Wayne Michigan Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Wayne
• 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 Wayne Michigan Supplemental Retirement Plan is a comprehensive retirement savings program offered by the city of Wayne, Michigan, to its eligible employees. This plan is designed to supplement the retirement benefits provided through the Michigan Municipal Employees' Retirement System (MYERS) and offers additional financial security to employees during their retirement years. The Wayne Michigan Supplemental Retirement Plan helps employees to accumulate additional savings through a variety of investment options. Participants in the plan can contribute a percentage of their salary on a pre-tax basis, allowing for potential tax savings. These contributions are then invested in a range of investment funds, chosen based on the participant's risk tolerance and investment goals. One of the primary benefits of the Wayne Michigan Supplemental Retirement Plan is the employer match feature. The city of Wayne may offer a matching contribution to the employee's retirement savings, up to a certain percentage or dollar amount. This matching contribution adds significant value to the employee's retirement nest egg and encourages long-term participation in the program. Participants in the Wayne Michigan Supplemental Retirement Plan have access to various types of investment funds, including mutual funds, target-date funds, and fixed income funds. These funds allow individuals to diversify their retirement savings and potentially earn higher returns over time. Participants can also adjust their investment selections periodically, in response to changes in their financial circumstances or market conditions. Additionally, the Wayne Michigan Supplemental Retirement Plan offers a range of retirement planning tools and resources to help participants make informed decisions about their retirement savings. These resources may include online calculators, educational materials, and access to financial advisors who can provide personalized guidance. It is important to note that there may be different types of Wayne Michigan Supplemental Retirement Plans available to employees, depending on their employment classification or bargaining unit affiliation. For example, there might be separate plans for police officers, firefighters, or general city employees. These plans may have slightly different features or contribution limits tailored to the specific needs of each employee group. In summary, the Wayne Michigan Supplemental Retirement Plan is a valuable retirement savings program offered by the city of Wayne, Michigan. It provides eligible employees with an opportunity to save additional funds for their retirement years, beyond the benefits provided by MYERS. Through a variety of investment options, employer matching contributions, and comprehensive resources, this plan aims to help employees achieve their long-term financial security goals.

The Wayne Michigan Supplemental Retirement Plan is a comprehensive retirement savings program offered by the city of Wayne, Michigan, to its eligible employees. This plan is designed to supplement the retirement benefits provided through the Michigan Municipal Employees' Retirement System (MYERS) and offers additional financial security to employees during their retirement years. The Wayne Michigan Supplemental Retirement Plan helps employees to accumulate additional savings through a variety of investment options. Participants in the plan can contribute a percentage of their salary on a pre-tax basis, allowing for potential tax savings. These contributions are then invested in a range of investment funds, chosen based on the participant's risk tolerance and investment goals. One of the primary benefits of the Wayne Michigan Supplemental Retirement Plan is the employer match feature. The city of Wayne may offer a matching contribution to the employee's retirement savings, up to a certain percentage or dollar amount. This matching contribution adds significant value to the employee's retirement nest egg and encourages long-term participation in the program. Participants in the Wayne Michigan Supplemental Retirement Plan have access to various types of investment funds, including mutual funds, target-date funds, and fixed income funds. These funds allow individuals to diversify their retirement savings and potentially earn higher returns over time. Participants can also adjust their investment selections periodically, in response to changes in their financial circumstances or market conditions. Additionally, the Wayne Michigan Supplemental Retirement Plan offers a range of retirement planning tools and resources to help participants make informed decisions about their retirement savings. These resources may include online calculators, educational materials, and access to financial advisors who can provide personalized guidance. It is important to note that there may be different types of Wayne Michigan Supplemental Retirement Plans available to employees, depending on their employment classification or bargaining unit affiliation. For example, there might be separate plans for police officers, firefighters, or general city employees. These plans may have slightly different features or contribution limits tailored to the specific needs of each employee group. In summary, the Wayne Michigan Supplemental Retirement Plan is a valuable retirement savings program offered by the city of Wayne, Michigan. It provides eligible employees with an opportunity to save additional funds for their retirement years, beyond the benefits provided by MYERS. Through a variety of investment options, employer matching contributions, and comprehensive resources, this plan aims to help employees achieve their long-term financial security goals.