Maricopa Arizona Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Maricopa
• 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 Maricopa Arizona Employees Savings Thrift Plan is a retirement savings plan offered to employees of Maricopa, Arizona. This comprehensive plan allows employees to save and invest a portion of their income for their retirement years. Keywords: Maricopa Arizona, Employees Savings Thrift Plan, retirement savings, retirement years, invest, income. Maricopa Arizona offers different types of Employees Savings Thrift Plans to cater to the specific needs of its employees. Some commonly known types include: 1. Traditional 401(k) Plan: This retirement savings plan allows employees to contribute a portion of their pre-tax income towards their retirement savings. The contributions grow tax-deferred until withdrawal, providing potential tax advantages for participants. 2. Roth 401(k) Plan: Similar to the traditional 401(k) plan, the Roth 401(k) allows employees to contribute a portion of their after-tax income towards retirement savings. The contributions are made with post-tax dollars, and withdrawals during retirement are typically tax-free. 3. Matching Contributions Plan: Maricopa Arizona may offer a matching contribution as an incentive for employees to save for retirement. Under this plan, the employer matches a certain percentage of the employee's contributions to their savings thrift plan, encouraging higher participation rates and potentially boosting retirement savings. 4. Vesting Schedule: Employees participating in the Maricopa Arizona Employees Savings Thrift Plan may be subject to a vesting schedule. This schedule outlines the period of time an employee must work for the employer to fully own the employer's matching contributions. Vesting ensures that employees remain committed to the organization while accumulating retirement savings. Maricopa Arizona understands the importance of retirement planning and offers the Employees Savings Thrift Plan to support its employees in securing their financial future. The plan allows participants to choose from various investment options, such as stocks, bonds, and mutual funds, tailored to their risk tolerance and long-term retirement goals. Through regular contributions and potential employer matches, employees have the opportunity to build a substantial retirement nest egg over time.

The Maricopa Arizona Employees Savings Thrift Plan is a retirement savings plan offered to employees of Maricopa, Arizona. This comprehensive plan allows employees to save and invest a portion of their income for their retirement years. Keywords: Maricopa Arizona, Employees Savings Thrift Plan, retirement savings, retirement years, invest, income. Maricopa Arizona offers different types of Employees Savings Thrift Plans to cater to the specific needs of its employees. Some commonly known types include: 1. Traditional 401(k) Plan: This retirement savings plan allows employees to contribute a portion of their pre-tax income towards their retirement savings. The contributions grow tax-deferred until withdrawal, providing potential tax advantages for participants. 2. Roth 401(k) Plan: Similar to the traditional 401(k) plan, the Roth 401(k) allows employees to contribute a portion of their after-tax income towards retirement savings. The contributions are made with post-tax dollars, and withdrawals during retirement are typically tax-free. 3. Matching Contributions Plan: Maricopa Arizona may offer a matching contribution as an incentive for employees to save for retirement. Under this plan, the employer matches a certain percentage of the employee's contributions to their savings thrift plan, encouraging higher participation rates and potentially boosting retirement savings. 4. Vesting Schedule: Employees participating in the Maricopa Arizona Employees Savings Thrift Plan may be subject to a vesting schedule. This schedule outlines the period of time an employee must work for the employer to fully own the employer's matching contributions. Vesting ensures that employees remain committed to the organization while accumulating retirement savings. Maricopa Arizona understands the importance of retirement planning and offers the Employees Savings Thrift Plan to support its employees in securing their financial future. The plan allows participants to choose from various investment options, such as stocks, bonds, and mutual funds, tailored to their risk tolerance and long-term retirement goals. Through regular contributions and potential employer matches, employees have the opportunity to build a substantial retirement nest egg over time.