Pima Arizona Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Pima
• 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 Lima Arizona Supplemental Retirement Plan is a retirement savings program offered to employees working in Pima County, Arizona. This plan is designed to help individuals supplement their primary retirement savings through tax-deferred contributions and investment options. With attractive benefits and various plan types to choose from, participants can tailor their retirement savings to meet their specific financial goals. One type of Lima Arizona Supplemental Retirement Plan is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary to their retirement account on a pretax basis. The employer may also offer a matching contribution, further increasing the growth of the retirement savings. Participants have control over the investment of their funds and can choose from a range of investment options, such as mutual funds or target-date funds. Another type of plan offered is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary, usually on a pretax basis, into a retirement account. The contributions are invested according to the employee's direction, and earnings grow tax-deferred until withdrawal during retirement. Similar to the Defined Contribution Plan, the employer may offer a matching contribution to enhance retirement savings. The Lima Arizona Supplemental Retirement Plan also provides participants with the option to access their funds through a Roth IRA. This type of plan allows employees to make after-tax contributions to their retirement account, and withdrawals in retirement are tax-free. This is a beneficial option for individuals who anticipate being in a higher tax bracket during retirement. The Lima Arizona Supplemental Retirement Plan offers several key features to enhance participants' retirement savings. These include personalized retirement counseling services, educational resources, and online tools to help employees make informed investment decisions. The plan also allows for portability, meaning employees can rollover their account balances to another employer-sponsored plan or an individual retirement account (IRA) if they leave their current job. In conclusion, the Lima Arizona Supplemental Retirement Plan is a comprehensive retirement savings program offering multiple plan types such as the Defined Contribution Plan, Deferred Compensation Plan, and Roth IRA. With a range of investment options, retirement counseling services, and flexibility in plan portability, this program provides employees in Pima County, Arizona, with an excellent opportunity to supplement their primary retirement savings and build a secure financial future.

The Lima Arizona Supplemental Retirement Plan is a retirement savings program offered to employees working in Pima County, Arizona. This plan is designed to help individuals supplement their primary retirement savings through tax-deferred contributions and investment options. With attractive benefits and various plan types to choose from, participants can tailor their retirement savings to meet their specific financial goals. One type of Lima Arizona Supplemental Retirement Plan is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary to their retirement account on a pretax basis. The employer may also offer a matching contribution, further increasing the growth of the retirement savings. Participants have control over the investment of their funds and can choose from a range of investment options, such as mutual funds or target-date funds. Another type of plan offered is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary, usually on a pretax basis, into a retirement account. The contributions are invested according to the employee's direction, and earnings grow tax-deferred until withdrawal during retirement. Similar to the Defined Contribution Plan, the employer may offer a matching contribution to enhance retirement savings. The Lima Arizona Supplemental Retirement Plan also provides participants with the option to access their funds through a Roth IRA. This type of plan allows employees to make after-tax contributions to their retirement account, and withdrawals in retirement are tax-free. This is a beneficial option for individuals who anticipate being in a higher tax bracket during retirement. The Lima Arizona Supplemental Retirement Plan offers several key features to enhance participants' retirement savings. These include personalized retirement counseling services, educational resources, and online tools to help employees make informed investment decisions. The plan also allows for portability, meaning employees can rollover their account balances to another employer-sponsored plan or an individual retirement account (IRA) if they leave their current job. In conclusion, the Lima Arizona Supplemental Retirement Plan is a comprehensive retirement savings program offering multiple plan types such as the Defined Contribution Plan, Deferred Compensation Plan, and Roth IRA. With a range of investment options, retirement counseling services, and flexibility in plan portability, this program provides employees in Pima County, Arizona, with an excellent opportunity to supplement their primary retirement savings and build a secure financial future.