Hillsborough Florida Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Hillsborough
• 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 Hillsborough Florida Supplemental Retirement Plan is a comprehensive program designed to provide additional retirement benefits to eligible employees in Hillsborough County, Florida. This plan serves as a supplement to the regular retirement plan offered by the county, helping individuals build a more secure financial future during their post-employment years. The Hillsborough Florida Supplemental Retirement Plan offers various options and benefits to meet the diverse needs and goals of employees. One of the primary features of this plan is its flexible contribution system. Participants can choose to contribute a certain percentage of their salary or opt for a fixed dollar amount, allowing them to tailor their savings according to their financial situation and objectives. An essential component of the Hillsborough Florida Supplemental Retirement Plan is the employer match. The county matches a certain percentage of the employee's contributions, thereby augmenting their savings. This matching contribution acts as an incentive for employees to save more and maximize their retirement benefits. Participants in the Hillsborough Florida Supplemental Retirement Plan have the opportunity to invest their contributions in a range of investment options. These options cater to individuals with varying risk tolerances and investment preferences, including stocks, bonds, and mutual funds. By diversifying their investments, employees can potentially grow their retirement savings over time. Moreover, the plan offers tax advantages. Contributions to the Hillsborough Florida Supplemental Retirement Plan are made on a pre-tax basis, reducing the employee's taxable income. This can lead to significant tax savings during the contribution period. However, withdrawals from the plan upon retirement are subject to taxes at ordinary income rates. In addition to the main Hillsborough Florida Supplemental Retirement Plan, there might be different types targeted towards specific employee groups or professions. For example, the Hillsborough County Educators Supplemental Retirement Plan is designed specifically for educators within the county, offering tailored benefits and features that cater to their unique retirement needs. Similarly, there might be plans customized for law enforcement officers, firefighters, or other county employees. Overall, the Hillsborough Florida Supplemental Retirement Plan aims to enhance employees' retirement savings by providing them with a flexible, incentivized, and tax-advantaged savings platform. It ensures that eligible workers have the opportunity to secure a comfortable retirement by supplementing their regular pension or retirement savings with additional contributions and employer matching. By offering various investment options and customization features, the plan empowers participants to take control of their financial future and achieve their retirement goals.

The Hillsborough Florida Supplemental Retirement Plan is a comprehensive program designed to provide additional retirement benefits to eligible employees in Hillsborough County, Florida. This plan serves as a supplement to the regular retirement plan offered by the county, helping individuals build a more secure financial future during their post-employment years. The Hillsborough Florida Supplemental Retirement Plan offers various options and benefits to meet the diverse needs and goals of employees. One of the primary features of this plan is its flexible contribution system. Participants can choose to contribute a certain percentage of their salary or opt for a fixed dollar amount, allowing them to tailor their savings according to their financial situation and objectives. An essential component of the Hillsborough Florida Supplemental Retirement Plan is the employer match. The county matches a certain percentage of the employee's contributions, thereby augmenting their savings. This matching contribution acts as an incentive for employees to save more and maximize their retirement benefits. Participants in the Hillsborough Florida Supplemental Retirement Plan have the opportunity to invest their contributions in a range of investment options. These options cater to individuals with varying risk tolerances and investment preferences, including stocks, bonds, and mutual funds. By diversifying their investments, employees can potentially grow their retirement savings over time. Moreover, the plan offers tax advantages. Contributions to the Hillsborough Florida Supplemental Retirement Plan are made on a pre-tax basis, reducing the employee's taxable income. This can lead to significant tax savings during the contribution period. However, withdrawals from the plan upon retirement are subject to taxes at ordinary income rates. In addition to the main Hillsborough Florida Supplemental Retirement Plan, there might be different types targeted towards specific employee groups or professions. For example, the Hillsborough County Educators Supplemental Retirement Plan is designed specifically for educators within the county, offering tailored benefits and features that cater to their unique retirement needs. Similarly, there might be plans customized for law enforcement officers, firefighters, or other county employees. Overall, the Hillsborough Florida Supplemental Retirement Plan aims to enhance employees' retirement savings by providing them with a flexible, incentivized, and tax-advantaged savings platform. It ensures that eligible workers have the opportunity to secure a comfortable retirement by supplementing their regular pension or retirement savings with additional contributions and employer matching. By offering various investment options and customization features, the plan empowers participants to take control of their financial future and achieve their retirement goals.