Santa Clara California Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Santa Clara
• 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 Santa Clara California Employees Savings Thrift Plan is a retirement savings plan offered to employees of the city of Santa Clara, California. This comprehensive plan allows employees to contribute a portion of their earnings into a tax-deferred savings account, with the goal of building a substantial nest egg for retirement. One of the key features of this plan is that employees have the flexibility to choose their contribution amount, allowing them to save at a pace that aligns with their financial goals. Contributions can be made on a pre-tax basis, meaning that the employee's taxable income is reduced by the amount of their contributions, resulting in potential tax savings. Participants in the Santa Clara California Employees Savings Thrift Plan have the option to invest their contributions in a variety of investment funds. These funds are carefully selected to provide a range of investment options, catering to different risk profiles and investment objectives. Some popular investment options within the plan include stock funds, bond funds, and target-date retirement funds, which automatically adjust the investment mix as the employee gets closer to retirement. One of the notable advantages of this plan is the employer match. The city of Santa Clara matches a percentage of the employee's contributions, effectively increasing the overall savings rate. This matching contribution acts as an incentive for employees to save more and take full advantage of this valuable benefit. The specific details of the matching contribution may vary depending on the employee's length of service and employment contract. Additionally, employees have access to comprehensive educational resources and tools to assist them in making informed decisions about their retirement savings. These resources include workshops, webinars, and online calculators that help employees understand the financial implications of different contribution levels and investment strategies. Different types of Santa Clara California Employees Savings Thrift Plans may exist based on job classification or bargaining units within the city of Santa Clara. These variations typically align with the same basic structure and benefits described above but may have slight differences in terms of contribution limits, vesting schedules, or eligibility criteria. Overall, the Santa Clara California Employees Savings Thrift Plan is a valuable retirement savings option for employees of the city of Santa Clara. With its flexible contribution options, diverse investment funds, employer match, and educational resources, this plan aims to empower employees to take control of their financial future and build a secure retirement.

The Santa Clara California Employees Savings Thrift Plan is a retirement savings plan offered to employees of the city of Santa Clara, California. This comprehensive plan allows employees to contribute a portion of their earnings into a tax-deferred savings account, with the goal of building a substantial nest egg for retirement. One of the key features of this plan is that employees have the flexibility to choose their contribution amount, allowing them to save at a pace that aligns with their financial goals. Contributions can be made on a pre-tax basis, meaning that the employee's taxable income is reduced by the amount of their contributions, resulting in potential tax savings. Participants in the Santa Clara California Employees Savings Thrift Plan have the option to invest their contributions in a variety of investment funds. These funds are carefully selected to provide a range of investment options, catering to different risk profiles and investment objectives. Some popular investment options within the plan include stock funds, bond funds, and target-date retirement funds, which automatically adjust the investment mix as the employee gets closer to retirement. One of the notable advantages of this plan is the employer match. The city of Santa Clara matches a percentage of the employee's contributions, effectively increasing the overall savings rate. This matching contribution acts as an incentive for employees to save more and take full advantage of this valuable benefit. The specific details of the matching contribution may vary depending on the employee's length of service and employment contract. Additionally, employees have access to comprehensive educational resources and tools to assist them in making informed decisions about their retirement savings. These resources include workshops, webinars, and online calculators that help employees understand the financial implications of different contribution levels and investment strategies. Different types of Santa Clara California Employees Savings Thrift Plans may exist based on job classification or bargaining units within the city of Santa Clara. These variations typically align with the same basic structure and benefits described above but may have slight differences in terms of contribution limits, vesting schedules, or eligibility criteria. Overall, the Santa Clara California Employees Savings Thrift Plan is a valuable retirement savings option for employees of the city of Santa Clara. With its flexible contribution options, diverse investment funds, employer match, and educational resources, this plan aims to empower employees to take control of their financial future and build a secure retirement.