Mecklenburg North Carolina Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Mecklenburg
• 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 Mecklenburg North Carolina Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security and benefits to employees of Mecklenburg County, North Carolina. This plan gives employees the opportunity to save and invest pre-tax earnings towards their retirement, complimenting the standard pension or 401(k) plans offered. Through the Mecklenburg North Carolina Supplemental Retirement Plan, employees can contribute a portion of their salary to their individual retirement account on a voluntary basis. The contributions made by employees are deducted from their gross income before taxes, which helps to reduce their taxable income. This tax advantage allows employees to potentially increase their retirement savings over time. The plan offers several investment options, including various mutual funds and fixed-rate accounts, providing employees with the flexibility to diversify their retirement portfolio based on their risk appetite and long-term financial goals. The invested funds have the potential to grow over time, helping employees build a solid financial foundation for their retirement years. Additionally, Mecklenburg County may also offer employer contributions to the employees' accounts. This means that the county will contribute a certain percentage of the employee's salary into their retirement account, enhancing their retirement savings even further. This employer contribution is an excellent way to incentivize employees to participate actively in the program and save more towards their retirement. The Mecklenburg North Carolina Supplemental Retirement Plan aims to assist employees in achieving their retirement goals by providing additional financial resources beyond traditional retirement plans. It serves as a valuable tool in creating a comprehensive and well-rounded retirement strategy. Employees can rely on this plan to bridge any financial gaps and provide added peace of mind during their golden years. Different types of Mecklenburg North Carolina Supplemental Retirement Plans may include variations in the investment options available to employees. Some plans may offer a wider range of investment choices, such as sector-specific funds or socially responsible investment options. Others may provide access to professional financial advisors to assist employees in making informed investment decisions. However, the core purpose of these plans remains the same — to provide employees with a supplemental retirement savings vehicle designed to enhance their financial security in their post-employment years.

The Mecklenburg North Carolina Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security and benefits to employees of Mecklenburg County, North Carolina. This plan gives employees the opportunity to save and invest pre-tax earnings towards their retirement, complimenting the standard pension or 401(k) plans offered. Through the Mecklenburg North Carolina Supplemental Retirement Plan, employees can contribute a portion of their salary to their individual retirement account on a voluntary basis. The contributions made by employees are deducted from their gross income before taxes, which helps to reduce their taxable income. This tax advantage allows employees to potentially increase their retirement savings over time. The plan offers several investment options, including various mutual funds and fixed-rate accounts, providing employees with the flexibility to diversify their retirement portfolio based on their risk appetite and long-term financial goals. The invested funds have the potential to grow over time, helping employees build a solid financial foundation for their retirement years. Additionally, Mecklenburg County may also offer employer contributions to the employees' accounts. This means that the county will contribute a certain percentage of the employee's salary into their retirement account, enhancing their retirement savings even further. This employer contribution is an excellent way to incentivize employees to participate actively in the program and save more towards their retirement. The Mecklenburg North Carolina Supplemental Retirement Plan aims to assist employees in achieving their retirement goals by providing additional financial resources beyond traditional retirement plans. It serves as a valuable tool in creating a comprehensive and well-rounded retirement strategy. Employees can rely on this plan to bridge any financial gaps and provide added peace of mind during their golden years. Different types of Mecklenburg North Carolina Supplemental Retirement Plans may include variations in the investment options available to employees. Some plans may offer a wider range of investment choices, such as sector-specific funds or socially responsible investment options. Others may provide access to professional financial advisors to assist employees in making informed investment decisions. However, the core purpose of these plans remains the same — to provide employees with a supplemental retirement savings vehicle designed to enhance their financial security in their post-employment years.