Wake North Carolina Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Employees Savings Thrift Plan, also known as the Wake NC Employees Savings Thrift Plan or simply Wake NC Thrift Plan, is a retirement savings program designed for employees of Wake County, North Carolina. It offers a variety of benefits to help employees save and invest for their future. One of the key aspects of the Wake NC Thrift Plan is that it allows employees to contribute a portion of their pre-tax salary towards their retirement savings. This means that contributions are deducted from an employee's salary before taxes are applied, resulting in potential tax savings. Employees have the flexibility to choose the percentage of their salary they wish to contribute, up to the IRS annual contribution limit. There are several investment options available within the Wake NC Thrift Plan, allowing employees to customize their investment strategy based on their risk tolerance and financial goals. These options may include various mutual funds, index funds, and target-date funds, among others. Employees can select one or multiple funds to invest in, diversifying their investments for potential growth. The Wake NC Thrift Plan also provides employees with the opportunity to receive employer-matching contributions. The exact details of the matching program may vary depending on the specific plan type within the Wake NC Thrift Plan, if applicable. This matching contribution can significantly enhance an employee's savings potential, as it represents "free money" provided by the employer. Furthermore, the Wake NC Thrift Plan offers educational resources and tools to help employees make informed investment decisions. These resources may include online investment calculators, retirement planning seminars or webinars, and access to financial advisors who can provide personalized guidance. It's worth noting that there may be different types of Wake NC Thrift Plans available to employees, depending on their employment status or specific job functions within Wake County. Possible variations could include plans for teachers, law enforcement officers, firefighters, or other public sector employees. Each plan may have specific features tailored to the needs of the respective employee group. In summary, the Wake North Carolina Employees Savings Thrift Plan is a comprehensive retirement savings program designed to assist Wake County employees in building a financially secure future. Empowering employees to save for retirement through pre-tax contributions, offering a diverse selection of investment options, providing potential employer-matching contributions, and delivering educational resources are all core elements of this valuable program.

The Wake North Carolina Employees Savings Thrift Plan, also known as the Wake NC Employees Savings Thrift Plan or simply Wake NC Thrift Plan, is a retirement savings program designed for employees of Wake County, North Carolina. It offers a variety of benefits to help employees save and invest for their future. One of the key aspects of the Wake NC Thrift Plan is that it allows employees to contribute a portion of their pre-tax salary towards their retirement savings. This means that contributions are deducted from an employee's salary before taxes are applied, resulting in potential tax savings. Employees have the flexibility to choose the percentage of their salary they wish to contribute, up to the IRS annual contribution limit. There are several investment options available within the Wake NC Thrift Plan, allowing employees to customize their investment strategy based on their risk tolerance and financial goals. These options may include various mutual funds, index funds, and target-date funds, among others. Employees can select one or multiple funds to invest in, diversifying their investments for potential growth. The Wake NC Thrift Plan also provides employees with the opportunity to receive employer-matching contributions. The exact details of the matching program may vary depending on the specific plan type within the Wake NC Thrift Plan, if applicable. This matching contribution can significantly enhance an employee's savings potential, as it represents "free money" provided by the employer. Furthermore, the Wake NC Thrift Plan offers educational resources and tools to help employees make informed investment decisions. These resources may include online investment calculators, retirement planning seminars or webinars, and access to financial advisors who can provide personalized guidance. It's worth noting that there may be different types of Wake NC Thrift Plans available to employees, depending on their employment status or specific job functions within Wake County. Possible variations could include plans for teachers, law enforcement officers, firefighters, or other public sector employees. Each plan may have specific features tailored to the needs of the respective employee group. In summary, the Wake North Carolina Employees Savings Thrift Plan is a comprehensive retirement savings program designed to assist Wake County employees in building a financially secure future. Empowering employees to save for retirement through pre-tax contributions, offering a diverse selection of investment options, providing potential employer-matching contributions, and delivering educational resources are all core elements of this valuable program.