Suffolk New York Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Employees Savings Thrift Plan is a retirement savings program specifically designed for employees of Suffolk County, New York. This comprehensive plan allows employees to save for their future by contributing a portion of their salary into a tax-advantaged retirement account. With the Suffolk New York Employees Savings Thrift Plan, employees have the opportunity to save for retirement through convenient payroll deductions. These deductions can be made on a pre-tax basis, which means that the contributions are deducted from the employee's salary before taxes are calculated. This offers employees an immediate tax advantage by reducing their taxable income. One of the key features of the Suffolk New York Employees Savings Thrift Plan is the employer matching contribution. Depending on the specific plan, the employer may match a percentage of the employee's contributions, providing an additional incentive for employees to save for retirement. This employer match can significantly boost an employee's retirement savings over time. The Suffolk New York Employees Savings Thrift Plan offers a variety of investment options for participants. Employees can choose how their contributions are invested from a selection of investment funds, such as stocks, bonds, and mutual funds. These investment options allow participants to tailor their savings strategy according to their risk tolerance and financial goals. One type of Suffolk New York Employees Savings Thrift Plan is known as the Traditional Thrift Plan. This plan follows the traditional 401(k) model, where employees contribute a portion of their salary and the contributions are tax-deferred until withdrawal during retirement. The employer may provide a matching contribution based on the employee's contribution percentage, subject to certain limits. Another type of Suffolk New York Employees Savings Thrift Plan is the Roth Thrift Plan. This plan operates similarly to a Traditional Thrift Plan, but with a key difference — contributions are made on an after-tax basis. This means that employees do not receive an immediate tax benefit for their contributions, but qualifying withdrawals in retirement are tax-free. Employer matches are still subject to the same limits as in the Traditional Thrift Plan. Overall, the Suffolk New York Employees Savings Thrift Plan is a valuable retirement savings vehicle for employees of Suffolk County. By offering a range of investment options, tax advantages, and potentially employer matching contributions, this plan provides employees with a comprehensive and flexible way to save for a secure retirement.

The Suffolk New York Employees Savings Thrift Plan is a retirement savings program specifically designed for employees of Suffolk County, New York. This comprehensive plan allows employees to save for their future by contributing a portion of their salary into a tax-advantaged retirement account. With the Suffolk New York Employees Savings Thrift Plan, employees have the opportunity to save for retirement through convenient payroll deductions. These deductions can be made on a pre-tax basis, which means that the contributions are deducted from the employee's salary before taxes are calculated. This offers employees an immediate tax advantage by reducing their taxable income. One of the key features of the Suffolk New York Employees Savings Thrift Plan is the employer matching contribution. Depending on the specific plan, the employer may match a percentage of the employee's contributions, providing an additional incentive for employees to save for retirement. This employer match can significantly boost an employee's retirement savings over time. The Suffolk New York Employees Savings Thrift Plan offers a variety of investment options for participants. Employees can choose how their contributions are invested from a selection of investment funds, such as stocks, bonds, and mutual funds. These investment options allow participants to tailor their savings strategy according to their risk tolerance and financial goals. One type of Suffolk New York Employees Savings Thrift Plan is known as the Traditional Thrift Plan. This plan follows the traditional 401(k) model, where employees contribute a portion of their salary and the contributions are tax-deferred until withdrawal during retirement. The employer may provide a matching contribution based on the employee's contribution percentage, subject to certain limits. Another type of Suffolk New York Employees Savings Thrift Plan is the Roth Thrift Plan. This plan operates similarly to a Traditional Thrift Plan, but with a key difference — contributions are made on an after-tax basis. This means that employees do not receive an immediate tax benefit for their contributions, but qualifying withdrawals in retirement are tax-free. Employer matches are still subject to the same limits as in the Traditional Thrift Plan. Overall, the Suffolk New York Employees Savings Thrift Plan is a valuable retirement savings vehicle for employees of Suffolk County. By offering a range of investment options, tax advantages, and potentially employer matching contributions, this plan provides employees with a comprehensive and flexible way to save for a secure retirement.