Mecklenburg North Carolina Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Mecklenburg
• 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 Mecklenburg North Carolina Savings Plan for Employees, also known as the Second Savings Plan, is a retirement savings program designed specifically for employees of Mecklenburg County, North Carolina. This plan aims to provide a secure and flexible way for employees to save money for their retirement while enjoying potential tax advantages. Mecklenburg North Carolina Savings Plan for Employees is administered by the Mecklenburg County Retirement Systems (MRS), which oversees the management and operations of the plan. It offers various investment options to employees, allowing them to choose the types of investment vehicles that suit their individual goals and risk tolerance. One of the key features of the Second Savings Plan is that it is a defined contribution plan, meaning that the retirement benefit is based on the contributions made by the employee and any earnings or losses from investments. This type of plan offers participants more control over their retirement savings compared to traditional pension plans. Employees who enroll in the Mecklenburg North Carolina Savings Plan for Employees can choose to contribute a portion of their salary on a pre-tax basis, reducing their taxable income. This allows them to potentially save more money for retirement while enjoying immediate tax savings. Contributions made by employees are typically matched by the employer up to a certain percentage, providing an additional incentive for employees to save. The Mecklenburg North Carolina Savings Plan for Employees offers a range of investment options, including diversified portfolios of stocks, bonds, and mutual funds. These options allow employees to tailor their investments based on their risk tolerance and investment preferences. Employees can also make changes to their investment allocations as needed or opt for automatic rebalancing to maintain a diversified investment mix. In addition to the main Second Savings Plan, Mecklenburg County may also offer other specialized savings plans for employees. These may include options such as a Health Savings Account (HSA) or a Deferred Compensation Plan, which allow employees to save for healthcare expenses or additional retirement savings, respectively. Overall, the Mecklenburg North Carolina Savings Plan for Employees provides a comprehensive and flexible retirement savings program for employees of Mecklenburg County. It offers a range of investment options, potential tax advantages, and employer matching contributions, empowering employees to take control of their financial future and plan for a comfortable retirement.

Mecklenburg North Carolina Savings Plan for Employees, also known as the Second Savings Plan, is a retirement savings program designed specifically for employees of Mecklenburg County, North Carolina. This plan aims to provide a secure and flexible way for employees to save money for their retirement while enjoying potential tax advantages. Mecklenburg North Carolina Savings Plan for Employees is administered by the Mecklenburg County Retirement Systems (MRS), which oversees the management and operations of the plan. It offers various investment options to employees, allowing them to choose the types of investment vehicles that suit their individual goals and risk tolerance. One of the key features of the Second Savings Plan is that it is a defined contribution plan, meaning that the retirement benefit is based on the contributions made by the employee and any earnings or losses from investments. This type of plan offers participants more control over their retirement savings compared to traditional pension plans. Employees who enroll in the Mecklenburg North Carolina Savings Plan for Employees can choose to contribute a portion of their salary on a pre-tax basis, reducing their taxable income. This allows them to potentially save more money for retirement while enjoying immediate tax savings. Contributions made by employees are typically matched by the employer up to a certain percentage, providing an additional incentive for employees to save. The Mecklenburg North Carolina Savings Plan for Employees offers a range of investment options, including diversified portfolios of stocks, bonds, and mutual funds. These options allow employees to tailor their investments based on their risk tolerance and investment preferences. Employees can also make changes to their investment allocations as needed or opt for automatic rebalancing to maintain a diversified investment mix. In addition to the main Second Savings Plan, Mecklenburg County may also offer other specialized savings plans for employees. These may include options such as a Health Savings Account (HSA) or a Deferred Compensation Plan, which allow employees to save for healthcare expenses or additional retirement savings, respectively. Overall, the Mecklenburg North Carolina Savings Plan for Employees provides a comprehensive and flexible retirement savings program for employees of Mecklenburg County. It offers a range of investment options, potential tax advantages, and employer matching contributions, empowering employees to take control of their financial future and plan for a comfortable retirement.