King Washington Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: King
• 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 The King Washington Retirement Benefits Plan is a comprehensive retirement program offered by the King Washington Corporation to its employees. This plan is designed to empower employees with financial security, stability, and independence during their retirement years. With a wide range of benefits and options, it accommodates various investment preferences and individual circumstances. The primary goal of the King Washington Retirement Benefits Plan is to provide employees with a strong foundation for their retirement savings, ensuring a comfortable lifestyle after they leave the workforce. This plan offers several key features and benefits, including tax advantages, investment opportunities, and employer contributions. One of the main advantages of the King Washington Retirement Benefits Plan is its tax advantage. Employees can contribute a portion of their income to the plan on a pre-tax basis, reducing their taxable income and potentially lowering their overall tax liability. Additionally, any investment gains within the plan are tax-deferred until withdrawal, allowing employees to maximize their returns over time. The plan also provides a variety of investment options to suit individual preferences and risk tolerance. Employees can allocate their contributions among various funds, such as stocks, bonds, mutual funds, and target-date funds. This flexibility allows for diversification and potential growth of retirement savings over the long term. Furthermore, the King Washington Retirement Benefits Plan includes employer contributions, which enhance the retirement savings of employees. The employer may match a certain percentage of the employee's contributions or offer a fixed annual contribution, effectively boosting retirement account balances. In terms of different types of King Washington Retirement Benefits Plan, there are two prevalent options to consider: the Traditional 401(k) and the Roth 401(k). 1. Traditional 401(k): This type of retirement plan allows employees to make pre-tax contributions, which are deducted from their salary before taxes are applied. The tax on contributions is deferred until withdrawal during retirement. This plan is suitable for individuals who expect to be in a lower tax bracket during retirement, potentially resulting in tax savings. 2. Roth 401(k): Unlike the Traditional 401(k), the Roth 401(k) allows employees to make after-tax contributions. Though these contributions do not provide an immediate tax break, the distributions during retirement are tax-free, including both the contributed amount and any investment gains. This plan is ideal for those individuals who anticipate being in a higher tax bracket during retirement. Both options offer advantages and considerations based on an employee's unique circumstances. The King Washington Retirement Benefits Plan aims to provide comprehensive retirement solutions to assist employees in achieving their long-term financial goals.

The King Washington Retirement Benefits Plan is a comprehensive retirement program offered by the King Washington Corporation to its employees. This plan is designed to empower employees with financial security, stability, and independence during their retirement years. With a wide range of benefits and options, it accommodates various investment preferences and individual circumstances. The primary goal of the King Washington Retirement Benefits Plan is to provide employees with a strong foundation for their retirement savings, ensuring a comfortable lifestyle after they leave the workforce. This plan offers several key features and benefits, including tax advantages, investment opportunities, and employer contributions. One of the main advantages of the King Washington Retirement Benefits Plan is its tax advantage. Employees can contribute a portion of their income to the plan on a pre-tax basis, reducing their taxable income and potentially lowering their overall tax liability. Additionally, any investment gains within the plan are tax-deferred until withdrawal, allowing employees to maximize their returns over time. The plan also provides a variety of investment options to suit individual preferences and risk tolerance. Employees can allocate their contributions among various funds, such as stocks, bonds, mutual funds, and target-date funds. This flexibility allows for diversification and potential growth of retirement savings over the long term. Furthermore, the King Washington Retirement Benefits Plan includes employer contributions, which enhance the retirement savings of employees. The employer may match a certain percentage of the employee's contributions or offer a fixed annual contribution, effectively boosting retirement account balances. In terms of different types of King Washington Retirement Benefits Plan, there are two prevalent options to consider: the Traditional 401(k) and the Roth 401(k). 1. Traditional 401(k): This type of retirement plan allows employees to make pre-tax contributions, which are deducted from their salary before taxes are applied. The tax on contributions is deferred until withdrawal during retirement. This plan is suitable for individuals who expect to be in a lower tax bracket during retirement, potentially resulting in tax savings. 2. Roth 401(k): Unlike the Traditional 401(k), the Roth 401(k) allows employees to make after-tax contributions. Though these contributions do not provide an immediate tax break, the distributions during retirement are tax-free, including both the contributed amount and any investment gains. This plan is ideal for those individuals who anticipate being in a higher tax bracket during retirement. Both options offer advantages and considerations based on an employee's unique circumstances. The King Washington Retirement Benefits Plan aims to provide comprehensive retirement solutions to assist employees in achieving their long-term financial goals.