The Contra Costa California Supplemental Retirement Plan is a retirement savings program specifically designed for employees of Contra Costa County, California. This plan serves as a valuable complement to the traditional pension plan and Social Security, aiming to provide additional financial security during retirement. The Contra Costa California Supplemental Retirement Plan offers several options to meet the diverse needs and preferences of participants. One type of Contra Costa California Supplemental Retirement Plan is the 457(b) Deferred Compensation Plan. This plan allows employees to contribute a portion of their pre-tax income to a retirement account, providing immediate tax benefits. The contributions are invested in various investment options, including mutual funds and annuities, allowing participants to potentially grow their savings over time. Another type of plan offered is the Roth 457(b) Plan. This plan allows employees to contribute a portion of their after-tax income to a retirement account. Unlike the traditional 457(b) plan, contributions made to the Roth 457(b) plan are not tax-deductible. However, the earnings on the contributions are tax-free when withdrawn during retirement, providing potential tax advantages for participants. Furthermore, the Contra Costa California Supplemental Retirement Plan offers a range of investment options to suit participants' individual financial goals and risk tolerance levels. These options may include diversified mutual funds, target-date funds, and fixed and variable annuity contracts. The plan also provides access to educational resources and tools to help employees make informed investment decisions. Participants of the Contra Costa California Supplemental Retirement Plan have the flexibility to contribute a percentage of their salary, up to the maximum allowable limits set by the Internal Revenue Service (IRS) each year. Additionally, participants who are close to retirement age may be eligible for catch-up contributions, allowing them to make higher contributions in the years leading up to retirement. Upon retirement, the Contra Costa California Supplemental Retirement Plan offers several distribution options to suit participants' individual needs. These options include lump-sum payments, periodic payments, or the option to roll over the funds into another eligible retirement account. Overall, the Contra Costa California Supplemental Retirement Plan serves as a valuable tool for employees of Contra Costa County, California, to enhance their retirement savings and financial security. With various plan types, investment options, and distribution choices, participants have the flexibility to tailor their retirement plan to their unique circumstances.
Contra Costa California Supplemental Retirement Plan
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How to fill out Contra Costa California Supplemental Retirement Plan?
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