Pima Arizona Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Pima
• 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 Lima Arizona Deferred Compensation Investment Account Plan is a retirement savings program designed specifically for employees of Pima County, Arizona. It is a voluntary plan that allows participants to set aside a portion of their pre-tax income to save for retirement. The plan offers various investment options to help participants grow their retirement savings. These options include a range of mutual funds, target-date funds, and self-directed brokerage accounts. Participants can choose the investment options that align with their risk tolerance and long-term financial goals. One popular type of Lima Arizona Deferred Compensation Investment Account Plan is the 457(b) plan. This type of plan is available to public sector employees, including those working for Pima County. It allows participants to contribute a portion of their salary to the plan on a pre-tax basis, which can significantly reduce their taxable income. Another type of plan is the Roth 457(b) plan, which offers participants the opportunity to make after-tax contributions. While contributions to this plan are not tax-deductible, participants can enjoy tax-free withdrawals in retirement, making it an attractive option for those expecting to be in a higher tax bracket in the future. The Lima Arizona Deferred Compensation Investment Account Plan offers flexible contribution options, allowing participants to change their contribution amounts as their financial situation evolves. Participants can also take advantage of catch-up contributions if they are age 50 or older, allowing them to contribute additional funds to catch up on their retirement savings. To ensure participants are confident in their investment decisions, the plan provides access to educational resources and tools. These resources help participants understand the different investment options available and make informed decisions that align with their retirement goals. Overall, the Lima Arizona Deferred Compensation Investment Account Plan provides employees with a valuable opportunity to save for retirement tax-efficiently. With different types of plans available, participants can choose the option that best suits their financial needs and investment preferences. It is an excellent vehicle for building a secure financial future while offering flexibility and educational support for participants along the way.

The Lima Arizona Deferred Compensation Investment Account Plan is a retirement savings program designed specifically for employees of Pima County, Arizona. It is a voluntary plan that allows participants to set aside a portion of their pre-tax income to save for retirement. The plan offers various investment options to help participants grow their retirement savings. These options include a range of mutual funds, target-date funds, and self-directed brokerage accounts. Participants can choose the investment options that align with their risk tolerance and long-term financial goals. One popular type of Lima Arizona Deferred Compensation Investment Account Plan is the 457(b) plan. This type of plan is available to public sector employees, including those working for Pima County. It allows participants to contribute a portion of their salary to the plan on a pre-tax basis, which can significantly reduce their taxable income. Another type of plan is the Roth 457(b) plan, which offers participants the opportunity to make after-tax contributions. While contributions to this plan are not tax-deductible, participants can enjoy tax-free withdrawals in retirement, making it an attractive option for those expecting to be in a higher tax bracket in the future. The Lima Arizona Deferred Compensation Investment Account Plan offers flexible contribution options, allowing participants to change their contribution amounts as their financial situation evolves. Participants can also take advantage of catch-up contributions if they are age 50 or older, allowing them to contribute additional funds to catch up on their retirement savings. To ensure participants are confident in their investment decisions, the plan provides access to educational resources and tools. These resources help participants understand the different investment options available and make informed decisions that align with their retirement goals. Overall, the Lima Arizona Deferred Compensation Investment Account Plan provides employees with a valuable opportunity to save for retirement tax-efficiently. With different types of plans available, participants can choose the option that best suits their financial needs and investment preferences. It is an excellent vehicle for building a secure financial future while offering flexibility and educational support for participants along the way.