Middlesex Massachusetts Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Middlesex
• 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 Middlesex Massachusetts Supplemental Retirement Plan is a retirement savings program designed for employees of the Middlesex County government. It is a supplemental plan that aims to bolster the retirement savings of individuals beyond what is offered through traditional retirement plans. This comprehensive plan provides numerous benefits and options for Middlesex County employees to secure their financial future after retirement. The Middlesex Massachusetts Supplemental Retirement Plan offers various investment options to suit individual preferences and risk tolerance. Participants can choose from a range of investment vehicles, such as mutual funds, stocks, bonds, and other managed accounts. This allows employees to customize their retirement investment portfolio according to their specific financial goals. One of the key features of the Middlesex Massachusetts Supplemental Retirement Plan is the employer match program. Through this initiative, Middlesex County matches a certain percentage of the employee's contributions to the retirement plan, effectively providing an additional boost to their retirement savings. This employer match program encourages employees to save for retirement and maximize their funds. Additionally, the Middlesex Massachusetts Supplemental Retirement Plan provides access to comprehensive retirement planning resources and educational materials. These resources are designed to assist employees in making informed investment decisions and understanding complex retirement concepts. Such support plays a critical role in empowering employees to take control of their retirement planning and make sound financial decisions. There are different types of Middlesex Massachusetts Supplemental Retirement Plans available to employees. Some potential plan options could be: 1. Middlesex Massachusetts 401(k) Plan: This plan allows employees to contribute a portion of their salary on a pre-tax basis, which helps reduce their taxable income. The employer may also match a percentage of the employee's contributions. 2. Middlesex Massachusetts Roth IRA Plan: This plan allows participants to contribute after-tax funds, which can potentially grow tax-free. Withdrawals during retirement are generally tax-free as well, providing potential tax advantages to employees. 3. Middlesex Massachusetts Deferred Compensation Plan: This plan enables employees to defer a portion of their salary until retirement. These deferred amounts can grow tax-deferred until withdrawal, creating potential tax benefits and allowing employees to save additional funds for retirement. In summary, the Middlesex Massachusetts Supplemental Retirement Plan offers employees of Middlesex County an opportunity to enhance their retirement savings. With multiple investment options, an employer match program, and educational resources, this plan ensures that employees can secure their financial well-being during their post-employment years.

Middlesex Massachusetts Supplemental Retirement Plan is a retirement savings program designed for employees of the Middlesex County government. It is a supplemental plan that aims to bolster the retirement savings of individuals beyond what is offered through traditional retirement plans. This comprehensive plan provides numerous benefits and options for Middlesex County employees to secure their financial future after retirement. The Middlesex Massachusetts Supplemental Retirement Plan offers various investment options to suit individual preferences and risk tolerance. Participants can choose from a range of investment vehicles, such as mutual funds, stocks, bonds, and other managed accounts. This allows employees to customize their retirement investment portfolio according to their specific financial goals. One of the key features of the Middlesex Massachusetts Supplemental Retirement Plan is the employer match program. Through this initiative, Middlesex County matches a certain percentage of the employee's contributions to the retirement plan, effectively providing an additional boost to their retirement savings. This employer match program encourages employees to save for retirement and maximize their funds. Additionally, the Middlesex Massachusetts Supplemental Retirement Plan provides access to comprehensive retirement planning resources and educational materials. These resources are designed to assist employees in making informed investment decisions and understanding complex retirement concepts. Such support plays a critical role in empowering employees to take control of their retirement planning and make sound financial decisions. There are different types of Middlesex Massachusetts Supplemental Retirement Plans available to employees. Some potential plan options could be: 1. Middlesex Massachusetts 401(k) Plan: This plan allows employees to contribute a portion of their salary on a pre-tax basis, which helps reduce their taxable income. The employer may also match a percentage of the employee's contributions. 2. Middlesex Massachusetts Roth IRA Plan: This plan allows participants to contribute after-tax funds, which can potentially grow tax-free. Withdrawals during retirement are generally tax-free as well, providing potential tax advantages to employees. 3. Middlesex Massachusetts Deferred Compensation Plan: This plan enables employees to defer a portion of their salary until retirement. These deferred amounts can grow tax-deferred until withdrawal, creating potential tax benefits and allowing employees to save additional funds for retirement. In summary, the Middlesex Massachusetts Supplemental Retirement Plan offers employees of Middlesex County an opportunity to enhance their retirement savings. With multiple investment options, an employer match program, and educational resources, this plan ensures that employees can secure their financial well-being during their post-employment years.