Orange California Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Orange
• 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 Orange California Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for employees of Orange, California. It is a voluntary option provided by the city of Orange to help their employees save and invest for their future financial security. The Orange California Deferred Compensation Investment Account Plan allows employees to set aside a portion of their pre-tax income to invest in a variety of investment options. This plan aims to provide employees with an opportunity to grow their retirement savings while taking advantage of potential tax advantages. Through this plan, employees can contribute a portion of their salary into a diverse range of investment options such as stocks, bonds, mutual funds, and other investment vehicles. The plan also offers different investment strategies to accommodate various risk tolerances and investment objectives. In addition to the traditional deferred compensation plan options, Orange California also offers different types of deferred compensation plans to meet the individual needs of their employees. These plans may include: 1. Defined Contribution Plan: This type of plan allows employees to contribute a set percentage of their salary, and the employer may match a portion of their contributions. The contributions made and any potential investment earnings are not subject to taxes until withdrawal. 2. Roth 457 Plan: Under this plan, employees make after-tax contributions, meaning that contributions are not tax-deductible. However, qualified distributions, including investment earnings, can be tax-free upon withdrawal. 3. Traditional 457 Plan: This plan functions similarly to a traditional 401(k) plan, where contributions are made on a pre-tax basis, offering potential immediate tax benefits. However, the contributions and investment earnings are subject to taxes upon distribution. The Orange California Deferred Compensation Investment Account Plan is administered by qualified financial institutions to ensure compliance with regulatory requirements and provide appropriate investment services. Employees can access their accounts online to monitor their investments, make changes to their contribution amounts, and explore the various investment options available. Overall, the Orange California Deferred Compensation Investment Account Plan offers employees the opportunity to save for retirement while potentially minimizing their current tax liability. It serves as a valuable benefit provided by the city of Orange, California, supporting the financial well-being and future security of their workforce.

Orange California Deferred Compensation Investment Account Plan is a retirement savings program specifically designed for employees of Orange, California. It is a voluntary option provided by the city of Orange to help their employees save and invest for their future financial security. The Orange California Deferred Compensation Investment Account Plan allows employees to set aside a portion of their pre-tax income to invest in a variety of investment options. This plan aims to provide employees with an opportunity to grow their retirement savings while taking advantage of potential tax advantages. Through this plan, employees can contribute a portion of their salary into a diverse range of investment options such as stocks, bonds, mutual funds, and other investment vehicles. The plan also offers different investment strategies to accommodate various risk tolerances and investment objectives. In addition to the traditional deferred compensation plan options, Orange California also offers different types of deferred compensation plans to meet the individual needs of their employees. These plans may include: 1. Defined Contribution Plan: This type of plan allows employees to contribute a set percentage of their salary, and the employer may match a portion of their contributions. The contributions made and any potential investment earnings are not subject to taxes until withdrawal. 2. Roth 457 Plan: Under this plan, employees make after-tax contributions, meaning that contributions are not tax-deductible. However, qualified distributions, including investment earnings, can be tax-free upon withdrawal. 3. Traditional 457 Plan: This plan functions similarly to a traditional 401(k) plan, where contributions are made on a pre-tax basis, offering potential immediate tax benefits. However, the contributions and investment earnings are subject to taxes upon distribution. The Orange California Deferred Compensation Investment Account Plan is administered by qualified financial institutions to ensure compliance with regulatory requirements and provide appropriate investment services. Employees can access their accounts online to monitor their investments, make changes to their contribution amounts, and explore the various investment options available. Overall, the Orange California Deferred Compensation Investment Account Plan offers employees the opportunity to save for retirement while potentially minimizing their current tax liability. It serves as a valuable benefit provided by the city of Orange, California, supporting the financial well-being and future security of their workforce.