Tarrant Texas Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Tarrant
• 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 Tarrant Texas Employees Savings Thrift Plan, also known as the Tarrant Thrift Plan, is a retirement savings program designed specifically for employees of the Tarrant County, Texas. Established to help employees secure a financially stable future, the Tarrant Texas Employees Savings Thrift Plan offers several options and benefits to participants. The Tarrant Thrift Plan is a defined contribution plan, which means that employees make contributions from their salary on a pre-tax basis, allowing them to potentially lower their taxable income. These contributions are then invested in a variety of investment options such as stocks, bonds, and mutual funds, allowing participants to build a diversified retirement portfolio suited to their financial goals and risk tolerance. One of the key advantages of the Tarrant Texas Employees Savings Thrift Plan is the employer match. Tarrant County matches a certain percentage of the employee's contribution, providing additional retirement savings. This match acts as an incentive for employees to contribute to their plan and maximize their retirement savings potential. Another notable aspect of the Tarrant Thrift Plan is its loan provision. Participants may be eligible to take out a loan from their account, which can be helpful during times of financial need. However, it is important to note that loans must be repaid with interest to avoid penalties and potential tax consequences. Participants can also enjoy the convenience of online access to their account through a secure and user-friendly platform. This enables them to monitor their investment performance, make changes to their contribution amount or investment allocation, and access educational resources to enhance their overall financial knowledge. There are no distinct types of Tarrant Texas Employees Savings Thrift Plans; however, the plan may offer different investment options or contribution limits based on the employee's selection. By offering a range of investment options, participants can tailor their retirement savings strategy to align with their individual investment preferences and risk tolerance. In summary, the Tarrant Texas Employees Savings Thrift Plan is a valuable retirement savings program available to employees of Tarrant County, Texas. With its attractive features like pre-tax contributions, employer matching, loan provisions, and online account access, the Tarrant Thrift Plan is designed to empower participants to secure a prosperous future through disciplined retirement savings.

Tarrant Texas Employees Savings Thrift Plan, also known as the Tarrant Thrift Plan, is a retirement savings program designed specifically for employees of the Tarrant County, Texas. Established to help employees secure a financially stable future, the Tarrant Texas Employees Savings Thrift Plan offers several options and benefits to participants. The Tarrant Thrift Plan is a defined contribution plan, which means that employees make contributions from their salary on a pre-tax basis, allowing them to potentially lower their taxable income. These contributions are then invested in a variety of investment options such as stocks, bonds, and mutual funds, allowing participants to build a diversified retirement portfolio suited to their financial goals and risk tolerance. One of the key advantages of the Tarrant Texas Employees Savings Thrift Plan is the employer match. Tarrant County matches a certain percentage of the employee's contribution, providing additional retirement savings. This match acts as an incentive for employees to contribute to their plan and maximize their retirement savings potential. Another notable aspect of the Tarrant Thrift Plan is its loan provision. Participants may be eligible to take out a loan from their account, which can be helpful during times of financial need. However, it is important to note that loans must be repaid with interest to avoid penalties and potential tax consequences. Participants can also enjoy the convenience of online access to their account through a secure and user-friendly platform. This enables them to monitor their investment performance, make changes to their contribution amount or investment allocation, and access educational resources to enhance their overall financial knowledge. There are no distinct types of Tarrant Texas Employees Savings Thrift Plans; however, the plan may offer different investment options or contribution limits based on the employee's selection. By offering a range of investment options, participants can tailor their retirement savings strategy to align with their individual investment preferences and risk tolerance. In summary, the Tarrant Texas Employees Savings Thrift Plan is a valuable retirement savings program available to employees of Tarrant County, Texas. With its attractive features like pre-tax contributions, employer matching, loan provisions, and online account access, the Tarrant Thrift Plan is designed to empower participants to secure a prosperous future through disciplined retirement savings.