Cook Illinois Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Cook
• Control #: US-CC-22-118E
• Format: Word; Rich Text

Description

22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars The Cook Illinois Employees Savings Thrift Plan is a retirement savings program specifically designed for the employees of Cook Illinois Corporation, a renowned transportation company based in Illinois. This voluntary plan offers employees a convenient way to save and invest for their future retirement. As an employer-sponsored retirement plan, the Cook Illinois Employees Savings Thrift Plan allows employees to contribute a portion of their pre-tax income directly into the plan. These contributions are deducted automatically from the employee's paycheck, providing a seamless and effortless savings mechanism. One of the significant benefits of the Cook Illinois Employees Savings Thrift Plan is its tax advantage. Contributions made by employees are tax-deferred, meaning that they are not subject to federal income tax until withdrawn during retirement. This tax-deferred growth potential can help employees accumulate a more significant retirement nest egg over time. Another advantage of the Cook Illinois Employees Savings Thrift Plan is the employer matching contribution. Cook Illinois Corporation may offer a matching contribution based on the employee's own contribution, up to a certain percentage or dollar amount. This matching contribution serves as an additional incentive for employees to participate and maximize their savings. The Cook Illinois Employees Savings Thrift Plan offers various investment options to suit different employee preferences and risk appetites. These investment options include a range of mutual funds, stocks, bonds, and other assets, allowing employees to build a diversified investment portfolio aligned with their long-term financial goals. In terms of types or variations, there may be different tiers or levels within the Cook Illinois Employees Savings Thrift Plan based on various factors, such as employee tenure or participation levels. These tiers might offer additional benefits, higher matching contributions, or other perks to incentivize continued participation and long-term savings commitment. Overall, the Cook Illinois Employees Savings Thrift Plan is a comprehensive retirement savings vehicle that empowers employees to take charge of their financial future. It combines the advantages of tax-deferred growth, employer matching contributions, and a robust selection of investment options, making it a valuable tool for employees seeking to build a secure and prosperous retirement.

The Cook Illinois Employees Savings Thrift Plan is a retirement savings program specifically designed for the employees of Cook Illinois Corporation, a renowned transportation company based in Illinois. This voluntary plan offers employees a convenient way to save and invest for their future retirement. As an employer-sponsored retirement plan, the Cook Illinois Employees Savings Thrift Plan allows employees to contribute a portion of their pre-tax income directly into the plan. These contributions are deducted automatically from the employee's paycheck, providing a seamless and effortless savings mechanism. One of the significant benefits of the Cook Illinois Employees Savings Thrift Plan is its tax advantage. Contributions made by employees are tax-deferred, meaning that they are not subject to federal income tax until withdrawn during retirement. This tax-deferred growth potential can help employees accumulate a more significant retirement nest egg over time. Another advantage of the Cook Illinois Employees Savings Thrift Plan is the employer matching contribution. Cook Illinois Corporation may offer a matching contribution based on the employee's own contribution, up to a certain percentage or dollar amount. This matching contribution serves as an additional incentive for employees to participate and maximize their savings. The Cook Illinois Employees Savings Thrift Plan offers various investment options to suit different employee preferences and risk appetites. These investment options include a range of mutual funds, stocks, bonds, and other assets, allowing employees to build a diversified investment portfolio aligned with their long-term financial goals. In terms of types or variations, there may be different tiers or levels within the Cook Illinois Employees Savings Thrift Plan based on various factors, such as employee tenure or participation levels. These tiers might offer additional benefits, higher matching contributions, or other perks to incentivize continued participation and long-term savings commitment. Overall, the Cook Illinois Employees Savings Thrift Plan is a comprehensive retirement savings vehicle that empowers employees to take charge of their financial future. It combines the advantages of tax-deferred growth, employer matching contributions, and a robust selection of investment options, making it a valuable tool for employees seeking to build a secure and prosperous retirement.