Suffolk New York Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security for employees of Suffolk County, New York. This employer-sponsored plan offers various benefits and investment options to help employees maximize their retirement savings. One type of Suffolk New York Supplemental Retirement Plan is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary into a dedicated retirement account, typically on a pre-tax basis. The county may also contribute a matching amount to encourage employee participation and further enhance their retirement savings. Another type of plan is the Deferred Compensation Plan. This plan enables employees to defer a portion of their salary into a separate retirement account, which is not subject to income tax until the funds are withdrawn. By deferring taxes, employees can potentially reduce their taxable income during their working years and have more funds available for retirement. The Suffolk New York Supplemental Retirement Plan provides employees with a wide range of investment options to suit various risk tolerances and retirement goals. The plan may offer conservative options such as stable value funds or bonds, as well as more aggressive choices like stocks or mutual funds. By diversifying their investment portfolio, participants can potentially earn greater returns and build a more substantial retirement nest egg. Participants in the Suffolk New York Supplemental Retirement Plan have the advantage of receiving expert guidance through educational resources and financial advisors. These resources aim to help employees make informed decisions about their retirement savings, understand their investment options, and plan for a financially secure future. It's important to note that the Suffolk New York Supplemental Retirement Plan is separate from the regular pension or retirement plans offered to county employees. It serves as an additional savings vehicle designed to supplement these other retirement benefits.

The Suffolk New York Supplemental Retirement Plan is a retirement savings program designed to provide additional financial security for employees of Suffolk County, New York. This employer-sponsored plan offers various benefits and investment options to help employees maximize their retirement savings. One type of Suffolk New York Supplemental Retirement Plan is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary into a dedicated retirement account, typically on a pre-tax basis. The county may also contribute a matching amount to encourage employee participation and further enhance their retirement savings. Another type of plan is the Deferred Compensation Plan. This plan enables employees to defer a portion of their salary into a separate retirement account, which is not subject to income tax until the funds are withdrawn. By deferring taxes, employees can potentially reduce their taxable income during their working years and have more funds available for retirement. The Suffolk New York Supplemental Retirement Plan provides employees with a wide range of investment options to suit various risk tolerances and retirement goals. The plan may offer conservative options such as stable value funds or bonds, as well as more aggressive choices like stocks or mutual funds. By diversifying their investment portfolio, participants can potentially earn greater returns and build a more substantial retirement nest egg. Participants in the Suffolk New York Supplemental Retirement Plan have the advantage of receiving expert guidance through educational resources and financial advisors. These resources aim to help employees make informed decisions about their retirement savings, understand their investment options, and plan for a financially secure future. It's important to note that the Suffolk New York Supplemental Retirement Plan is separate from the regular pension or retirement plans offered to county employees. It serves as an additional savings vehicle designed to supplement these other retirement benefits.