Santa Clara California Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Santa Clara
• 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 Santa Clara California Supplemental Retirement Plan is a comprehensive retirement savings program specifically designed for employees in the city of Santa Clara, California. This plan is designed to provide additional supplementary funds in addition to the regular retirement benefits offered by the California Public Employees' Retirement System (Callers). The Santa Clara California Supplemental Retirement Plan offers several types of retirement plans to cater to the diverse needs and preferences of employees. The different types of plans include: 1. Defined Contribution Plans: These plans allow employees to contribute a portion of their pre-tax income into individual retirement accounts, such as 401(k) or 403(b) plans. The employer may also make matching contributions up to a certain percentage, providing an additional incentive to save for retirement. 2. Deferred Compensation Plans: These plans enable employees to defer a portion of their salary or bonuses into a tax-deferred retirement account. The contribution limits are generally higher than standard retirement plans, allowing employees to maximize their retirement savings. 3. Pension Buyback Plans: This type of plan allows eligible employees to purchase additional service credits towards their pension benefits. By making additional contributions, employees can potentially increase the amount of their future pension payments, providing enhanced retirement security. 4. Roth IRA Conversion Plans: This plan allows employees to convert their existing traditional IRA or retirement plan into a Roth IRA. By paying taxes on the converted amount at the time of conversion, employees can benefit from tax-free withdrawals during retirement. The Santa Clara California Supplemental Retirement Plan is an attractive option for employees seeking to boost their retirement savings beyond what is offered by Callers. By participating in these plans, employees can take advantage of tax advantages, employer contributions, and various investment options to ensure a comfortable and financially secure future. It is important for employees to carefully assess their retirement goals and consult with financial advisors to determine which plan best suits their needs and objectives.

The Santa Clara California Supplemental Retirement Plan is a comprehensive retirement savings program specifically designed for employees in the city of Santa Clara, California. This plan is designed to provide additional supplementary funds in addition to the regular retirement benefits offered by the California Public Employees' Retirement System (Callers). The Santa Clara California Supplemental Retirement Plan offers several types of retirement plans to cater to the diverse needs and preferences of employees. The different types of plans include: 1. Defined Contribution Plans: These plans allow employees to contribute a portion of their pre-tax income into individual retirement accounts, such as 401(k) or 403(b) plans. The employer may also make matching contributions up to a certain percentage, providing an additional incentive to save for retirement. 2. Deferred Compensation Plans: These plans enable employees to defer a portion of their salary or bonuses into a tax-deferred retirement account. The contribution limits are generally higher than standard retirement plans, allowing employees to maximize their retirement savings. 3. Pension Buyback Plans: This type of plan allows eligible employees to purchase additional service credits towards their pension benefits. By making additional contributions, employees can potentially increase the amount of their future pension payments, providing enhanced retirement security. 4. Roth IRA Conversion Plans: This plan allows employees to convert their existing traditional IRA or retirement plan into a Roth IRA. By paying taxes on the converted amount at the time of conversion, employees can benefit from tax-free withdrawals during retirement. The Santa Clara California Supplemental Retirement Plan is an attractive option for employees seeking to boost their retirement savings beyond what is offered by Callers. By participating in these plans, employees can take advantage of tax advantages, employer contributions, and various investment options to ensure a comfortable and financially secure future. It is important for employees to carefully assess their retirement goals and consult with financial advisors to determine which plan best suits their needs and objectives.