Fulton Georgia Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Fulton
• 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 Fulton Georgia Savings Plan for Employees is a comprehensive retirement savings plan offered by the Fulton County Government, Georgia, to its employees. This plan aims to provide employees with an opportunity to save and invest their earnings for their future, ensuring financial security during retirement. The Fulton Georgia Savings Plan for Employees offers multiple types of retirement investment accounts to meet the diverse needs of employees. These accounts include: 1. Traditional 401(k): The traditional 401(k) account allows employees to contribute a portion of their pre-tax income towards retirement savings. The contributions grow tax-deferred until withdrawal, making it an attractive option for employees seeking immediate tax advantages. 2. Roth 401(k): The Roth 401(k) account is funded with after-tax income, allowing employees to make contributions with money that has already been taxed. The contributions, along with any investment earnings, can be withdrawn tax-free during retirement, making it beneficial for employees looking for tax-exempt retirement income. 3. Employer Matching: The Fulton Georgia Savings Plan for Employees may offer an employer matching contribution, encouraging employees to save more for retirement. The matching contribution is typically a specific percentage of the employee's contributions, up to a certain limit or predetermined formula. 4. Investment Options: The plan provides a range of investment options, allowing employees to customize their portfolio based on their risk tolerance and investment preferences. These options may include a variety of mutual funds, index funds, stocks, bonds, and target-date funds to ensure diversification and maximize potential returns. 5. Vesting Schedule: The plan may incorporate a vesting schedule, which determines the employee's ownership rights to employer contributions. This schedule incentivizes employee loyalty and ensures that employees gradually accumulate full ownership of employer contributions over time. 6. Portability: The Fulton Georgia Savings Plan for Employees may offer portability options, allowing employees to transfer their retirement savings to another eligible retirement account, such as an Individual Retirement Account (IRA), if they leave the county's employment. This feature empowers employees to maintain control over their retirement savings even after leaving their job. Overall, the Fulton Georgia Savings Plan for Employees is a comprehensive retirement savings program that provides employees with various options to secure their financial future. By offering different types of retirement investment accounts and other features like employer matching, investment options, vesting schedules, and portability, the plan encourages employees to actively participate in their retirement planning and make informed decisions to achieve long-term financial goals.

Fulton Georgia Savings Plan for Employees is a comprehensive retirement savings plan offered by the Fulton County Government, Georgia, to its employees. This plan aims to provide employees with an opportunity to save and invest their earnings for their future, ensuring financial security during retirement. The Fulton Georgia Savings Plan for Employees offers multiple types of retirement investment accounts to meet the diverse needs of employees. These accounts include: 1. Traditional 401(k): The traditional 401(k) account allows employees to contribute a portion of their pre-tax income towards retirement savings. The contributions grow tax-deferred until withdrawal, making it an attractive option for employees seeking immediate tax advantages. 2. Roth 401(k): The Roth 401(k) account is funded with after-tax income, allowing employees to make contributions with money that has already been taxed. The contributions, along with any investment earnings, can be withdrawn tax-free during retirement, making it beneficial for employees looking for tax-exempt retirement income. 3. Employer Matching: The Fulton Georgia Savings Plan for Employees may offer an employer matching contribution, encouraging employees to save more for retirement. The matching contribution is typically a specific percentage of the employee's contributions, up to a certain limit or predetermined formula. 4. Investment Options: The plan provides a range of investment options, allowing employees to customize their portfolio based on their risk tolerance and investment preferences. These options may include a variety of mutual funds, index funds, stocks, bonds, and target-date funds to ensure diversification and maximize potential returns. 5. Vesting Schedule: The plan may incorporate a vesting schedule, which determines the employee's ownership rights to employer contributions. This schedule incentivizes employee loyalty and ensures that employees gradually accumulate full ownership of employer contributions over time. 6. Portability: The Fulton Georgia Savings Plan for Employees may offer portability options, allowing employees to transfer their retirement savings to another eligible retirement account, such as an Individual Retirement Account (IRA), if they leave the county's employment. This feature empowers employees to maintain control over their retirement savings even after leaving their job. Overall, the Fulton Georgia Savings Plan for Employees is a comprehensive retirement savings program that provides employees with various options to secure their financial future. By offering different types of retirement investment accounts and other features like employer matching, investment options, vesting schedules, and portability, the plan encourages employees to actively participate in their retirement planning and make informed decisions to achieve long-term financial goals.