Maricopa Arizona Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Maricopa
• 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 Maricopa Arizona Deferred Compensation Investment Account Plan, commonly known as the Maricopa AZD CIA Plan, is a retirement savings program designed exclusively for employees of the city of Maricopa, Arizona. This employer-sponsored plan allows participants to defer a portion of their salary into an investment account, which can grow tax-deferred until withdrawal during retirement. The Plan is governed by the Arizona State Retirement System (ASKS), ensuring the highest level of fiduciary standards and investment options. One of the key benefits of the Maricopa AZD CIA Plan is its flexibility, allowing participants to choose their contribution level, investment options, and beneficiary designations. This plan offers a diverse selection of investment options to meet various risk tolerances and investment goals. Participants can allocate their contributions across options such as stocks, bonds, mutual funds, and target-date retirement funds. The Maricopa AZD CIA Plan also provides eligible employees with a generous employer match contribution. This match incentivizes employees to save for their retirement and can significantly boost their account balances over time. The exact match percentage and contribution limits may vary depending on employment terms and agreements with the city. In addition to the standard Maricopa AZD CIA Plan, there might be variations or additional plans available, including 457(b) and Roth 457(b) options. The 457(b) plan allows participants to make pre-tax contributions, reducing their taxable income for both federal and state tax purposes. On the other hand, the Roth 457(b) plan enables after-tax contributions, providing potential tax-free withdrawals during retirement. It's important to note that the Maricopa AZD CIA Plan is a long-term retirement savings vehicle, subject to specific eligibility and withdrawal rules. Participants should consult the Plan's official documentation, their financial advisors, or the ASKS for complete information regarding contributions, vesting, investment options, and distribution requirements. In summary, the Maricopa AZ Deferred Compensation Investment Account Plan is a valuable retirement savings program available to employees of the city of Maricopa, Arizona. It offers flexibility in contribution levels, investment options, and employer match contributions. Potential variations of the plan may include the 457(b) and Roth 457(b) options, providing additional tax advantages. Participants are encouraged to thoroughly understand the Plan's provisions and consult with experts to make the most informed decisions regarding their retirement savings.

The Maricopa Arizona Deferred Compensation Investment Account Plan, commonly known as the Maricopa AZD CIA Plan, is a retirement savings program designed exclusively for employees of the city of Maricopa, Arizona. This employer-sponsored plan allows participants to defer a portion of their salary into an investment account, which can grow tax-deferred until withdrawal during retirement. The Plan is governed by the Arizona State Retirement System (ASKS), ensuring the highest level of fiduciary standards and investment options. One of the key benefits of the Maricopa AZD CIA Plan is its flexibility, allowing participants to choose their contribution level, investment options, and beneficiary designations. This plan offers a diverse selection of investment options to meet various risk tolerances and investment goals. Participants can allocate their contributions across options such as stocks, bonds, mutual funds, and target-date retirement funds. The Maricopa AZD CIA Plan also provides eligible employees with a generous employer match contribution. This match incentivizes employees to save for their retirement and can significantly boost their account balances over time. The exact match percentage and contribution limits may vary depending on employment terms and agreements with the city. In addition to the standard Maricopa AZD CIA Plan, there might be variations or additional plans available, including 457(b) and Roth 457(b) options. The 457(b) plan allows participants to make pre-tax contributions, reducing their taxable income for both federal and state tax purposes. On the other hand, the Roth 457(b) plan enables after-tax contributions, providing potential tax-free withdrawals during retirement. It's important to note that the Maricopa AZD CIA Plan is a long-term retirement savings vehicle, subject to specific eligibility and withdrawal rules. Participants should consult the Plan's official documentation, their financial advisors, or the ASKS for complete information regarding contributions, vesting, investment options, and distribution requirements. In summary, the Maricopa AZ Deferred Compensation Investment Account Plan is a valuable retirement savings program available to employees of the city of Maricopa, Arizona. It offers flexibility in contribution levels, investment options, and employer match contributions. Potential variations of the plan may include the 457(b) and Roth 457(b) options, providing additional tax advantages. Participants are encouraged to thoroughly understand the Plan's provisions and consult with experts to make the most informed decisions regarding their retirement savings.