Fairfax Virginia Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Fairfax
• 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 Fairfax Virginia Employees Savings Thrift Plan, also known as the VEST, is a retirement savings program designed for employees of the Fairfax, Virginia government. This comprehensive employee benefit plan allows eligible employees to save and invest a portion of their income towards their retirement through payroll deductions. The VEST offers a variety of investment options to cater to different risk preferences and financial goals. Employees can choose to allocate their contributions among a range of investment funds, such as stocks, bonds, and money market funds. These investment options are carefully selected and managed by professional fund managers to ensure a diversified and well-balanced investment portfolio. One of the key advantages of the VEST is the ability to contribute to the plan on a pre-tax basis, meaning that contributions are deducted from the employees' paychecks before income taxes are calculated. This provides immediate tax savings and allows the contributions to grow in a tax-deferred manner until withdrawal during retirement when the tax bracket may be lower. Another notable feature of the VEST is the employer match program, where the government of Fairfax, Virginia, contributes a certain percentage of the employee's salary to the plan, based on a predetermined formula. This employer match acts as an incentive for employees to contribute to their retirement savings and helps to accelerate their retirement accumulation. Furthermore, the VEST provides access to a suite of educational resources and tools to assist employees in making informed investment decisions and planning for retirement. This includes online educational materials, retirement planning calculators, and access to financial advisors who can provide personalized guidance. It is important to note that while the general structure of the VEST is consistent for all employees, there may be slight variations or additional features available depending on the specific provisions outlined in the employee's contract or bargaining agreement. Overall, the Fairfax Virginia Employees Savings Thrift Plan is a valuable and comprehensive retirement savings program that empowers employees of Fairfax, Virginia, to take control of their financial future. By encouraging regular saving, offering diverse investment options, and providing employer matching contributions, the VEST is designed to help employees build a solid foundation for a comfortable retirement.

Fairfax Virginia Employees Savings Thrift Plan, also known as the VEST, is a retirement savings program designed for employees of the Fairfax, Virginia government. This comprehensive employee benefit plan allows eligible employees to save and invest a portion of their income towards their retirement through payroll deductions. The VEST offers a variety of investment options to cater to different risk preferences and financial goals. Employees can choose to allocate their contributions among a range of investment funds, such as stocks, bonds, and money market funds. These investment options are carefully selected and managed by professional fund managers to ensure a diversified and well-balanced investment portfolio. One of the key advantages of the VEST is the ability to contribute to the plan on a pre-tax basis, meaning that contributions are deducted from the employees' paychecks before income taxes are calculated. This provides immediate tax savings and allows the contributions to grow in a tax-deferred manner until withdrawal during retirement when the tax bracket may be lower. Another notable feature of the VEST is the employer match program, where the government of Fairfax, Virginia, contributes a certain percentage of the employee's salary to the plan, based on a predetermined formula. This employer match acts as an incentive for employees to contribute to their retirement savings and helps to accelerate their retirement accumulation. Furthermore, the VEST provides access to a suite of educational resources and tools to assist employees in making informed investment decisions and planning for retirement. This includes online educational materials, retirement planning calculators, and access to financial advisors who can provide personalized guidance. It is important to note that while the general structure of the VEST is consistent for all employees, there may be slight variations or additional features available depending on the specific provisions outlined in the employee's contract or bargaining agreement. Overall, the Fairfax Virginia Employees Savings Thrift Plan is a valuable and comprehensive retirement savings program that empowers employees of Fairfax, Virginia, to take control of their financial future. By encouraging regular saving, offering diverse investment options, and providing employer matching contributions, the VEST is designed to help employees build a solid foundation for a comfortable retirement.