Franklin Ohio Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Savings Plan for Employees is a comprehensive retirement savings program designed to provide financial security for employees in Franklin, Ohio. This employer-sponsored plan offers various benefits and investment options to help employees achieve their retirement goals. One of the types of Franklin Ohio Savings Plan for Employees is a 401(k) plan. Through this plan, employees are allowed to contribute a portion of their pre-tax income towards their retirement savings. These contributions can be made on a consistent basis, usually deducted directly from the employee's paycheck. One of the key advantages of a 401(k) plan is that it offers tax benefits, as the contributions are not subject to income tax until withdrawn at retirement. Another type of the Franklin Ohio Savings Plan for Employees is a Roth 401(k) plan. This plan is similar to a traditional 401(k), but the contributions are made with after-tax income. The advantage of a Roth 401(k) plan is that qualified withdrawals during retirement are tax-free, including both contributions and earnings. This can be beneficial for employees who anticipate being in a higher tax bracket in retirement. Additionally, Franklin Ohio Savings Plan for Employees may also offer a matching contribution program. This means that the employer matches a portion of the employee's contributions, up to a certain percentage or monetary limit. This matching contribution is essentially free money added to the employee's retirement account, further enhancing the savings growth potential. The Franklin Ohio Savings Plan for Employees provides a wide range of investment options to suit different risk tolerances and financial goals. Employees can choose to invest their contributions in various mutual funds, stocks, bonds, or other investment vehicles offered by the plan. These investment options are carefully selected by the plan administrators to ensure diversification and long-term growth potential. In conclusion, the Franklin Ohio Savings Plan for Employees is an employer-sponsored retirement savings program that offers various types of plans, including traditional and Roth 401(k) plans, as well as a matching contribution program. This plan allows employees to save for retirement with pre-tax or after-tax income and offers a range of investment options to help grow their savings over time.

The Franklin Ohio Savings Plan for Employees is a comprehensive retirement savings program designed to provide financial security for employees in Franklin, Ohio. This employer-sponsored plan offers various benefits and investment options to help employees achieve their retirement goals. One of the types of Franklin Ohio Savings Plan for Employees is a 401(k) plan. Through this plan, employees are allowed to contribute a portion of their pre-tax income towards their retirement savings. These contributions can be made on a consistent basis, usually deducted directly from the employee's paycheck. One of the key advantages of a 401(k) plan is that it offers tax benefits, as the contributions are not subject to income tax until withdrawn at retirement. Another type of the Franklin Ohio Savings Plan for Employees is a Roth 401(k) plan. This plan is similar to a traditional 401(k), but the contributions are made with after-tax income. The advantage of a Roth 401(k) plan is that qualified withdrawals during retirement are tax-free, including both contributions and earnings. This can be beneficial for employees who anticipate being in a higher tax bracket in retirement. Additionally, Franklin Ohio Savings Plan for Employees may also offer a matching contribution program. This means that the employer matches a portion of the employee's contributions, up to a certain percentage or monetary limit. This matching contribution is essentially free money added to the employee's retirement account, further enhancing the savings growth potential. The Franklin Ohio Savings Plan for Employees provides a wide range of investment options to suit different risk tolerances and financial goals. Employees can choose to invest their contributions in various mutual funds, stocks, bonds, or other investment vehicles offered by the plan. These investment options are carefully selected by the plan administrators to ensure diversification and long-term growth potential. In conclusion, the Franklin Ohio Savings Plan for Employees is an employer-sponsored retirement savings program that offers various types of plans, including traditional and Roth 401(k) plans, as well as a matching contribution program. This plan allows employees to save for retirement with pre-tax or after-tax income and offers a range of investment options to help grow their savings over time.