Phoenix Arizona Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• City: Phoenix
• 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 Phoenix Arizona Supplemental Retirement Plan is a retirement savings program specifically designed for employees of Phoenix, Arizona. It provides an additional avenue for individuals to save and invest for their retirement on top of their primary retirement plan options. Offering various benefits and options, this supplemental plan helps employees build a secure financial future. One of the key features of the Phoenix Arizona Supplemental Retirement Plan is the ability to contribute additional funds beyond what is allowed in traditional retirement plans. This allows individuals to maximize their retirement savings and potentially enjoy a more comfortable retirement lifestyle. Participants have the flexibility to choose their contribution amounts, tailoring it to their specific needs and financial goals. The supplemental retirement plan in Phoenix, Arizona offers several investment options to suit individual preferences and risk tolerance. These options typically include a range of mutual funds, stocks, bonds, and other investment vehicles. Participants have the freedom to diversify their investment portfolio and allocate their funds strategically to potentially earn growth and generate income. In addition to its flexibility, the Phoenix Arizona Supplemental Retirement Plan may also provide certain tax advantages. Depending on the participant's tax bracket and retirement goals, contributions to the plan may be tax-deductible, helping to reduce taxable income. However, withdrawals during retirement are typically subject to ordinary income tax. It is important to note that there are various types of Phoenix Arizona Supplemental Retirement Plans available to employees. Some common variations include: 1. Roth Supplemental Retirement Plan: This type of plan allows employees to make after-tax contributions. While contributions to a Roth plan are not tax-deductible, qualified withdrawals during retirement are tax-free. 2. Traditional Supplemental Retirement Plan: This plan enables participants to make pre-tax contributions, reducing their taxable income in the present. However, withdrawals during retirement are taxed as ordinary income. 3. Defined Contribution Supplemental Retirement Plan: Often referred to as a 401(k) plan, participants contribute a portion of their salary into individual investment accounts. Employers may match a certain percentage of employee contributions, providing an additional incentive for saving. The funds in these accounts grow tax-deferred until retirement, when withdrawals are taxed. 4. Deferred Compensation Plan: This type of supplemental retirement plan allows employees to defer receiving a portion of their compensation until retirement. Deferred compensation plans offer tax advantages, allowing participants to potentially enjoy lower tax rates during retirement. Overall, the Phoenix Arizona Supplemental Retirement Plan serves as a valuable tool for employees to maximize their retirement savings by providing additional options, tax advantages, and diverse investment choices. Different variations of the plan cater to individual needs and preferences, helping employees secure a financially stable future.

The Phoenix Arizona Supplemental Retirement Plan is a retirement savings program specifically designed for employees of Phoenix, Arizona. It provides an additional avenue for individuals to save and invest for their retirement on top of their primary retirement plan options. Offering various benefits and options, this supplemental plan helps employees build a secure financial future. One of the key features of the Phoenix Arizona Supplemental Retirement Plan is the ability to contribute additional funds beyond what is allowed in traditional retirement plans. This allows individuals to maximize their retirement savings and potentially enjoy a more comfortable retirement lifestyle. Participants have the flexibility to choose their contribution amounts, tailoring it to their specific needs and financial goals. The supplemental retirement plan in Phoenix, Arizona offers several investment options to suit individual preferences and risk tolerance. These options typically include a range of mutual funds, stocks, bonds, and other investment vehicles. Participants have the freedom to diversify their investment portfolio and allocate their funds strategically to potentially earn growth and generate income. In addition to its flexibility, the Phoenix Arizona Supplemental Retirement Plan may also provide certain tax advantages. Depending on the participant's tax bracket and retirement goals, contributions to the plan may be tax-deductible, helping to reduce taxable income. However, withdrawals during retirement are typically subject to ordinary income tax. It is important to note that there are various types of Phoenix Arizona Supplemental Retirement Plans available to employees. Some common variations include: 1. Roth Supplemental Retirement Plan: This type of plan allows employees to make after-tax contributions. While contributions to a Roth plan are not tax-deductible, qualified withdrawals during retirement are tax-free. 2. Traditional Supplemental Retirement Plan: This plan enables participants to make pre-tax contributions, reducing their taxable income in the present. However, withdrawals during retirement are taxed as ordinary income. 3. Defined Contribution Supplemental Retirement Plan: Often referred to as a 401(k) plan, participants contribute a portion of their salary into individual investment accounts. Employers may match a certain percentage of employee contributions, providing an additional incentive for saving. The funds in these accounts grow tax-deferred until retirement, when withdrawals are taxed. 4. Deferred Compensation Plan: This type of supplemental retirement plan allows employees to defer receiving a portion of their compensation until retirement. Deferred compensation plans offer tax advantages, allowing participants to potentially enjoy lower tax rates during retirement. Overall, the Phoenix Arizona Supplemental Retirement Plan serves as a valuable tool for employees to maximize their retirement savings by providing additional options, tax advantages, and diverse investment choices. Different variations of the plan cater to individual needs and preferences, helping employees secure a financially stable future.