Fairfax Virginia Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Fairfax
• 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 Fairfax Virginia Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security for employees who work for the Fairfax County Government in Virginia. This plan is offered as an optional benefit on top of the primary retirement plan provided by the county. The Fairfax Virginia Supplemental Retirement Plan allows employees to contribute a portion of their salary to a tax-advantaged retirement account. These contributions are typically made through payroll deductions, allowing participants to save for retirement conveniently and automatically. One of the key benefits of the Fairfax Virginia Supplemental Retirement Plan is its ability to provide participants with additional retirement income beyond what is offered by the primary retirement plan. This can be especially beneficial for employees who wish to maximize their retirement savings and enjoy a more comfortable lifestyle during their non-working years. There are several types of Fairfax Virginia Supplemental Retirement Plans available to employees, including: 1. 401(a) Plan: This is a defined contribution plan where employees make pre-tax contributions towards their retirement savings. Employers may also make contributions to this plan on behalf of their employees. The funds in this plan grow tax-deferred until withdrawals are made during retirement. 2. 457(b) Plan: This is another type of defined contribution plan available to employees. It allows participants to make pre-tax contributions and offers similar tax advantages to the 401(a) plan. One notable feature of the 457(b) plan is that it allows employees to make additional "catch-up" contributions if they are nearing retirement age. 3. Roth 401(k) Plan: This plan is similar to the traditional 401(a) plan but allows participants to make after-tax contributions instead. The advantage of the Roth 401(k) plan is that qualified distributions made during retirement are tax-free. This can be beneficial for employees who anticipate being in a higher tax bracket during retirement. Overall, the Fairfax Virginia Supplemental Retirement Plan provides employees with a flexible and tax-advantaged way to save for retirement. By offering multiple plan options, employees can choose the plan that aligns with their financial goals and preferences. The plan(s) chosen can potentially boost the employee's overall retirement savings potential, ensuring a more secure, comfortable future.

Fairfax Virginia Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security for employees who work for the Fairfax County Government in Virginia. This plan is offered as an optional benefit on top of the primary retirement plan provided by the county. The Fairfax Virginia Supplemental Retirement Plan allows employees to contribute a portion of their salary to a tax-advantaged retirement account. These contributions are typically made through payroll deductions, allowing participants to save for retirement conveniently and automatically. One of the key benefits of the Fairfax Virginia Supplemental Retirement Plan is its ability to provide participants with additional retirement income beyond what is offered by the primary retirement plan. This can be especially beneficial for employees who wish to maximize their retirement savings and enjoy a more comfortable lifestyle during their non-working years. There are several types of Fairfax Virginia Supplemental Retirement Plans available to employees, including: 1. 401(a) Plan: This is a defined contribution plan where employees make pre-tax contributions towards their retirement savings. Employers may also make contributions to this plan on behalf of their employees. The funds in this plan grow tax-deferred until withdrawals are made during retirement. 2. 457(b) Plan: This is another type of defined contribution plan available to employees. It allows participants to make pre-tax contributions and offers similar tax advantages to the 401(a) plan. One notable feature of the 457(b) plan is that it allows employees to make additional "catch-up" contributions if they are nearing retirement age. 3. Roth 401(k) Plan: This plan is similar to the traditional 401(a) plan but allows participants to make after-tax contributions instead. The advantage of the Roth 401(k) plan is that qualified distributions made during retirement are tax-free. This can be beneficial for employees who anticipate being in a higher tax bracket during retirement. Overall, the Fairfax Virginia Supplemental Retirement Plan provides employees with a flexible and tax-advantaged way to save for retirement. By offering multiple plan options, employees can choose the plan that aligns with their financial goals and preferences. The plan(s) chosen can potentially boost the employee's overall retirement savings potential, ensuring a more secure, comfortable future.