Wake North Carolina Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Supplemental Retirement Plan is a comprehensive retirement savings program designed to provide additional financial security for eligible employees of Wake County, North Carolina. This retirement plan offers various options to supplement the primary retirement benefits offered by the state's Retirement Systems division. One prominent type of Wake North Carolina Supplemental Retirement Plan is the 401(k) plan. This plan allows employees to contribute a portion of their salary to their retirement account on a pre-tax basis, effectively reducing their taxable income. The contributions to the 401(k) plan grow tax-deferred until withdrawn during retirement. Wake County may also offer a matching contribution to encourage employee participation and further enhance retirement savings. Another notable variation of the Wake North Carolina Supplemental Retirement Plan is the 457(b) plan. This plan is specifically designed for public employees and allows them to defer a portion of their salary into a retirement account on a pre-tax basis. Similar to the 401(k) plan, the contributions to the 457(b) plan are invested and grow tax-deferred until retirement. The key advantage of the 457(b) plan is that it offers more flexibility in terms of withdrawal options during retirement. Wake County recognizes the importance of retirement planning and offers employees access to a diverse range of investment options within the Supplemental Retirement Plan. These options include various mutual funds, target-date funds, and annuities. Participants can choose the mix of investments that aligns with their risk tolerance and long-term financial goals. Enrolling in the Wake North Carolina Supplemental Retirement Plan is a seamless process, with the option to make adjustments to contribution amounts and investment selections at any time. Employees can conveniently access their retirement accounts online to monitor balances, track investment performance, and make necessary changes. In summary, the Wake North Carolina Supplemental Retirement Plan serves as an excellent tool for employees to enhance their retirement savings and achieve long-term financial stability. Offering both 401(k) and 457(b) plans, participants have the flexibility to choose the plan that best suits their needs. With a variety of investment options and easy account management, Wake County prioritizes the financial well-being of its employees and supports them in planning for a secure retirement.

The Wake North Carolina Supplemental Retirement Plan is a comprehensive retirement savings program designed to provide additional financial security for eligible employees of Wake County, North Carolina. This retirement plan offers various options to supplement the primary retirement benefits offered by the state's Retirement Systems division. One prominent type of Wake North Carolina Supplemental Retirement Plan is the 401(k) plan. This plan allows employees to contribute a portion of their salary to their retirement account on a pre-tax basis, effectively reducing their taxable income. The contributions to the 401(k) plan grow tax-deferred until withdrawn during retirement. Wake County may also offer a matching contribution to encourage employee participation and further enhance retirement savings. Another notable variation of the Wake North Carolina Supplemental Retirement Plan is the 457(b) plan. This plan is specifically designed for public employees and allows them to defer a portion of their salary into a retirement account on a pre-tax basis. Similar to the 401(k) plan, the contributions to the 457(b) plan are invested and grow tax-deferred until retirement. The key advantage of the 457(b) plan is that it offers more flexibility in terms of withdrawal options during retirement. Wake County recognizes the importance of retirement planning and offers employees access to a diverse range of investment options within the Supplemental Retirement Plan. These options include various mutual funds, target-date funds, and annuities. Participants can choose the mix of investments that aligns with their risk tolerance and long-term financial goals. Enrolling in the Wake North Carolina Supplemental Retirement Plan is a seamless process, with the option to make adjustments to contribution amounts and investment selections at any time. Employees can conveniently access their retirement accounts online to monitor balances, track investment performance, and make necessary changes. In summary, the Wake North Carolina Supplemental Retirement Plan serves as an excellent tool for employees to enhance their retirement savings and achieve long-term financial stability. Offering both 401(k) and 457(b) plans, participants have the flexibility to choose the plan that best suits their needs. With a variety of investment options and easy account management, Wake County prioritizes the financial well-being of its employees and supports them in planning for a secure retirement.