Franklin Ohio Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Supplemental Retirement Plan is a comprehensive retirement program that offers additional benefits to employees of Franklin, Ohio, ensuring their financial security during their golden years. This retirement plan provides a wide range of attractive features and options designed to cater to the diverse needs and preferences of the city's workforce. One of the key advantages of the Franklin Ohio Supplemental Retirement Plan is its flexibility. It allows employees to contribute a percentage of their salary towards retirement savings, with options to adjust the contribution rate periodically. This feature enables individuals to align their saving goals with their unique financial situations, making it suitable for both high and low-income employees. Another notable aspect of the Franklin Ohio Supplemental Retirement Plan is its tax benefits. Contributions made by employees are typically tax-deferred, meaning they are deducted from the individual's taxable income, reducing their overall tax liability. This tax advantage allows employees to maximize their savings and accelerate the growth of their retirement funds. Furthermore, the Franklin Ohio Supplemental Retirement Plan offers various investment options to help participants grow their savings effectively. The plan provides a diversified range of investment choices, including bonds, stocks, mutual funds, and fixed-income securities, catering to different risk profiles and investment preferences. This diversity empowers employees to create a personalized retirement portfolio that best suits their individual needs and risk tolerance. Additionally, the Franklin Ohio Supplemental Retirement Plan offers automatic enrollment, making it easier for employees to start saving for retirement. Rather than requiring individuals to proactively opt-in, the plan automatically enrolls eligible employees, encouraging greater participation and ensuring a more secure future for all. There are various types of Franklin Ohio Supplemental Retirement Plans available to employees, each tailored to specific employment classifications or groups. These may include plans specifically designed for government employees, public safety workers, teachers, and other municipal staff. Each plan is uniquely crafted to address the specific needs and requirements of the respective employee group, ensuring that all individuals receive appropriate retirement benefits tailored to their career paths. In conclusion, the Franklin Ohio Supplemental Retirement Plan is a comprehensive and flexible retirement program that offers employees of Franklin, Ohio, a secure and rewarding future. With its customizable contribution rates, tax advantages, diverse investment options, and automatic enrollment, this plan caters to the unique needs and preferences of the city's diverse workforce. Whether an employee is a government worker, teacher, or public safety personnel, the plan provides tailored retirement benefits to ensure financial stability in retirement.

The Franklin Ohio Supplemental Retirement Plan is a comprehensive retirement program that offers additional benefits to employees of Franklin, Ohio, ensuring their financial security during their golden years. This retirement plan provides a wide range of attractive features and options designed to cater to the diverse needs and preferences of the city's workforce. One of the key advantages of the Franklin Ohio Supplemental Retirement Plan is its flexibility. It allows employees to contribute a percentage of their salary towards retirement savings, with options to adjust the contribution rate periodically. This feature enables individuals to align their saving goals with their unique financial situations, making it suitable for both high and low-income employees. Another notable aspect of the Franklin Ohio Supplemental Retirement Plan is its tax benefits. Contributions made by employees are typically tax-deferred, meaning they are deducted from the individual's taxable income, reducing their overall tax liability. This tax advantage allows employees to maximize their savings and accelerate the growth of their retirement funds. Furthermore, the Franklin Ohio Supplemental Retirement Plan offers various investment options to help participants grow their savings effectively. The plan provides a diversified range of investment choices, including bonds, stocks, mutual funds, and fixed-income securities, catering to different risk profiles and investment preferences. This diversity empowers employees to create a personalized retirement portfolio that best suits their individual needs and risk tolerance. Additionally, the Franklin Ohio Supplemental Retirement Plan offers automatic enrollment, making it easier for employees to start saving for retirement. Rather than requiring individuals to proactively opt-in, the plan automatically enrolls eligible employees, encouraging greater participation and ensuring a more secure future for all. There are various types of Franklin Ohio Supplemental Retirement Plans available to employees, each tailored to specific employment classifications or groups. These may include plans specifically designed for government employees, public safety workers, teachers, and other municipal staff. Each plan is uniquely crafted to address the specific needs and requirements of the respective employee group, ensuring that all individuals receive appropriate retirement benefits tailored to their career paths. In conclusion, the Franklin Ohio Supplemental Retirement Plan is a comprehensive and flexible retirement program that offers employees of Franklin, Ohio, a secure and rewarding future. With its customizable contribution rates, tax advantages, diverse investment options, and automatic enrollment, this plan caters to the unique needs and preferences of the city's diverse workforce. Whether an employee is a government worker, teacher, or public safety personnel, the plan provides tailored retirement benefits to ensure financial stability in retirement.