Suffolk New York Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Deferred Compensation Investment Account Plan is a retirement savings program for employees of Suffolk County. The plan offers various investment options and is designed to help employees save for retirement by deferring a portion of their pre-tax salary. As an employer-sponsored plan, the Suffolk County Deferred Compensation Investment Account Plan provides employees with a convenient way to save and invest for their future. By contributing a portion of their salary to the plan, employees can take advantage of tax advantages and have the option to choose from different investment options. One of the key benefits of the Suffolk New York Deferred Compensation Investment Account Plan is the tax advantages it offers. By contributing to the plan, employees can reduce their taxable income, which can result in lower income taxes. Additionally, the investment earnings within the plan are tax-deferred until the funds are withdrawn during retirement. The plan provides employees with a variety of investment options to choose from, such as mutual funds, stocks, bonds, and target-date funds. These options allow employees to tailor their investment strategy according to their risk tolerance and retirement goals. Employees can select a single investment option or create a diversified portfolio by allocating their contributions among multiple options. Moreover, the Suffolk County Deferred Compensation Investment Account Plan offers participants the flexibility to change their investment allocations over time. This allows them to adjust their investment strategy as they approach retirement or in response to changing market conditions. Suffolk County offers two types of Deferred Compensation Investment Account Plans: the 457(b) plan and the 401(k) plan. The 457(b) plan is available to employees of government and tax-exempt organizations, while the 401(k) plan is offered to employees of private-sector organizations. Both plans share similar features, such as tax advantages and investment options, but may have slight differences in contribution limits and withdrawal rules. In summary, the Suffolk New York Deferred Compensation Investment Account Plan is a retirement savings program that provides employees with a convenient and tax-advantaged way to save for their future. By offering a variety of investment options and flexibility in allocation, the plan allows participants to tailor their savings strategy according to their individual needs and goals.

The Suffolk New York Deferred Compensation Investment Account Plan is a retirement savings program for employees of Suffolk County. The plan offers various investment options and is designed to help employees save for retirement by deferring a portion of their pre-tax salary. As an employer-sponsored plan, the Suffolk County Deferred Compensation Investment Account Plan provides employees with a convenient way to save and invest for their future. By contributing a portion of their salary to the plan, employees can take advantage of tax advantages and have the option to choose from different investment options. One of the key benefits of the Suffolk New York Deferred Compensation Investment Account Plan is the tax advantages it offers. By contributing to the plan, employees can reduce their taxable income, which can result in lower income taxes. Additionally, the investment earnings within the plan are tax-deferred until the funds are withdrawn during retirement. The plan provides employees with a variety of investment options to choose from, such as mutual funds, stocks, bonds, and target-date funds. These options allow employees to tailor their investment strategy according to their risk tolerance and retirement goals. Employees can select a single investment option or create a diversified portfolio by allocating their contributions among multiple options. Moreover, the Suffolk County Deferred Compensation Investment Account Plan offers participants the flexibility to change their investment allocations over time. This allows them to adjust their investment strategy as they approach retirement or in response to changing market conditions. Suffolk County offers two types of Deferred Compensation Investment Account Plans: the 457(b) plan and the 401(k) plan. The 457(b) plan is available to employees of government and tax-exempt organizations, while the 401(k) plan is offered to employees of private-sector organizations. Both plans share similar features, such as tax advantages and investment options, but may have slight differences in contribution limits and withdrawal rules. In summary, the Suffolk New York Deferred Compensation Investment Account Plan is a retirement savings program that provides employees with a convenient and tax-advantaged way to save for their future. By offering a variety of investment options and flexibility in allocation, the plan allows participants to tailor their savings strategy according to their individual needs and goals.