Collin Texas Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Collin
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan Description: The Collin Texas Supplemental Retirement Plan is a comprehensive retirement savings program designed to provide additional financial security to employees and public servants in Collin County, Texas. This voluntary plan offers an opportunity for individuals to save and invest their money, supplementing their primary retirement benefits. Through the Collin Texas Supplemental Retirement Plan, participants can contribute a portion of their salary on a pre-tax basis, allowing for potential tax savings. These contributions are then invested in various investment options, such as mutual funds, stocks, bonds, and real estate investment trusts (Rests), all managed by reputable financial institutions. One of the key advantages of this retirement plan is the flexibility it offers. Participants have control over their investment choices and can adjust their contributions and asset allocations based on their risk tolerance and financial goals. This allows employees to tailor their retirement savings strategy to suit their individual needs and preferences. In addition to the flexibility, the Collin Texas Supplemental Retirement Plan provides participants with the potential to accumulate a substantial nest egg over time. The contributions made by the employees, along with any potential employer matches, are invested, giving the potential for compound growth and a higher retirement income. Furthermore, the Collin Texas Supplemental Retirement Plan aims to keep participants well-informed about their retirement savings. It provides regular statements and online access to account information, allowing individuals to track their investments' performance and make adjustments as necessary. While the Collin Texas Supplemental Retirement Plan encompasses a general retirement savings framework, there are also a few specific plan types available: 1. 457(b) Plan: This plan allows eligible employees from government entities and some non-profit organizations to contribute a portion of their salary on a tax-deferred basis until retirement. 2. 403(b) Plan: Designed for employees of public educational institutions, this plan enables individuals to contribute a portion of their salary on a pre-tax basis, similar to a 401(k) plan for private sector employees. 3. Roth 457(b) Plan: This option offers participants the ability to contribute a portion of their salary on an after-tax basis. Withdrawals from this plan during retirement can be tax-free. Overall, the Collin Texas Supplemental Retirement Plan provides a well-structured and diverse retirement savings solution for employees and public servants in Collin County. Its flexibility, potential for growth, and accessibility to various investment options make it a valuable tool in building a secure financial future.

Description: The Collin Texas Supplemental Retirement Plan is a comprehensive retirement savings program designed to provide additional financial security to employees and public servants in Collin County, Texas. This voluntary plan offers an opportunity for individuals to save and invest their money, supplementing their primary retirement benefits. Through the Collin Texas Supplemental Retirement Plan, participants can contribute a portion of their salary on a pre-tax basis, allowing for potential tax savings. These contributions are then invested in various investment options, such as mutual funds, stocks, bonds, and real estate investment trusts (Rests), all managed by reputable financial institutions. One of the key advantages of this retirement plan is the flexibility it offers. Participants have control over their investment choices and can adjust their contributions and asset allocations based on their risk tolerance and financial goals. This allows employees to tailor their retirement savings strategy to suit their individual needs and preferences. In addition to the flexibility, the Collin Texas Supplemental Retirement Plan provides participants with the potential to accumulate a substantial nest egg over time. The contributions made by the employees, along with any potential employer matches, are invested, giving the potential for compound growth and a higher retirement income. Furthermore, the Collin Texas Supplemental Retirement Plan aims to keep participants well-informed about their retirement savings. It provides regular statements and online access to account information, allowing individuals to track their investments' performance and make adjustments as necessary. While the Collin Texas Supplemental Retirement Plan encompasses a general retirement savings framework, there are also a few specific plan types available: 1. 457(b) Plan: This plan allows eligible employees from government entities and some non-profit organizations to contribute a portion of their salary on a tax-deferred basis until retirement. 2. 403(b) Plan: Designed for employees of public educational institutions, this plan enables individuals to contribute a portion of their salary on a pre-tax basis, similar to a 401(k) plan for private sector employees. 3. Roth 457(b) Plan: This option offers participants the ability to contribute a portion of their salary on an after-tax basis. Withdrawals from this plan during retirement can be tax-free. Overall, the Collin Texas Supplemental Retirement Plan provides a well-structured and diverse retirement savings solution for employees and public servants in Collin County. Its flexibility, potential for growth, and accessibility to various investment options make it a valuable tool in building a secure financial future.