Franklin Ohio Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Employees Savings Thrift Plan is a retirement savings program designed specifically for employees of Franklin, Ohio. This comprehensive plan allows employees to set aside a portion of their income on a regular basis to save for their future financial needs. The Franklin Ohio Employees Savings Thrift Plan offers various advantages and flexibility to participants. It is a tax-advantaged retirement plan, enabling employees to contribute a portion of their pre-tax income towards their retirement savings. This reduction in taxable income results in immediate tax savings for participants. Additionally, the plan allows for tax-deferred growth, meaning that any investment earnings grow tax-free until withdrawals are made during retirement. Participants have the freedom to choose their savings rate and investment options based on their individual financial goals and risk tolerance. The plan offers a range of investment choices, including mutual funds, stocks, and bonds, ensuring participants can diversify and tailor their investment portfolio to match their unique needs. Franklin Ohio Employees Savings Thrift Plan also offers employer matching contributions, providing an extra incentive for employees to save for retirement. Employer matching contributions help employees maximize their savings potential by adding to their retirement accounts based on their own contributions, empowering them to build a more substantial nest egg for the future. It is important to note that there might be different types of Franklin Ohio Employees Savings Thrift Plan available based on the employee's employment status or job position. This could include options specifically designed for full-time employees, part-time employees, or employees in different departments or sectors within the organization. Each type of plan may have varying contribution limits, eligibility criteria, and benefits tailored to the unique needs of the employee group it serves. Overall, Franklin Ohio Employees Savings Thrift Plan serves as a valuable tool for Franklin, Ohio employees to plan and save for their retirement. The plan's tax advantages, investment options, employer matching contributions, and various plan types make it a well-rounded and accessible retirement savings option for employees to secure their financial future.

Franklin Ohio Employees Savings Thrift Plan is a retirement savings program designed specifically for employees of Franklin, Ohio. This comprehensive plan allows employees to set aside a portion of their income on a regular basis to save for their future financial needs. The Franklin Ohio Employees Savings Thrift Plan offers various advantages and flexibility to participants. It is a tax-advantaged retirement plan, enabling employees to contribute a portion of their pre-tax income towards their retirement savings. This reduction in taxable income results in immediate tax savings for participants. Additionally, the plan allows for tax-deferred growth, meaning that any investment earnings grow tax-free until withdrawals are made during retirement. Participants have the freedom to choose their savings rate and investment options based on their individual financial goals and risk tolerance. The plan offers a range of investment choices, including mutual funds, stocks, and bonds, ensuring participants can diversify and tailor their investment portfolio to match their unique needs. Franklin Ohio Employees Savings Thrift Plan also offers employer matching contributions, providing an extra incentive for employees to save for retirement. Employer matching contributions help employees maximize their savings potential by adding to their retirement accounts based on their own contributions, empowering them to build a more substantial nest egg for the future. It is important to note that there might be different types of Franklin Ohio Employees Savings Thrift Plan available based on the employee's employment status or job position. This could include options specifically designed for full-time employees, part-time employees, or employees in different departments or sectors within the organization. Each type of plan may have varying contribution limits, eligibility criteria, and benefits tailored to the unique needs of the employee group it serves. Overall, Franklin Ohio Employees Savings Thrift Plan serves as a valuable tool for Franklin, Ohio employees to plan and save for their retirement. The plan's tax advantages, investment options, employer matching contributions, and various plan types make it a well-rounded and accessible retirement savings option for employees to secure their financial future.