Philadelphia Pennsylvania Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Philadelphia
• 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 Philadelphia Pennsylvania Supplemental Retirement Plan is a comprehensive retirement savings program designed to supplement the primary pension plan offered to eligible individuals working for the City of Philadelphia. This additional plan allows employees to further enhance their retirement income and achieve financial security in their golden years. One of the key features of the Philadelphia Pennsylvania Supplemental Retirement Plan is its flexibility. Employees have the ability to contribute a portion of their salary into the plan, allowing them to grow their retirement savings at their own pace. Moreover, participants can choose from an array of investment options available within the plan, including stocks, bonds, mutual funds, and more. This empowers individuals to tailor their investment strategy to best meet their financial goals and risk tolerance. In addition to the standard supplemental retirement plan, Philadelphia Pennsylvania offers several types of specialized plans to meet the diverse needs of its employees: 1. Deferred Compensation Plan: This variation of the supplemental retirement plan allows participants to set aside a portion of their compensation on a pre-tax basis. The funds set aside are then invested according to the employee's chosen investment strategy, growing tax-deferred until withdrawal during retirement. 2. Roth Supplemental Retirement Plan: This plan follows a similar structure to the standard supplemental retirement plan. However, contributions are made on an after-tax basis, which means that qualified withdrawals during retirement are tax-free. It provides an attractive option for employees who anticipate being in a higher tax bracket during retirement. 3. Multiple Investment Provider Plan: This type of supplemental retirement plan allows employees to choose from a selection of investment providers, each offering a unique set of investment options. It allows participants to diversify their retirement savings across multiple providers, thereby minimizing risk and potentially increasing returns. In summary, the Philadelphia Pennsylvania Supplemental Retirement Plan is a versatile and flexible program that empowers City of Philadelphia employees to supplement their primary pension plan and build a secure financial future. With additional options such as the Deferred Compensation Plan, Roth Supplemental Retirement Plan, and Multiple Investment Provider Plan, individuals can choose the plan that best suits their needs and take control of their retirement savings.

The Philadelphia Pennsylvania Supplemental Retirement Plan is a comprehensive retirement savings program designed to supplement the primary pension plan offered to eligible individuals working for the City of Philadelphia. This additional plan allows employees to further enhance their retirement income and achieve financial security in their golden years. One of the key features of the Philadelphia Pennsylvania Supplemental Retirement Plan is its flexibility. Employees have the ability to contribute a portion of their salary into the plan, allowing them to grow their retirement savings at their own pace. Moreover, participants can choose from an array of investment options available within the plan, including stocks, bonds, mutual funds, and more. This empowers individuals to tailor their investment strategy to best meet their financial goals and risk tolerance. In addition to the standard supplemental retirement plan, Philadelphia Pennsylvania offers several types of specialized plans to meet the diverse needs of its employees: 1. Deferred Compensation Plan: This variation of the supplemental retirement plan allows participants to set aside a portion of their compensation on a pre-tax basis. The funds set aside are then invested according to the employee's chosen investment strategy, growing tax-deferred until withdrawal during retirement. 2. Roth Supplemental Retirement Plan: This plan follows a similar structure to the standard supplemental retirement plan. However, contributions are made on an after-tax basis, which means that qualified withdrawals during retirement are tax-free. It provides an attractive option for employees who anticipate being in a higher tax bracket during retirement. 3. Multiple Investment Provider Plan: This type of supplemental retirement plan allows employees to choose from a selection of investment providers, each offering a unique set of investment options. It allows participants to diversify their retirement savings across multiple providers, thereby minimizing risk and potentially increasing returns. In summary, the Philadelphia Pennsylvania Supplemental Retirement Plan is a versatile and flexible program that empowers City of Philadelphia employees to supplement their primary pension plan and build a secure financial future. With additional options such as the Deferred Compensation Plan, Roth Supplemental Retirement Plan, and Multiple Investment Provider Plan, individuals can choose the plan that best suits their needs and take control of their retirement savings.