Los Angeles California Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Los Angeles
• 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 Los Angeles California Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the City of Los Angeles. It is a significant employee benefit initiative designed to help individuals save for their retirement goals while enjoying potential tax advantages. The Los Angeles California Deferred Compensation Investment Account Plan allows employees to contribute a portion of their pre-tax income into an investment account administered by the City. This arrangement offers an excellent opportunity to accumulate savings for retirement by deferring taxes on the contributed amount until withdrawal during retirement, when typically the tax rate may be lower. The plan provides various benefits to participants, including the ability to choose from a range of investment options tailored to suit individual risk appetites and preferences. The investments may include stocks, bonds, mutual funds, and other investment vehicles, enabling the growth of retirement savings over time. Participants can actively manage their investment portfolios, ensuring flexibility and control over their financial future. Employees participating in the Los Angeles California Deferred Compensation Investment Account Plan enjoy the added advantage of potential employer matching contributions. This means that the City may contribute a fixed percentage or dollar amount based on the employee's contribution, thereby enhancing the retirement savings even further. It is worth mentioning that the Los Angeles California Deferred Compensation Investment Account Plan offers flexibility in terms of withdrawal options. Participants have the choice to withdraw funds upon retirement or separation of service, which can be received as a lump sum, periodic payments, or a combination of both. However, it is crucial to consider tax implications and consult a financial advisor before making any withdrawal decisions. While the Los Angeles California Deferred Compensation Investment Account Plan is the primary offering, there may be additional types of plans available to employees based on their employment classification. These plans may include variations in terms of contribution limits, vesting schedules, and eligibility criteria. It is essential for employees to check their specific plan details to understand the options and benefits available to them. Overall, the Los Angeles California Deferred Compensation Investment Account Plan is a valuable retirement savings program, empowering City of Los Angeles employees to take control of their financial future. With its tax advantages, investment choices, potential employer contributions, and withdrawal flexibility, this plan serves as an effective tool to help employees achieve their retirement goals while ensuring financial security in their golden years.

Los Angeles California Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of the City of Los Angeles. It is a significant employee benefit initiative designed to help individuals save for their retirement goals while enjoying potential tax advantages. The Los Angeles California Deferred Compensation Investment Account Plan allows employees to contribute a portion of their pre-tax income into an investment account administered by the City. This arrangement offers an excellent opportunity to accumulate savings for retirement by deferring taxes on the contributed amount until withdrawal during retirement, when typically the tax rate may be lower. The plan provides various benefits to participants, including the ability to choose from a range of investment options tailored to suit individual risk appetites and preferences. The investments may include stocks, bonds, mutual funds, and other investment vehicles, enabling the growth of retirement savings over time. Participants can actively manage their investment portfolios, ensuring flexibility and control over their financial future. Employees participating in the Los Angeles California Deferred Compensation Investment Account Plan enjoy the added advantage of potential employer matching contributions. This means that the City may contribute a fixed percentage or dollar amount based on the employee's contribution, thereby enhancing the retirement savings even further. It is worth mentioning that the Los Angeles California Deferred Compensation Investment Account Plan offers flexibility in terms of withdrawal options. Participants have the choice to withdraw funds upon retirement or separation of service, which can be received as a lump sum, periodic payments, or a combination of both. However, it is crucial to consider tax implications and consult a financial advisor before making any withdrawal decisions. While the Los Angeles California Deferred Compensation Investment Account Plan is the primary offering, there may be additional types of plans available to employees based on their employment classification. These plans may include variations in terms of contribution limits, vesting schedules, and eligibility criteria. It is essential for employees to check their specific plan details to understand the options and benefits available to them. Overall, the Los Angeles California Deferred Compensation Investment Account Plan is a valuable retirement savings program, empowering City of Los Angeles employees to take control of their financial future. With its tax advantages, investment choices, potential employer contributions, and withdrawal flexibility, this plan serves as an effective tool to help employees achieve their retirement goals while ensuring financial security in their golden years.