Cuyahoga Ohio Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Cuyahoga
• 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 The Cuyahoga Ohio Supplemental Retirement Plan is a robust retirement savings program offered to employees of Cuyahoga County, Ohio. This voluntary plan enables participants to increase their retirement income through additional contributions and investment options. The Cuyahoga Ohio Supplemental Retirement Plan offers several types of retirement plans, including a 457(b) plan and a Roth 457(b) plan. The 457(b) plan allows employees to contribute pre-tax dollars to their retirement savings, thereby reducing their taxable income. On the other hand, the Roth 457(b) plan allows participants to contribute after-tax dollars, offering tax-free withdrawals during retirement. The plan offers various key features and benefits designed to support employees' retirement goals. Firstly, the Cuyahoga Ohio Supplemental Retirement Plan provides access to a diverse range of investment options managed by reputable investment firms. This gives participants the flexibility to choose investments that align with their risk tolerance and retirement objectives. Additionally, participants in the Cuyahoga Ohio Supplemental Retirement Plan have the advantage of receiving employer contributions. These contributions can be in the form of matching funds or other discretionary contributions, which can significantly enhance retirement savings over time. Furthermore, the plan offers generous annual catch-up provisions for participants who are 50 years or older. This allows older employees to contribute additional amounts beyond the regular annual limits, making it easier to boost their retirement savings as they near their desired retirement age. Participation in the Cuyahoga Ohio Supplemental Retirement Plan is simple and convenient. Employees can contribute to their retirement savings through automatic payroll deductions, ensuring consistent and disciplined savings habits. They also have the flexibility to adjust their contributions or investment choices as their financial circumstances change. To assist employees in making informed decisions, the plan provides comprehensive educational resources and guidance. This includes workshops, seminars, online tools, and access to retirement planning advisors who can provide personalized advice tailored to individual retirement aspirations. Overall, the Cuyahoga Ohio Supplemental Retirement Plan is a valuable retirement savings vehicle offering employees of Cuyahoga County the opportunity to supplement their pension or primary retirement plan. By providing investment flexibility, employer contributions, and helpful resources, the plan aims to empower participants to secure a prosperous and fulfilling retirement.

The Cuyahoga Ohio Supplemental Retirement Plan is a robust retirement savings program offered to employees of Cuyahoga County, Ohio. This voluntary plan enables participants to increase their retirement income through additional contributions and investment options. The Cuyahoga Ohio Supplemental Retirement Plan offers several types of retirement plans, including a 457(b) plan and a Roth 457(b) plan. The 457(b) plan allows employees to contribute pre-tax dollars to their retirement savings, thereby reducing their taxable income. On the other hand, the Roth 457(b) plan allows participants to contribute after-tax dollars, offering tax-free withdrawals during retirement. The plan offers various key features and benefits designed to support employees' retirement goals. Firstly, the Cuyahoga Ohio Supplemental Retirement Plan provides access to a diverse range of investment options managed by reputable investment firms. This gives participants the flexibility to choose investments that align with their risk tolerance and retirement objectives. Additionally, participants in the Cuyahoga Ohio Supplemental Retirement Plan have the advantage of receiving employer contributions. These contributions can be in the form of matching funds or other discretionary contributions, which can significantly enhance retirement savings over time. Furthermore, the plan offers generous annual catch-up provisions for participants who are 50 years or older. This allows older employees to contribute additional amounts beyond the regular annual limits, making it easier to boost their retirement savings as they near their desired retirement age. Participation in the Cuyahoga Ohio Supplemental Retirement Plan is simple and convenient. Employees can contribute to their retirement savings through automatic payroll deductions, ensuring consistent and disciplined savings habits. They also have the flexibility to adjust their contributions or investment choices as their financial circumstances change. To assist employees in making informed decisions, the plan provides comprehensive educational resources and guidance. This includes workshops, seminars, online tools, and access to retirement planning advisors who can provide personalized advice tailored to individual retirement aspirations. Overall, the Cuyahoga Ohio Supplemental Retirement Plan is a valuable retirement savings vehicle offering employees of Cuyahoga County the opportunity to supplement their pension or primary retirement plan. By providing investment flexibility, employer contributions, and helpful resources, the plan aims to empower participants to secure a prosperous and fulfilling retirement.