Kings New York Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Kings
• 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 Kings New York Deferred Compensation Investment Account Plan is a retirement savings program designed specifically for Kings County employees in the state of New York. This plan allows eligible employees to defer a portion of their salary on a pre-tax basis, thereby reducing their current taxable income. The Kings New York Deferred Compensation Investment Account Plan offers various investment options, allowing participants to tailor their investment strategy based on their risk tolerance and financial goals. These investment options may include stocks, bonds, mutual funds, and other investment vehicles. One noteworthy feature of this plan is that contributions made by employees are deducted directly from their paycheck, making it an easy and convenient way to save for retirement. Participants can contribute up to a certain percentage of their salary or a specific dollar amount, depending on the plan's guidelines. Employees who contribute to the Kings New York Deferred Compensation Investment Account Plan can also benefit from potential employer matching contributions. These matching contributions, if available, can either be provided as a set percentage of the employee's contribution or based on a specific formula set by the employer. In addition to the standard Kings New York Deferred Compensation Investment Account Plan, there might be other variations or sub-plans available to eligible employees. These variations could include options like a Roth 457 plan, which allows participants to make after-tax contributions that can potentially be withdrawn tax-free during retirement. The Kings New York Deferred Compensation Investment Account Plan is an excellent opportunity for Kings County employees to save for retirement in a tax-efficient manner. By taking advantage of this plan, employees can secure their financial future and ensure a comfortable retirement while benefiting from potential employer matching contributions and a range of investment options. Keywords: Kings New York Deferred Compensation Investment Account Plan, retirement savings program, Kings County employees, New York, pre-tax basis, taxable income, investment options, stocks, bonds, mutual funds, investment vehicles, contributions, paycheck deduction, retirement, employer matching contributions, Roth 457 plan, tax-efficient, financial future.

Kings New York Deferred Compensation Investment Account Plan is a retirement savings program designed specifically for Kings County employees in the state of New York. This plan allows eligible employees to defer a portion of their salary on a pre-tax basis, thereby reducing their current taxable income. The Kings New York Deferred Compensation Investment Account Plan offers various investment options, allowing participants to tailor their investment strategy based on their risk tolerance and financial goals. These investment options may include stocks, bonds, mutual funds, and other investment vehicles. One noteworthy feature of this plan is that contributions made by employees are deducted directly from their paycheck, making it an easy and convenient way to save for retirement. Participants can contribute up to a certain percentage of their salary or a specific dollar amount, depending on the plan's guidelines. Employees who contribute to the Kings New York Deferred Compensation Investment Account Plan can also benefit from potential employer matching contributions. These matching contributions, if available, can either be provided as a set percentage of the employee's contribution or based on a specific formula set by the employer. In addition to the standard Kings New York Deferred Compensation Investment Account Plan, there might be other variations or sub-plans available to eligible employees. These variations could include options like a Roth 457 plan, which allows participants to make after-tax contributions that can potentially be withdrawn tax-free during retirement. The Kings New York Deferred Compensation Investment Account Plan is an excellent opportunity for Kings County employees to save for retirement in a tax-efficient manner. By taking advantage of this plan, employees can secure their financial future and ensure a comfortable retirement while benefiting from potential employer matching contributions and a range of investment options. Keywords: Kings New York Deferred Compensation Investment Account Plan, retirement savings program, Kings County employees, New York, pre-tax basis, taxable income, investment options, stocks, bonds, mutual funds, investment vehicles, contributions, paycheck deduction, retirement, employer matching contributions, Roth 457 plan, tax-efficient, financial future.