Pima Arizona Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Pima
• 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 Lima Arizona Savings Plan for Employees is a retirement savings program designed specifically for employees of Lima, Arizona, and its associated organizations. This voluntary plan offers several attractive benefits and features, ensuring employees have a secure and comfortable retirement. One type of Lima Arizona Savings Plan for Employees is the Defined Contribution Plan. Under this plan, employees contribute a portion of their pre-tax salary towards their retirement account. Employers may also offer a matching contribution, increasing the overall savings potential. The funds contributed to the plan are then invested in a variety of investment options, such as stocks, bonds, and mutual funds, allowing employees to customize their investment strategy based on their risk tolerance and goals. Another type of savings plan available is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary until retirement, lowering their taxable income in the present and potentially reducing their tax liability. This option is ideal for employees who anticipate being in a lower tax bracket during retirement. Lima Arizona Savings Plan for Employees also offers a Roth 401(k) option. Under this plan, employees contribute after-tax dollars towards their retirement savings, allowing for tax-free withdrawals in retirement. The Roth 401(k) is an excellent choice for those who anticipate being in a higher tax bracket during retirement or prefer tax-free distribution of their funds. Participants in the Lima Arizona Savings Plan for Employees have access to a range of additional benefits. This includes access to educational resources and tools to help them make informed investment decisions, as well as personalized advice from retirement planning experts. The plan ensures that employees are well-equipped to navigate the complexities of retirement planning and make the most of their savings. The Lima Arizona Savings Plan for Employees is an invaluable resource for Lima, Arizona employees looking to secure their financial future. With its range of investment options and attractive features, the plan empowers employees to take control of their retirement savings and achieve their long-term financial goals.

The Lima Arizona Savings Plan for Employees is a retirement savings program designed specifically for employees of Lima, Arizona, and its associated organizations. This voluntary plan offers several attractive benefits and features, ensuring employees have a secure and comfortable retirement. One type of Lima Arizona Savings Plan for Employees is the Defined Contribution Plan. Under this plan, employees contribute a portion of their pre-tax salary towards their retirement account. Employers may also offer a matching contribution, increasing the overall savings potential. The funds contributed to the plan are then invested in a variety of investment options, such as stocks, bonds, and mutual funds, allowing employees to customize their investment strategy based on their risk tolerance and goals. Another type of savings plan available is the Deferred Compensation Plan. This plan allows employees to defer a portion of their salary until retirement, lowering their taxable income in the present and potentially reducing their tax liability. This option is ideal for employees who anticipate being in a lower tax bracket during retirement. Lima Arizona Savings Plan for Employees also offers a Roth 401(k) option. Under this plan, employees contribute after-tax dollars towards their retirement savings, allowing for tax-free withdrawals in retirement. The Roth 401(k) is an excellent choice for those who anticipate being in a higher tax bracket during retirement or prefer tax-free distribution of their funds. Participants in the Lima Arizona Savings Plan for Employees have access to a range of additional benefits. This includes access to educational resources and tools to help them make informed investment decisions, as well as personalized advice from retirement planning experts. The plan ensures that employees are well-equipped to navigate the complexities of retirement planning and make the most of their savings. The Lima Arizona Savings Plan for Employees is an invaluable resource for Lima, Arizona employees looking to secure their financial future. With its range of investment options and attractive features, the plan empowers employees to take control of their retirement savings and achieve their long-term financial goals.