Wake North Carolina Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Retirement Benefits Plan is a comprehensive retirement program designed to provide financial security and support to individuals who have dedicated their careers to public service in Wake County, North Carolina. This retirement plan offers several types of benefits to ensure a fulfilling retirement for eligible participants. One of the primary benefits offered by the Wake North Carolina Retirement Benefits Plan is a defined benefit pension plan. This plan provides participants with a guaranteed monthly income during their retirement years, based on a formula that considers factors such as years of service and salary history. This type of plan ensures a stable and predictable income stream, allowing retirees to plan their finances accordingly. In addition to the defined benefit pension plan, Wake North Carolina Retirement Benefits Plan also offers a supplemental retirement income plan. This plan allows participants to contribute a portion of their salary towards a retirement savings account, such as a 401(k) or 457(b) plan. These contributions are typically tax-deferred, meaning participants can save for retirement while enjoying potential tax benefits. The plan may also provide an employer match, incentivizing employees to save even more for their retirement. Furthermore, Wake North Carolina Retirement Benefits Plan recognizes the importance of healthcare coverage during retirement. Eligible participants have access to retiree health benefits, which may include medical, dental, and vision coverage. This ensures that retirees can maintain their health and well-being without worrying about the high costs associated with healthcare services. Additionally, Wake North Carolina Retirement Benefits Plan offers various resources and services to support retirees transitioning into retirement. This may include educational seminars, retirement planning tools, and access to financial advisors who can help participants make informed decisions regarding their retirement savings and investment strategies. Overall, Wake North Carolina Retirement Benefits Plan aims to provide a comprehensive and robust retirement package to public service employees. By offering a combination of a defined benefit pension plan, a supplemental retirement income plan, retiree health benefits, and support services, this plan ensures that retirees can enjoy a fulfilling and financially secure retirement.

Wake North Carolina Retirement Benefits Plan is a comprehensive retirement program designed to provide financial security and support to individuals who have dedicated their careers to public service in Wake County, North Carolina. This retirement plan offers several types of benefits to ensure a fulfilling retirement for eligible participants. One of the primary benefits offered by the Wake North Carolina Retirement Benefits Plan is a defined benefit pension plan. This plan provides participants with a guaranteed monthly income during their retirement years, based on a formula that considers factors such as years of service and salary history. This type of plan ensures a stable and predictable income stream, allowing retirees to plan their finances accordingly. In addition to the defined benefit pension plan, Wake North Carolina Retirement Benefits Plan also offers a supplemental retirement income plan. This plan allows participants to contribute a portion of their salary towards a retirement savings account, such as a 401(k) or 457(b) plan. These contributions are typically tax-deferred, meaning participants can save for retirement while enjoying potential tax benefits. The plan may also provide an employer match, incentivizing employees to save even more for their retirement. Furthermore, Wake North Carolina Retirement Benefits Plan recognizes the importance of healthcare coverage during retirement. Eligible participants have access to retiree health benefits, which may include medical, dental, and vision coverage. This ensures that retirees can maintain their health and well-being without worrying about the high costs associated with healthcare services. Additionally, Wake North Carolina Retirement Benefits Plan offers various resources and services to support retirees transitioning into retirement. This may include educational seminars, retirement planning tools, and access to financial advisors who can help participants make informed decisions regarding their retirement savings and investment strategies. Overall, Wake North Carolina Retirement Benefits Plan aims to provide a comprehensive and robust retirement package to public service employees. By offering a combination of a defined benefit pension plan, a supplemental retirement income plan, retiree health benefits, and support services, this plan ensures that retirees can enjoy a fulfilling and financially secure retirement.