Dallas Texas Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Dallas
• Control #: US-CC-22-109E
• Format: Word; Rich Text

Description

22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant The Dallas Texas Savings Plan for Employees is a comprehensive retirement savings program offered to employees by the city of Dallas, Texas. This plan allows employees to save a portion of their income on a pre-tax basis, ensuring they can build a secure financial future and enjoy a comfortable retirement. With various types of Dallas Texas Savings Plan for Employees available, employees can choose the one that best suits their needs and financial goals. Let's explore some key types: 1. Defined Contribution Plan: The defined contribution plan is a popular option within the Dallas Texas Savings Plan for Employees. It allows employees to contribute a portion of their income into individual accounts, often matched by the employer. The contributions and earnings in this plan accumulate over time and are invested into a range of investment options offered by the plan. 2. Pension Plan: Another type of savings plan available in Dallas, Texas for employees is the pension plan. This plan guarantees a set amount of income to employees during retirement, based on factors such as years of service and average salary. The city of Dallas manages and funds this plan, ensuring employees can rely on a consistent income stream upon retirement. 3. Deferred Compensation Plan: Dallas Texas Savings Plan for Employees also offers a deferred compensation plan, which allows employees to contribute a portion of their pre-tax income into a retirement account. These contributions can grow tax-deferred until withdrawal, giving employees the advantage of potential tax savings and increased retirement savings. 4. Roth IRA Option: Some Dallas Texas Savings Plan for Employees also provide a Roth IRA option. With a Roth IRA, employees can contribute after-tax income into their retirement account. While withdrawals in retirement are typically tax-free, this plan offers employees the opportunity to grow their retirement savings in a tax-efficient manner. Overall, the Dallas Texas Savings Plan for Employees aims to provide its workforce with flexible retirement savings options, ensuring financial security and peace of mind in retirement. Employees can take advantage of the various types of plans available, tailoring their savings strategy to their unique circumstances and goals.

The Dallas Texas Savings Plan for Employees is a comprehensive retirement savings program offered to employees by the city of Dallas, Texas. This plan allows employees to save a portion of their income on a pre-tax basis, ensuring they can build a secure financial future and enjoy a comfortable retirement. With various types of Dallas Texas Savings Plan for Employees available, employees can choose the one that best suits their needs and financial goals. Let's explore some key types: 1. Defined Contribution Plan: The defined contribution plan is a popular option within the Dallas Texas Savings Plan for Employees. It allows employees to contribute a portion of their income into individual accounts, often matched by the employer. The contributions and earnings in this plan accumulate over time and are invested into a range of investment options offered by the plan. 2. Pension Plan: Another type of savings plan available in Dallas, Texas for employees is the pension plan. This plan guarantees a set amount of income to employees during retirement, based on factors such as years of service and average salary. The city of Dallas manages and funds this plan, ensuring employees can rely on a consistent income stream upon retirement. 3. Deferred Compensation Plan: Dallas Texas Savings Plan for Employees also offers a deferred compensation plan, which allows employees to contribute a portion of their pre-tax income into a retirement account. These contributions can grow tax-deferred until withdrawal, giving employees the advantage of potential tax savings and increased retirement savings. 4. Roth IRA Option: Some Dallas Texas Savings Plan for Employees also provide a Roth IRA option. With a Roth IRA, employees can contribute after-tax income into their retirement account. While withdrawals in retirement are typically tax-free, this plan offers employees the opportunity to grow their retirement savings in a tax-efficient manner. Overall, the Dallas Texas Savings Plan for Employees aims to provide its workforce with flexible retirement savings options, ensuring financial security and peace of mind in retirement. Employees can take advantage of the various types of plans available, tailoring their savings strategy to their unique circumstances and goals.