The Lima Arizona Retirement Benefits Plan is a comprehensive and sought-after retirement plan offered to employees in Lima, Arizona. This retirement plan is designed to provide financial security and stability during one's golden years, ensuring a comfortable retirement for individuals who have dedicated their careers to public service in Lima, Arizona. The Lima Arizona Retirement Benefits Plan offers various types of retirement plans depending on the employee's specific job title, employment status, and years of service. Some different types of retirement plans available include: 1. Defined Benefit Plan: This type of plan guarantees a specified monthly benefit based on an employee's years of service and salary history. It provides employees with a predictable retirement income upon reaching eligibility criteria. 2. Defined Contribution Plan: This retirement plan allows employees to contribute a portion of their salary into a retirement account, which is then invested in various financial instruments, such as stocks and bonds. The eventual benefit is dependent on the contributions made by the employee and the performance of the investments. 3. Hybrid Plan: The hybrid plan is a combination of both the defined benefit and defined contribution plans. It offers a fixed monthly benefit based on an employee's years of service and salary, along with an additional account wherein employees can make voluntary contributions. 4. Deferred Compensation Plan: This is a supplemental retirement savings plan that allows employees to set aside a portion of their pre-tax income in an investment account. The contributions made by employees grow tax-deferred until retirement, providing an additional source of income during retirement. The Lima Arizona Retirement Benefits Plan also encompasses further benefits, such as healthcare coverage, life insurance, and disability insurance. These additional benefits are aimed at ensuring overall financial security for retirees, promoting a healthy and worry-free retirement experience. Overall, the Lima Arizona Retirement Benefits Plan provides public employees in Lima, Arizona with a comprehensive and flexible retirement package tailored to suit their individual needs and preferences. It strives to guarantee a stable income stream during retirement, enabling retired employees to enjoy their golden years with peace of mind and financial security.
Pima Arizona Retirement Benefits Plan
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