Harris Texas Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Harris
• 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 Harris Texas Employees Savings Thrift Plan is a retirement benefit program specifically designed for employees of Harris County, Texas. This comprehensive plan allows eligible employees to save for their retirement by contributing a portion of their salary to a retirement account while receiving various tax advantages. One of the key features of the Harris Texas Employees Savings Thrift Plan is the option for employees to contribute to their retirement savings on a pre-tax basis. This means that the amount contributed to the plan is deducted from their paycheck before taxes are withheld, resulting in a lower taxable income. This tax advantage allows employees to maximize their retirement savings by reducing their overall tax liability, providing them with a greater pool of funds to grow over time. In addition to pre-tax contributions, the Harris Texas Employees Savings Thrift Plan also offers a Roth option. With Roth contributions, employees pay taxes upfront on their contributions, but their future withdrawals, including investment earnings, are tax-free. This option provides flexibility and allows employees to choose the most suitable strategy for their retirement savings, based on their current and projected tax scenario. The Harris Texas Employees Savings Thrift Plan also encourages employee participation through employer matching contributions. The plan typically matches a certain percentage of employee contributions, up to a certain limit. This matching feature not only boosts an employee's retirement savings but also serves as an additional incentive to actively contribute to the plan. Moreover, the Harris Texas Employees Savings Thrift Plan provides a wide variety of investment options to suit various risk tolerances and investment preferences. Employees can choose among different funds, such as index funds, mutual funds, and target-date funds. These investment options help employees create a diversified portfolio and potentially earn higher returns over the long term. It is worth noting that the Harris Texas Employees Savings Thrift Plan may have different variations or tiers based on an employee's job classification or employment status. For instance, there might be separate plans for full-time employees, part-time employees, public safety employees, or elected officials. These variations ensure that the plan caters to the specific needs and circumstances of different groups within the Harris County workforce. Overall, the Harris Texas Employees Savings Thrift Plan stands as a comprehensive retirement savings program that offers employees flexibility, tax advantages, matching contributions, and a wide range of investment options. By actively participating in this plan, employees can work towards securing a financially stable and fulfilling retirement in the future.

The Harris Texas Employees Savings Thrift Plan is a retirement benefit program specifically designed for employees of Harris County, Texas. This comprehensive plan allows eligible employees to save for their retirement by contributing a portion of their salary to a retirement account while receiving various tax advantages. One of the key features of the Harris Texas Employees Savings Thrift Plan is the option for employees to contribute to their retirement savings on a pre-tax basis. This means that the amount contributed to the plan is deducted from their paycheck before taxes are withheld, resulting in a lower taxable income. This tax advantage allows employees to maximize their retirement savings by reducing their overall tax liability, providing them with a greater pool of funds to grow over time. In addition to pre-tax contributions, the Harris Texas Employees Savings Thrift Plan also offers a Roth option. With Roth contributions, employees pay taxes upfront on their contributions, but their future withdrawals, including investment earnings, are tax-free. This option provides flexibility and allows employees to choose the most suitable strategy for their retirement savings, based on their current and projected tax scenario. The Harris Texas Employees Savings Thrift Plan also encourages employee participation through employer matching contributions. The plan typically matches a certain percentage of employee contributions, up to a certain limit. This matching feature not only boosts an employee's retirement savings but also serves as an additional incentive to actively contribute to the plan. Moreover, the Harris Texas Employees Savings Thrift Plan provides a wide variety of investment options to suit various risk tolerances and investment preferences. Employees can choose among different funds, such as index funds, mutual funds, and target-date funds. These investment options help employees create a diversified portfolio and potentially earn higher returns over the long term. It is worth noting that the Harris Texas Employees Savings Thrift Plan may have different variations or tiers based on an employee's job classification or employment status. For instance, there might be separate plans for full-time employees, part-time employees, public safety employees, or elected officials. These variations ensure that the plan caters to the specific needs and circumstances of different groups within the Harris County workforce. Overall, the Harris Texas Employees Savings Thrift Plan stands as a comprehensive retirement savings program that offers employees flexibility, tax advantages, matching contributions, and a wide range of investment options. By actively participating in this plan, employees can work towards securing a financially stable and fulfilling retirement in the future.