Harris Texas Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Harris
• 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 Harris Texas Savings Plan for Employees is a comprehensive retirement savings plan offered to employees of Harris County, Texas. This plan aims to provide a secure and financially stable future for employees by allowing them to save for retirement in a tax-advantaged manner. One of the main features of the Harris Texas Savings Plan for Employees is the ability to contribute a portion of one's salary to the plan on a pre-tax basis. This means that employees can save for retirement while simultaneously reducing their taxable income, resulting in potential tax savings. The contributions made to the plan are invested in a variety of investment funds selected by the employee based on their risk tolerance and retirement goals. In addition to pre-tax contributions, the Harris Texas Savings Plan for Employees also offers a Roth option. Employees can choose to contribute a portion of their after-tax income to the plan, allowing for tax-free withdrawals during retirement. This option is particularly advantageous for those who anticipate being in a higher tax bracket in retirement. Furthermore, the Harris Texas Savings Plan for Employees offers a range of investment funds to suit the diverse needs and preferences of participants. These funds include various stocks, bonds, and diversified portfolios, allowing employees to customize their investment strategy based on their risk tolerance and time horizon. To help employees make informed investment decisions, the plan provides access to educational resources, such as retirement planning tools, online calculators, and financial advisors. These resources aim to empower employees to make appropriate investment choices aligned with their retirement goals. It's worth noting that the Harris Texas Savings Plan for Employees may have different types or variations based on the specific needs of different employee groups. For instance, there might be different plan options available for public safety employees, civilian employees, or elected officials. Each variation of the plan may have its unique features and contribution limits. Overall, the Harris Texas Savings Plan for Employees is designed to make retirement saving accessible and beneficial to all employees. By providing tax advantages, investment options, and educational resources, this plan aims to enable employees to build a solid foundation for a financially secure retirement.

The Harris Texas Savings Plan for Employees is a comprehensive retirement savings plan offered to employees of Harris County, Texas. This plan aims to provide a secure and financially stable future for employees by allowing them to save for retirement in a tax-advantaged manner. One of the main features of the Harris Texas Savings Plan for Employees is the ability to contribute a portion of one's salary to the plan on a pre-tax basis. This means that employees can save for retirement while simultaneously reducing their taxable income, resulting in potential tax savings. The contributions made to the plan are invested in a variety of investment funds selected by the employee based on their risk tolerance and retirement goals. In addition to pre-tax contributions, the Harris Texas Savings Plan for Employees also offers a Roth option. Employees can choose to contribute a portion of their after-tax income to the plan, allowing for tax-free withdrawals during retirement. This option is particularly advantageous for those who anticipate being in a higher tax bracket in retirement. Furthermore, the Harris Texas Savings Plan for Employees offers a range of investment funds to suit the diverse needs and preferences of participants. These funds include various stocks, bonds, and diversified portfolios, allowing employees to customize their investment strategy based on their risk tolerance and time horizon. To help employees make informed investment decisions, the plan provides access to educational resources, such as retirement planning tools, online calculators, and financial advisors. These resources aim to empower employees to make appropriate investment choices aligned with their retirement goals. It's worth noting that the Harris Texas Savings Plan for Employees may have different types or variations based on the specific needs of different employee groups. For instance, there might be different plan options available for public safety employees, civilian employees, or elected officials. Each variation of the plan may have its unique features and contribution limits. Overall, the Harris Texas Savings Plan for Employees is designed to make retirement saving accessible and beneficial to all employees. By providing tax advantages, investment options, and educational resources, this plan aims to enable employees to build a solid foundation for a financially secure retirement.