Tarrant Texas Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Tarrant
• 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 Tarrant Texas Deferred Compensation Investment Account Plan is a specialized retirement savings plan available to employees of Tarrant County, Texas. This plan is designed to help employees save and invest for their future retirement needs while taking advantage of tax benefits. The Tarrant Texas Deferred Compensation Investment Account Plan offers several types of investment opportunities, allowing employees to choose the one that best fits their financial goals and risk tolerance. Some different types of investment accounts within this plan include: 1. 401(k): A traditional retirement savings account where employees can contribute a portion of their salary before taxes are deducted. These contributions are invested in various financial instruments such as stocks, bonds, and mutual funds. The funds in a 401(k) account grow tax-deferred until retirement, when they can be withdrawn. 2. Roth 401(k): This is a variation of the traditional 401(k) account, where employees make after-tax contributions. While these contributions are not tax-deductible at the time of investment, the funds grow tax-free, and qualified withdrawals are tax-free in retirement. 3. 457(b): The 457(b) account is specifically available to governmental employees. It allows them to contribute a portion of their salary on a pre-tax basis, similar to a 401(k). The funds grow tax-deferred, and withdrawals can be made penalty-free upon severance from employment. 4. Roth 457(b): Similar to the Roth 401(k), the Roth 457(b) account enables employees to make after-tax contributions that grow tax-free. Qualified withdrawals from this account are also tax-free in retirement. These different account options give employees flexibility in how they choose to save and invest for retirement. The Tarrant Texas Deferred Compensation Investment Account Plan provides a variety of investment options within each account, such as mutual funds, target-date funds, and exchange-traded funds (ETFs). Employees can choose to allocate their contributions among these options based on their personal investment preferences and risk tolerance. By participating in the Tarrant Texas Deferred Compensation Investment Account Plan, employees can take advantage of tax advantages to help maximize their retirement savings potential. Additionally, the plan offers educational resources and support to help employees make informed investment decisions. Disclaimer: The information provided here is for informational purposes only and should not be considered as financial or investment advice. Individuals should consult with a qualified financial advisor or tax professional before making any investment decisions or taking any action.

Tarrant Texas Deferred Compensation Investment Account Plan is a specialized retirement savings plan available to employees of Tarrant County, Texas. This plan is designed to help employees save and invest for their future retirement needs while taking advantage of tax benefits. The Tarrant Texas Deferred Compensation Investment Account Plan offers several types of investment opportunities, allowing employees to choose the one that best fits their financial goals and risk tolerance. Some different types of investment accounts within this plan include: 1. 401(k): A traditional retirement savings account where employees can contribute a portion of their salary before taxes are deducted. These contributions are invested in various financial instruments such as stocks, bonds, and mutual funds. The funds in a 401(k) account grow tax-deferred until retirement, when they can be withdrawn. 2. Roth 401(k): This is a variation of the traditional 401(k) account, where employees make after-tax contributions. While these contributions are not tax-deductible at the time of investment, the funds grow tax-free, and qualified withdrawals are tax-free in retirement. 3. 457(b): The 457(b) account is specifically available to governmental employees. It allows them to contribute a portion of their salary on a pre-tax basis, similar to a 401(k). The funds grow tax-deferred, and withdrawals can be made penalty-free upon severance from employment. 4. Roth 457(b): Similar to the Roth 401(k), the Roth 457(b) account enables employees to make after-tax contributions that grow tax-free. Qualified withdrawals from this account are also tax-free in retirement. These different account options give employees flexibility in how they choose to save and invest for retirement. The Tarrant Texas Deferred Compensation Investment Account Plan provides a variety of investment options within each account, such as mutual funds, target-date funds, and exchange-traded funds (ETFs). Employees can choose to allocate their contributions among these options based on their personal investment preferences and risk tolerance. By participating in the Tarrant Texas Deferred Compensation Investment Account Plan, employees can take advantage of tax advantages to help maximize their retirement savings potential. Additionally, the plan offers educational resources and support to help employees make informed investment decisions. Disclaimer: The information provided here is for informational purposes only and should not be considered as financial or investment advice. Individuals should consult with a qualified financial advisor or tax professional before making any investment decisions or taking any action.