Los Angeles California Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Los Angeles
• 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 Los Angeles California Supplemental Retirement Plan is a retirement savings program that offers additional financial security and benefits to employees working for the Los Angeles city government or related organizations. This plan aims to ensure a comfortable retirement for individuals by supplementing their primary retirement benefits. One type of Los Angeles California Supplemental Retirement Plan is the Deferred Compensation Plan. This plan allows employees to set aside a portion of their pre-tax income into a retirement savings account, which grows tax-deferred until withdrawal. Participants can choose from a variety of investment options to suit their risk tolerance and financial goals. The Deferred Compensation Plan helps employees build a sizeable retirement nest egg, enhancing their overall financial readiness. Another type of supplemental retirement plan is the Cash Balance Plan. This plan offers a guaranteed rate of return on contributions made by employees and their employer. Participants receive regular statements showing their account balance, and the plan provides a predictable income stream upon retirement. The Cash Balance Plan is particularly beneficial for employees who prefer a more stable and secure retirement savings option. The Los Angeles California Supplemental Retirement Plan also encompasses the Retiree Health Benefits Program. Through this program, retiring employees receive health benefits to supplement their existing coverage or to provide healthcare options for those who may not have been previously eligible. This program aims to alleviate the burden of healthcare expenses during retirement, ensuring that retirees can focus on enjoying their golden years without worrying about medical costs. To participate in the Los Angeles California Supplemental Retirement Plan, employees must meet certain eligibility requirements and enroll during specified periods. Once enrolled, individuals can contribute a percentage of their salary towards retirement savings, benefitting from potential tax advantages, and employer-matching contributions. In summary, the Los Angeles California Supplemental Retirement Plan offers various types of retirement savings options, including the Deferred Compensation Plan, Cash Balance Plan, and Retiree Health Benefits Program. These plans aim to provide employees with additional financial security, allowing them to enjoy a comfortable and worry-free retirement.

The Los Angeles California Supplemental Retirement Plan is a retirement savings program that offers additional financial security and benefits to employees working for the Los Angeles city government or related organizations. This plan aims to ensure a comfortable retirement for individuals by supplementing their primary retirement benefits. One type of Los Angeles California Supplemental Retirement Plan is the Deferred Compensation Plan. This plan allows employees to set aside a portion of their pre-tax income into a retirement savings account, which grows tax-deferred until withdrawal. Participants can choose from a variety of investment options to suit their risk tolerance and financial goals. The Deferred Compensation Plan helps employees build a sizeable retirement nest egg, enhancing their overall financial readiness. Another type of supplemental retirement plan is the Cash Balance Plan. This plan offers a guaranteed rate of return on contributions made by employees and their employer. Participants receive regular statements showing their account balance, and the plan provides a predictable income stream upon retirement. The Cash Balance Plan is particularly beneficial for employees who prefer a more stable and secure retirement savings option. The Los Angeles California Supplemental Retirement Plan also encompasses the Retiree Health Benefits Program. Through this program, retiring employees receive health benefits to supplement their existing coverage or to provide healthcare options for those who may not have been previously eligible. This program aims to alleviate the burden of healthcare expenses during retirement, ensuring that retirees can focus on enjoying their golden years without worrying about medical costs. To participate in the Los Angeles California Supplemental Retirement Plan, employees must meet certain eligibility requirements and enroll during specified periods. Once enrolled, individuals can contribute a percentage of their salary towards retirement savings, benefitting from potential tax advantages, and employer-matching contributions. In summary, the Los Angeles California Supplemental Retirement Plan offers various types of retirement savings options, including the Deferred Compensation Plan, Cash Balance Plan, and Retiree Health Benefits Program. These plans aim to provide employees with additional financial security, allowing them to enjoy a comfortable and worry-free retirement.