Cuyahoga Ohio Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Cuyahoga
• 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 Cuyahoga Ohio Employees Savings Thrift Plan is a retirement savings plan offered to employees who work for the Cuyahoga County government in Ohio. This defined contribution plan allows employees to save and invest a portion of their salary for retirement on a tax-deferred basis. The plan offers a range of investment options, including mutual funds and target-date funds, allowing participants to tailor their investments based on their risk tolerance and retirement goals. Employees can contribute to the plan through automatic payroll deductions, making it a convenient and effortless way to save for the future. One type of Cuyahoga Ohio Employees Savings Thrift Plan is the Traditional 401(k) plan. This plan allows employees to contribute a portion of their pre-tax income to their retirement savings, reducing their taxable income for the year. The contributions and any investment earnings grow tax-deferred until withdrawn during retirement, at which point they are subject to ordinary income tax. Another type of Cuyahoga Ohio Employees Savings Thrift Plan is the Roth 401(k) plan. This option allows employees to contribute a portion of their income on an after-tax basis. While contributions to a Roth 401(k) are not tax-deductible, the withdrawals made during retirement are tax-free, providing potential tax advantages in retirement. Participants in the Cuyahoga Ohio Employees Savings Thrift Plan also have access to a variety of educational resources to help them make informed investment decisions. These resources may include online tools, educational materials, and access to financial advisors who can provide guidance on retirement planning. Overall, the Cuyahoga Ohio Employees Savings Thrift Plan provides Cuyahoga County government employees with a valuable opportunity to save for a secure retirement. With multiple investment options and the flexibility to choose between a traditional or Roth 401(k), employees can customize their retirement savings strategy to meet their specific needs and goals.

The Cuyahoga Ohio Employees Savings Thrift Plan is a retirement savings plan offered to employees who work for the Cuyahoga County government in Ohio. This defined contribution plan allows employees to save and invest a portion of their salary for retirement on a tax-deferred basis. The plan offers a range of investment options, including mutual funds and target-date funds, allowing participants to tailor their investments based on their risk tolerance and retirement goals. Employees can contribute to the plan through automatic payroll deductions, making it a convenient and effortless way to save for the future. One type of Cuyahoga Ohio Employees Savings Thrift Plan is the Traditional 401(k) plan. This plan allows employees to contribute a portion of their pre-tax income to their retirement savings, reducing their taxable income for the year. The contributions and any investment earnings grow tax-deferred until withdrawn during retirement, at which point they are subject to ordinary income tax. Another type of Cuyahoga Ohio Employees Savings Thrift Plan is the Roth 401(k) plan. This option allows employees to contribute a portion of their income on an after-tax basis. While contributions to a Roth 401(k) are not tax-deductible, the withdrawals made during retirement are tax-free, providing potential tax advantages in retirement. Participants in the Cuyahoga Ohio Employees Savings Thrift Plan also have access to a variety of educational resources to help them make informed investment decisions. These resources may include online tools, educational materials, and access to financial advisors who can provide guidance on retirement planning. Overall, the Cuyahoga Ohio Employees Savings Thrift Plan provides Cuyahoga County government employees with a valuable opportunity to save for a secure retirement. With multiple investment options and the flexibility to choose between a traditional or Roth 401(k), employees can customize their retirement savings strategy to meet their specific needs and goals.