Harris Texas Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Harris
• 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 Harris Texas Supplemental Retirement Plan is a comprehensive retirement savings program designed to augment the regular retirement benefits received by employees in Harris County, Texas. It provides an additional avenue for employees to save toward their retirement goals and ensure a financially secure future. One type of the Harris Texas Supplemental Retirement Plan is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary into a separate account on a pre-tax basis. The amount deferred is invested in a variety of investment options chosen by the employee, such as stocks, bonds, and mutual funds. By deferring a portion of their income, employees can lower their taxable income and potentially accumulate significant savings over time. Another type of the Harris Texas Supplemental Retirement Plan is the Roth IRA (Individual Retirement Account). This plan offers employees a way to contribute after-tax dollars into a retirement account. The contributions grow tax-free, and withdrawals made during retirement are also tax-free. The Roth IRA is an attractive option for employees who anticipate being in a higher tax bracket during retirement or who wish to diversify their tax strategies. Additionally, the Harris Texas Supplemental Retirement Plan also includes a Simplified Employee Pension (SEP) Plan. This plan is available to self-employed individuals or small business owners who want to establish retirement benefits for themselves and their eligible employees. Under the SEP Plan, employers make contributions to each eligible employee's retirement account. The contributions are tax-deductible for the employer and grow tax-deferred until withdrawal. The Harris Texas Supplemental Retirement Plan comes with numerous advantages. Firstly, it offers employees the opportunity to save for retirement on a tax-advantaged basis, potentially reducing their current tax liability. Secondly, the plan provides flexibility by allowing participants to choose from a range of investment options according to their risk tolerance and retirement goals. Moreover, participants can track their contributions and the growth of their retirement savings online, ensuring transparency and control over their financial future. In conclusion, the Harris Texas Supplemental Retirement Plan offers employees of Harris County various avenues to enhance their retirement savings. By providing options such as the Deferred Compensation Plan, Roth IRA, and SEP Plan, Harris County ensures that employees have the tools necessary to build a secure financial foundation for their retirement years.

The Harris Texas Supplemental Retirement Plan is a comprehensive retirement savings program designed to augment the regular retirement benefits received by employees in Harris County, Texas. It provides an additional avenue for employees to save toward their retirement goals and ensure a financially secure future. One type of the Harris Texas Supplemental Retirement Plan is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary into a separate account on a pre-tax basis. The amount deferred is invested in a variety of investment options chosen by the employee, such as stocks, bonds, and mutual funds. By deferring a portion of their income, employees can lower their taxable income and potentially accumulate significant savings over time. Another type of the Harris Texas Supplemental Retirement Plan is the Roth IRA (Individual Retirement Account). This plan offers employees a way to contribute after-tax dollars into a retirement account. The contributions grow tax-free, and withdrawals made during retirement are also tax-free. The Roth IRA is an attractive option for employees who anticipate being in a higher tax bracket during retirement or who wish to diversify their tax strategies. Additionally, the Harris Texas Supplemental Retirement Plan also includes a Simplified Employee Pension (SEP) Plan. This plan is available to self-employed individuals or small business owners who want to establish retirement benefits for themselves and their eligible employees. Under the SEP Plan, employers make contributions to each eligible employee's retirement account. The contributions are tax-deductible for the employer and grow tax-deferred until withdrawal. The Harris Texas Supplemental Retirement Plan comes with numerous advantages. Firstly, it offers employees the opportunity to save for retirement on a tax-advantaged basis, potentially reducing their current tax liability. Secondly, the plan provides flexibility by allowing participants to choose from a range of investment options according to their risk tolerance and retirement goals. Moreover, participants can track their contributions and the growth of their retirement savings online, ensuring transparency and control over their financial future. In conclusion, the Harris Texas Supplemental Retirement Plan offers employees of Harris County various avenues to enhance their retirement savings. By providing options such as the Deferred Compensation Plan, Roth IRA, and SEP Plan, Harris County ensures that employees have the tools necessary to build a secure financial foundation for their retirement years.