Wake North Carolina Deferred Compensation Investment Account Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Deferred Compensation Investment Account Plan is a retirement savings program designed to provide employees with a supplemental savings option in addition to their primary retirement plan. It is available to employees working for the Wake County government in North Carolina. This plan allows employees to contribute a portion of their income on a pre-tax basis, which helps lower their overall taxable income. The contributions made to the plan, along with any investment earnings, grow on a tax-deferred basis until they are withdrawn during retirement. The Wake North Carolina Deferred Compensation Investment Account Plan offers several investment options to participants. These options include a variety of mutual funds, with different risk levels and investment objectives, allowing employees to tailor their investment strategy based on their individual goals and risk tolerance. Participants can allocate their contributions among these investment options or choose a target-date fund that automatically adjusts the asset allocation based on the projected retirement date. One of the key benefits of the Wake North Carolina Deferred Compensation Investment Account Plan is the potential for employer matching contributions. The employer may offer a match up to a certain percentage of the employee's contributions, which effectively increases the total amount of savings in the account. This matching contribution serves as an additional incentive for employees to participate in the plan and maximize their savings potential. It's important to note that there are different types of deferred compensation plans within the Wake North Carolina Deferred Compensation Investment Account Plan. These types include the 457(b) plan and the Roth 401(k) plan. The 457(b) plan allows employees to make pre-tax contributions, while the Roth 401(k) plan permits after-tax contributions. Both plans offer tax advantages and flexibility in terms of contribution limits and withdrawal options. In conclusion, the Wake North Carolina Deferred Compensation Investment Account Plan is an attractive retirement savings option for employees of the Wake County government. It provides a range of investment options, potential employer matching contributions, and tax advantages. With the inclusion of different types of plans such as the 457(b) plan and Roth 401(k) plan, participants have the opportunity to save and invest in a way that aligns with their specific needs and preferences.

The Wake North Carolina Deferred Compensation Investment Account Plan is a retirement savings program designed to provide employees with a supplemental savings option in addition to their primary retirement plan. It is available to employees working for the Wake County government in North Carolina. This plan allows employees to contribute a portion of their income on a pre-tax basis, which helps lower their overall taxable income. The contributions made to the plan, along with any investment earnings, grow on a tax-deferred basis until they are withdrawn during retirement. The Wake North Carolina Deferred Compensation Investment Account Plan offers several investment options to participants. These options include a variety of mutual funds, with different risk levels and investment objectives, allowing employees to tailor their investment strategy based on their individual goals and risk tolerance. Participants can allocate their contributions among these investment options or choose a target-date fund that automatically adjusts the asset allocation based on the projected retirement date. One of the key benefits of the Wake North Carolina Deferred Compensation Investment Account Plan is the potential for employer matching contributions. The employer may offer a match up to a certain percentage of the employee's contributions, which effectively increases the total amount of savings in the account. This matching contribution serves as an additional incentive for employees to participate in the plan and maximize their savings potential. It's important to note that there are different types of deferred compensation plans within the Wake North Carolina Deferred Compensation Investment Account Plan. These types include the 457(b) plan and the Roth 401(k) plan. The 457(b) plan allows employees to make pre-tax contributions, while the Roth 401(k) plan permits after-tax contributions. Both plans offer tax advantages and flexibility in terms of contribution limits and withdrawal options. In conclusion, the Wake North Carolina Deferred Compensation Investment Account Plan is an attractive retirement savings option for employees of the Wake County government. It provides a range of investment options, potential employer matching contributions, and tax advantages. With the inclusion of different types of plans such as the 457(b) plan and Roth 401(k) plan, participants have the opportunity to save and invest in a way that aligns with their specific needs and preferences.