Salt Lake Utah Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Salt Lake
• 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 Salt Lake Utah Supplemental Retirement Plan is a well-known retirement savings program offered to employees by the Salt Lake City government in Utah. This plan serves as an additional supplement to an employee's primary retirement savings accounts, such as a 401(k) or a pension plan. The Salt Lake Utah Supplemental Retirement Plan provides employees with an opportunity to save and invest additional funds for their retirement while taking advantage of potential tax benefits. This plan offers a range of investment options, allowing employees to choose investments that align with their risk tolerance and long-term financial goals. One of the key advantages of the Salt Lake Utah Supplemental Retirement Plan is the flexibility it provides. Employees have the freedom to contribute a portion of their salary on a pre-tax basis, meaning that the contributions are deducted from their taxable income. This reduces the employee's annual tax bill while simultaneously boosting their retirement savings. Moreover, the Salt Lake Utah Supplemental Retirement Plan also offers a Roth option for employees who prefer to make after-tax contributions. With this option, qualified withdrawals during retirement are tax-free, offering potential tax advantages to those expecting their tax bracket to be higher in the future. Another notable aspect of this retirement plan is the employer match. Salt Lake City government may make contributions to the employees' accounts based on a specific formula, typically known as an employer match. This contribution serves as an additional incentive for employees to participate in the plan and maximize their retirement savings. Different types of Salt Lake Utah Supplemental Retirement Plans may include various contribution structures and investment options. For instance, some employees might choose to invest their contributions in mutual funds, while others may prefer target-date funds or a mixture of investment choices. These options allow participants to personalize their retirement portfolios based on their risk appetite and investment preferences. In summary, the Salt Lake Utah Supplemental Retirement Plan is an essential retirement savings program available to Salt Lake City government employees. It offers flexibility in contributions, investments, and potential tax advantages to help employees maximize their retirement funds. This plan emphasizes the importance of building a robust retirement nest egg and provides employees with valuable options for securing their financial future.

The Salt Lake Utah Supplemental Retirement Plan is a well-known retirement savings program offered to employees by the Salt Lake City government in Utah. This plan serves as an additional supplement to an employee's primary retirement savings accounts, such as a 401(k) or a pension plan. The Salt Lake Utah Supplemental Retirement Plan provides employees with an opportunity to save and invest additional funds for their retirement while taking advantage of potential tax benefits. This plan offers a range of investment options, allowing employees to choose investments that align with their risk tolerance and long-term financial goals. One of the key advantages of the Salt Lake Utah Supplemental Retirement Plan is the flexibility it provides. Employees have the freedom to contribute a portion of their salary on a pre-tax basis, meaning that the contributions are deducted from their taxable income. This reduces the employee's annual tax bill while simultaneously boosting their retirement savings. Moreover, the Salt Lake Utah Supplemental Retirement Plan also offers a Roth option for employees who prefer to make after-tax contributions. With this option, qualified withdrawals during retirement are tax-free, offering potential tax advantages to those expecting their tax bracket to be higher in the future. Another notable aspect of this retirement plan is the employer match. Salt Lake City government may make contributions to the employees' accounts based on a specific formula, typically known as an employer match. This contribution serves as an additional incentive for employees to participate in the plan and maximize their retirement savings. Different types of Salt Lake Utah Supplemental Retirement Plans may include various contribution structures and investment options. For instance, some employees might choose to invest their contributions in mutual funds, while others may prefer target-date funds or a mixture of investment choices. These options allow participants to personalize their retirement portfolios based on their risk appetite and investment preferences. In summary, the Salt Lake Utah Supplemental Retirement Plan is an essential retirement savings program available to Salt Lake City government employees. It offers flexibility in contributions, investments, and potential tax advantages to help employees maximize their retirement funds. This plan emphasizes the importance of building a robust retirement nest egg and provides employees with valuable options for securing their financial future.