Bronx New York Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Bronx
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service Bronx New York Retirement Benefits Plan is a comprehensive program designed to provide financial security and support to retired individuals who have been residents of the Bronx, New York. This retirement plan aims to ensure a comfortable and fulfilling retirement by offering various benefits and services to the eligible participants. The Bronx New York Retirement Benefits Plan encompasses multiple types of retirement plans tailored to meet the diverse needs of retirees. These plans include: 1. Defined Benefit Plan: This retirement plan provides retirees with a fixed monthly income based on factors such as salary history, years of service, and age at retirement. It offers a guaranteed stream of income throughout retirement, irrespective of market fluctuations. 2. Defined Contribution Plan: This type of retirement plan enables individuals to contribute a portion of their salary or earnings toward their retirement savings. The employer may also contribute to this plan. The funds are invested, and the eventual retirement benefit depends on the accumulated value and investment performance. 3. Deferred Compensation Plan: This plan allows employees to set aside a portion of their salary, on a pre-tax basis, to be invested and accumulated until retirement. The accumulated funds are then paid out in retirement, offering tax advantages and the potential for growth over time. 4. Social Security Benefits: In addition to the retirement plans mentioned above, retirees in the Bronx, New York, are also eligible to receive Social Security benefits. These benefits are based on the individual's work history, including the number of years worked and the income earned, and provide a crucial source of income during retirement. The Bronx New York Retirement Benefits Plan aims to ensure that retirees can maintain a dignified and financially secure lifestyle during their retirement years. It provides a range of benefits, including healthcare coverage, prescription drug plans, access to wellness programs, and supplemental insurance options. The plan also offers retirees various resources, such as financial counseling, retirement planning workshops, and access to a network of professionals who can provide guidance and support. Retirees can also avail themselves of additional perks and services through the Bronx New York Retirement Benefits Plan, such as discounts on recreational activities, travel, and cultural events. These offerings aim to enhance the overall retirement experience and encourage retirees to lead an active and fulfilling lifestyle. Overall, the Bronx New York Retirement Benefits Plan provides retirees with multiple options to secure their financial future, access healthcare services, and enjoy a wide range of benefits and services. It serves as a crucial support system for retired individuals, ensuring their well-being and financial stability, so they can retire with peace of mind.

Bronx New York Retirement Benefits Plan is a comprehensive program designed to provide financial security and support to retired individuals who have been residents of the Bronx, New York. This retirement plan aims to ensure a comfortable and fulfilling retirement by offering various benefits and services to the eligible participants. The Bronx New York Retirement Benefits Plan encompasses multiple types of retirement plans tailored to meet the diverse needs of retirees. These plans include: 1. Defined Benefit Plan: This retirement plan provides retirees with a fixed monthly income based on factors such as salary history, years of service, and age at retirement. It offers a guaranteed stream of income throughout retirement, irrespective of market fluctuations. 2. Defined Contribution Plan: This type of retirement plan enables individuals to contribute a portion of their salary or earnings toward their retirement savings. The employer may also contribute to this plan. The funds are invested, and the eventual retirement benefit depends on the accumulated value and investment performance. 3. Deferred Compensation Plan: This plan allows employees to set aside a portion of their salary, on a pre-tax basis, to be invested and accumulated until retirement. The accumulated funds are then paid out in retirement, offering tax advantages and the potential for growth over time. 4. Social Security Benefits: In addition to the retirement plans mentioned above, retirees in the Bronx, New York, are also eligible to receive Social Security benefits. These benefits are based on the individual's work history, including the number of years worked and the income earned, and provide a crucial source of income during retirement. The Bronx New York Retirement Benefits Plan aims to ensure that retirees can maintain a dignified and financially secure lifestyle during their retirement years. It provides a range of benefits, including healthcare coverage, prescription drug plans, access to wellness programs, and supplemental insurance options. The plan also offers retirees various resources, such as financial counseling, retirement planning workshops, and access to a network of professionals who can provide guidance and support. Retirees can also avail themselves of additional perks and services through the Bronx New York Retirement Benefits Plan, such as discounts on recreational activities, travel, and cultural events. These offerings aim to enhance the overall retirement experience and encourage retirees to lead an active and fulfilling lifestyle. Overall, the Bronx New York Retirement Benefits Plan provides retirees with multiple options to secure their financial future, access healthcare services, and enjoy a wide range of benefits and services. It serves as a crucial support system for retired individuals, ensuring their well-being and financial stability, so they can retire with peace of mind.