois Deferred Compensation Investment Account Plans based on the employees' positions and eligibility. While the core features of the plan remain the same, there might be variations in contribution limits, matching contributions, and available investment options based on the employee's job classification. In summary, the Cook Illinois Deferred Compensation Investment Account Plan is a retirement savings vehicle that offers Cook County Government employees the opportunity to save and invest for their future. With a wide range of investment options, tax advantages, and flexibility in contributions, this plan aims to help employees build a solid financial foundation for their retirement years.