Cuyahoga Ohio Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Cuyahoga
• 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 Cuyahoga Ohio Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for the employees of Cuyahoga County, located in Ohio. This plan allows eligible employees to contribute a portion of their salary into a tax-advantaged investment account, helping them to build a substantial nest egg for their retirement. The Cuyahoga Ohio Deferred Compensation Investment Account Plan offers several key benefits for participants. Firstly, it allows employees to contribute to their retirement savings on a pre-tax basis, meaning that their contributions are deducted from their paycheck before taxes are applied. This can help to lower their taxable income, potentially resulting in a reduced tax bill. Additionally, participants can choose from a range of investment options to grow their contributions over time, including various mutual funds and target-date funds. One significant advantage of the Cuyahoga Ohio Deferred Compensation Investment Account Plan is the potential for employer matching contributions. Cuyahoga County may offer a matching contribution, where they will match a certain percentage of an employee's contributions, up to a certain limit. This can significantly accelerate the growth of an employee's retirement savings. It is important to understand that there are different types of Cuyahoga Ohio Deferred Compensation Investment Account Plans, which employees may choose based on their personal financial goals and risk tolerance. These options typically include a traditional 401(k) plan, a Roth 401(k) plan, and a self-directed brokerage account. The traditional 401(k) plan allows participants to contribute pre-tax dollars, while the Roth 401(k) plan allows participants to contribute after-tax dollars, with the potential for tax-free withdrawals in retirement. The self-directed brokerage account provides more control over investment decisions by allowing participants to invest in individual stocks, bonds, and other securities. Overall, the Cuyahoga Ohio Deferred Compensation Investment Account Plan offers valuable retirement planning options for employees of Cuyahoga County, empowering them to save for a secure and comfortable future. By contributing consistently and taking advantage of potential employer matching contributions, participants can maximize the growth of their retirement savings over time.

The Cuyahoga Ohio Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for the employees of Cuyahoga County, located in Ohio. This plan allows eligible employees to contribute a portion of their salary into a tax-advantaged investment account, helping them to build a substantial nest egg for their retirement. The Cuyahoga Ohio Deferred Compensation Investment Account Plan offers several key benefits for participants. Firstly, it allows employees to contribute to their retirement savings on a pre-tax basis, meaning that their contributions are deducted from their paycheck before taxes are applied. This can help to lower their taxable income, potentially resulting in a reduced tax bill. Additionally, participants can choose from a range of investment options to grow their contributions over time, including various mutual funds and target-date funds. One significant advantage of the Cuyahoga Ohio Deferred Compensation Investment Account Plan is the potential for employer matching contributions. Cuyahoga County may offer a matching contribution, where they will match a certain percentage of an employee's contributions, up to a certain limit. This can significantly accelerate the growth of an employee's retirement savings. It is important to understand that there are different types of Cuyahoga Ohio Deferred Compensation Investment Account Plans, which employees may choose based on their personal financial goals and risk tolerance. These options typically include a traditional 401(k) plan, a Roth 401(k) plan, and a self-directed brokerage account. The traditional 401(k) plan allows participants to contribute pre-tax dollars, while the Roth 401(k) plan allows participants to contribute after-tax dollars, with the potential for tax-free withdrawals in retirement. The self-directed brokerage account provides more control over investment decisions by allowing participants to invest in individual stocks, bonds, and other securities. Overall, the Cuyahoga Ohio Deferred Compensation Investment Account Plan offers valuable retirement planning options for employees of Cuyahoga County, empowering them to save for a secure and comfortable future. By contributing consistently and taking advantage of potential employer matching contributions, participants can maximize the growth of their retirement savings over time.