San Bernardino California Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: San Bernardino
• 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 San Bernardino California Supplemental Retirement Plan is a comprehensive retirement program specifically designed to provide additional financial support to eligible employees of San Bernardino, California. This plan aims to supplement the primary retirement plan and enable individuals to enhance their retirement savings for a secure and prosperous future. The San Bernardino California Supplemental Retirement Plan offers various options and benefits that cater to individual needs. There are three main types of plans under this program: 1. Deferred Compensation Plan: The Deferred Compensation Plan allows employees to defer a portion of their pre-tax income into a retirement account. This plan offers tax advantages as the contributions are made before taxes are withheld, reducing the current taxable income. The funds then grow tax-deferred until retirement, providing a higher potential for long-term growth. 2. Roth 457 Plan: Similar to the Deferred Compensation Plan, the Roth 457 Plan also allows employees to contribute a portion of their income towards retirement savings. However, contributions to this plan are made after tax, meaning they are taken from the employee's net pay. The advantage of this plan lies in the fact that qualified withdrawals during retirement are tax-free, enabling individuals to enjoy tax-free income upon retirement. 3. Health Savings Account (HSA): While not a retirement-specific plan, the Health Savings Account can also be part of the San Bernardino California Supplemental Retirement Plan. It allows employees to set aside tax-advantaged funds to cover eligible medical expenses, both now and during retirement. The HSA provides a triple tax advantage — contributions are tax-deductible, earnings grow tax-free, and withdrawals are tax-free when used for qualified medical expenses. These various plans offered under the San Bernardino California Supplemental Retirement Plan provide flexibility to employees in choosing the most suitable option according to their goals, risk tolerance, and financial situations. By taking advantage of these plans, employees can maximize their retirement savings, potentially achieve their desired lifestyle in retirement, and secure a financially stable future.

The San Bernardino California Supplemental Retirement Plan is a comprehensive retirement program specifically designed to provide additional financial support to eligible employees of San Bernardino, California. This plan aims to supplement the primary retirement plan and enable individuals to enhance their retirement savings for a secure and prosperous future. The San Bernardino California Supplemental Retirement Plan offers various options and benefits that cater to individual needs. There are three main types of plans under this program: 1. Deferred Compensation Plan: The Deferred Compensation Plan allows employees to defer a portion of their pre-tax income into a retirement account. This plan offers tax advantages as the contributions are made before taxes are withheld, reducing the current taxable income. The funds then grow tax-deferred until retirement, providing a higher potential for long-term growth. 2. Roth 457 Plan: Similar to the Deferred Compensation Plan, the Roth 457 Plan also allows employees to contribute a portion of their income towards retirement savings. However, contributions to this plan are made after tax, meaning they are taken from the employee's net pay. The advantage of this plan lies in the fact that qualified withdrawals during retirement are tax-free, enabling individuals to enjoy tax-free income upon retirement. 3. Health Savings Account (HSA): While not a retirement-specific plan, the Health Savings Account can also be part of the San Bernardino California Supplemental Retirement Plan. It allows employees to set aside tax-advantaged funds to cover eligible medical expenses, both now and during retirement. The HSA provides a triple tax advantage — contributions are tax-deductible, earnings grow tax-free, and withdrawals are tax-free when used for qualified medical expenses. These various plans offered under the San Bernardino California Supplemental Retirement Plan provide flexibility to employees in choosing the most suitable option according to their goals, risk tolerance, and financial situations. By taking advantage of these plans, employees can maximize their retirement savings, potentially achieve their desired lifestyle in retirement, and secure a financially stable future.