Mecklenburg North Carolina Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Mecklenburg
• 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 Mecklenburg North Carolina Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of Mecklenburg County, North Carolina. This voluntary plan allows employees to set aside a portion of their pre-tax income for investment, which helps them build a nest egg for their retirement years. The Mecklenburg North Carolina Deferred Compensation Investment Account Plan offers several advantages to participants. Firstly, it allows employees to defer income tax on the portion of their salary that they contribute to the plan. This means that the money contributed is not taxed until it is withdrawn at retirement. Secondly, participants can choose from a wide array of investment options to grow their savings, including mutual funds, stocks, bonds, and more. This flexibility enables employees to tailor their investment strategy according to their risk tolerance and financial goals. One of the different types of Mecklenburg North Carolina Deferred Compensation Investment Account Plan is the 457(b) plan. This plan is specifically designed for employees of government and nonprofit organizations, offering them additional tax benefits and higher contribution limits compared to traditional employer-sponsored retirement plans. The 457(b) plan allows employees to contribute a certain percentage of their income, up to a maximum limit determined by the Internal Revenue Service (IRS). Participants can allocate their contributions among various investment options provided by the plan. Another type of Mecklenburg North Carolina Deferred Compensation Investment Account Plan is the Roth 457(b) plan. This plan is similar to the traditional 457(b) plan in terms of contribution limits and investment options, but it differs in terms of taxation. With the Roth 457(b) plan, employees contribute after-tax income into their retirement account. Although these contributions are not tax-deductible, the earnings and withdrawals in retirement are tax-free, providing potential tax advantages during retirement. Participants in the Mecklenburg North Carolina Deferred Compensation Investment Account Plan have access to various resources and support systems. These may include online tools and calculators to help plan contributions, personalized investment advice, and educational materials to improve financial literacy. Additionally, participants can monitor their account balance, investment performance, and make changes to their investment strategy online. In conclusion, the Mecklenburg North Carolina Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of Mecklenburg County, providing them with tax advantages and investment options to build a secure financial future. The plan includes different types such as the traditional 457(b) plan and the Roth 457(b) plan, offering flexibility and catering to different financial needs and goals.

The Mecklenburg North Carolina Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of Mecklenburg County, North Carolina. This voluntary plan allows employees to set aside a portion of their pre-tax income for investment, which helps them build a nest egg for their retirement years. The Mecklenburg North Carolina Deferred Compensation Investment Account Plan offers several advantages to participants. Firstly, it allows employees to defer income tax on the portion of their salary that they contribute to the plan. This means that the money contributed is not taxed until it is withdrawn at retirement. Secondly, participants can choose from a wide array of investment options to grow their savings, including mutual funds, stocks, bonds, and more. This flexibility enables employees to tailor their investment strategy according to their risk tolerance and financial goals. One of the different types of Mecklenburg North Carolina Deferred Compensation Investment Account Plan is the 457(b) plan. This plan is specifically designed for employees of government and nonprofit organizations, offering them additional tax benefits and higher contribution limits compared to traditional employer-sponsored retirement plans. The 457(b) plan allows employees to contribute a certain percentage of their income, up to a maximum limit determined by the Internal Revenue Service (IRS). Participants can allocate their contributions among various investment options provided by the plan. Another type of Mecklenburg North Carolina Deferred Compensation Investment Account Plan is the Roth 457(b) plan. This plan is similar to the traditional 457(b) plan in terms of contribution limits and investment options, but it differs in terms of taxation. With the Roth 457(b) plan, employees contribute after-tax income into their retirement account. Although these contributions are not tax-deductible, the earnings and withdrawals in retirement are tax-free, providing potential tax advantages during retirement. Participants in the Mecklenburg North Carolina Deferred Compensation Investment Account Plan have access to various resources and support systems. These may include online tools and calculators to help plan contributions, personalized investment advice, and educational materials to improve financial literacy. Additionally, participants can monitor their account balance, investment performance, and make changes to their investment strategy online. In conclusion, the Mecklenburg North Carolina Deferred Compensation Investment Account Plan is a retirement savings program offered to employees of Mecklenburg County, providing them with tax advantages and investment options to build a secure financial future. The plan includes different types such as the traditional 457(b) plan and the Roth 457(b) plan, offering flexibility and catering to different financial needs and goals.