Oakland Michigan Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Oakland
• 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 Oakland Michigan Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for employees of the Oakland County government located in Michigan, United States. It offers a variety of investment options to help participants grow their funds over time and secure a comfortable retirement. The plan functions as a 457(b) deferred compensation program, which means it allows employees to defer a portion of their income before taxes are taken out. This pre-tax contribution helps reduce their current taxable income while allowing their investments to grow tax-deferred until they are withdrawn during retirement. Participants have the flexibility to choose from a range of investment options based on their risk tolerance, financial goals, and time horizon. These options typically include a diverse mix of mutual funds, stocks, bonds, and other investment vehicles. The plan provides tools and resources to help participants make informed investment decisions and manage their portfolio effectively. Contributions to the Oakland Michigan Deferred Compensation Investment Account Plan can be made through automatic payroll deductions, making it a convenient and easy way for employees to save for retirement. The program also offers the advantage of potential employer matching contributions, which means that the employer may match a certain percentage of the employee's contributions, further boosting their retirement savings. Furthermore, the Oakland Michigan Deferred Compensation Investment Account Plan offers various withdrawal options to cater to the diverse needs of retirees. Participants can choose between lump-sum payments, installment payments, or annuities, depending on their preferences and financial objectives. It's important to note that there are no specific types of sub-plans within the Oakland Michigan Deferred Compensation Investment Account Plan. However, the program can have different features or investment providers that may vary over time to ensure that participants have access to a broad array of investment choices and opportunities. In summary, the Oakland Michigan Deferred Compensation Investment Account Plan is a comprehensive retirement savings program designed for Oakland County government employees. It offers pre-tax contributions, diverse investment options, potential employer matching, and various withdrawal choices, all aimed at helping participants build a solid financial foundation for retirement.

The Oakland Michigan Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for employees of the Oakland County government located in Michigan, United States. It offers a variety of investment options to help participants grow their funds over time and secure a comfortable retirement. The plan functions as a 457(b) deferred compensation program, which means it allows employees to defer a portion of their income before taxes are taken out. This pre-tax contribution helps reduce their current taxable income while allowing their investments to grow tax-deferred until they are withdrawn during retirement. Participants have the flexibility to choose from a range of investment options based on their risk tolerance, financial goals, and time horizon. These options typically include a diverse mix of mutual funds, stocks, bonds, and other investment vehicles. The plan provides tools and resources to help participants make informed investment decisions and manage their portfolio effectively. Contributions to the Oakland Michigan Deferred Compensation Investment Account Plan can be made through automatic payroll deductions, making it a convenient and easy way for employees to save for retirement. The program also offers the advantage of potential employer matching contributions, which means that the employer may match a certain percentage of the employee's contributions, further boosting their retirement savings. Furthermore, the Oakland Michigan Deferred Compensation Investment Account Plan offers various withdrawal options to cater to the diverse needs of retirees. Participants can choose between lump-sum payments, installment payments, or annuities, depending on their preferences and financial objectives. It's important to note that there are no specific types of sub-plans within the Oakland Michigan Deferred Compensation Investment Account Plan. However, the program can have different features or investment providers that may vary over time to ensure that participants have access to a broad array of investment choices and opportunities. In summary, the Oakland Michigan Deferred Compensation Investment Account Plan is a comprehensive retirement savings program designed for Oakland County government employees. It offers pre-tax contributions, diverse investment options, potential employer matching, and various withdrawal choices, all aimed at helping participants build a solid financial foundation for retirement.