Wake North Carolina Savings Plan for Employees

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Savings Plan for Employees is a comprehensive retirement savings program designed specifically for employees of Wake County, North Carolina. This plan aims to provide a reliable and flexible path towards building a secure financial future for individuals who work for the county. One of the main components of this savings plan is the availability of different types of retirement accounts, each offering unique advantages to suit employees' specific needs. These include: 1. 401(k) Plan: The 401(k) plan allows employees to contribute a portion of their pre-tax income towards their retirement savings, enabling them to lower their taxable income while building a nest egg for the future. Contributions to the 401(k) plan are often matched by the employer, providing an additional incentive to save. 2. Roth 401(k) Plan: The Roth 401(k) plan is an alternative option for employees who prefer to save on an after-tax basis. While contributions to this account are not tax-deductible, the earnings and qualified withdrawals during retirement are tax-free, making it an attractive choice for individuals who anticipate being in a higher tax bracket when they retire. 3. 457(b) Deferred Compensation Plan: The 457(b) plan is another retirement savings option offered to eligible employees. This plan allows participants to defer a portion of their salary on a pre-tax basis, which can help reduce current taxable income. Similar to the 401(k) plan, contributions made to the 457(b) plan can oftentimes be matched by the employer. 4. Roth IRA: In addition to the employer-sponsored plans, employees may also have the opportunity to utilize a Roth IRA (Individual Retirement Account) outside their workplace. This personal retirement account allows individuals to contribute after-tax income and enjoy tax-free earnings and withdrawals during retirement. The Wake North Carolina Savings Plan for Employees offers a wide range of investment options to participants, ensuring that individuals can diversify their retirement portfolio based on their risk tolerance and long-term goals. Employees have the flexibility to choose from various mutual funds, target-date funds, and other investment vehicles that align with their personal preferences. Overall, the Wake North Carolina Savings Plan for Employees is a comprehensive retirement savings program that equips employees with the tools and resources necessary to build a secure financial future. By offering different types of retirement accounts and a variety of investment options, employees are empowered to take control of their retirement planning and make informed decisions based on their unique circumstances.

The Wake North Carolina Savings Plan for Employees is a comprehensive retirement savings program designed specifically for employees of Wake County, North Carolina. This plan aims to provide a reliable and flexible path towards building a secure financial future for individuals who work for the county. One of the main components of this savings plan is the availability of different types of retirement accounts, each offering unique advantages to suit employees' specific needs. These include: 1. 401(k) Plan: The 401(k) plan allows employees to contribute a portion of their pre-tax income towards their retirement savings, enabling them to lower their taxable income while building a nest egg for the future. Contributions to the 401(k) plan are often matched by the employer, providing an additional incentive to save. 2. Roth 401(k) Plan: The Roth 401(k) plan is an alternative option for employees who prefer to save on an after-tax basis. While contributions to this account are not tax-deductible, the earnings and qualified withdrawals during retirement are tax-free, making it an attractive choice for individuals who anticipate being in a higher tax bracket when they retire. 3. 457(b) Deferred Compensation Plan: The 457(b) plan is another retirement savings option offered to eligible employees. This plan allows participants to defer a portion of their salary on a pre-tax basis, which can help reduce current taxable income. Similar to the 401(k) plan, contributions made to the 457(b) plan can oftentimes be matched by the employer. 4. Roth IRA: In addition to the employer-sponsored plans, employees may also have the opportunity to utilize a Roth IRA (Individual Retirement Account) outside their workplace. This personal retirement account allows individuals to contribute after-tax income and enjoy tax-free earnings and withdrawals during retirement. The Wake North Carolina Savings Plan for Employees offers a wide range of investment options to participants, ensuring that individuals can diversify their retirement portfolio based on their risk tolerance and long-term goals. Employees have the flexibility to choose from various mutual funds, target-date funds, and other investment vehicles that align with their personal preferences. Overall, the Wake North Carolina Savings Plan for Employees is a comprehensive retirement savings program that equips employees with the tools and resources necessary to build a secure financial future. By offering different types of retirement accounts and a variety of investment options, employees are empowered to take control of their retirement planning and make informed decisions based on their unique circumstances.