Wayne Michigan Employees Savings Thrift Plan

• Category: Corporations - Public - Employees
• State: Multi-State
• County: Wayne
• 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 Wayne Michigan Employees Savings Thrift Plan, also known as the Wayne Michigan Employee Savings Plan or Wayne Michigan Thrift Plan, is a retirement savings plan designed for employees of Wayne, Michigan, and its associated organizations. This plan offers a range of benefits including tax advantages, employer contributions, and investment options to help employees save for their future. The Wayne Michigan Employees Savings Thrift Plan is available to both full-time and part-time employees of participating organizations within Wayne, Michigan. This includes government employees, public school employees, and employees of eligible non-profit organizations. The plan is administered by a designated financial institution or plan administrator, who handles the management of contributions, investment options, and administration of the plan. Key features of the Wayne Michigan Employees Savings Thrift Plan include: 1. Tax Advantages: Employees can contribute a portion of their salary to the plan on a pre-tax basis, reducing their taxable income. This allows employees to potentially lower their overall tax liability while saving for retirement. 2. Employer Contributions: Participating employers may offer matching or non-matching contributions to the plan, providing an additional incentive for employees to save. The specific contribution details may vary depending on each employer's policies. 3. Investment Options: The plan typically offers a range of investment options such as mutual funds, target-date funds, or individual stocks and bonds. Employees can choose their desired investment mix based on their risk tolerance and investment goals. 4. Vesting: Vesting refers to the amount of time an employee must work for an employer to become eligible for the employer's contributions. The Wayne Michigan Employees Savings Thrift Plan may have vesting periods outlined, which determine the employee's ownership of employer contributions. 5. Retirement Withdrawals and Rollovers: When employees reach retirement, they can request distributions from the plan. These distributions are generally subject to income taxes. In some cases, employees may also have the option to roll over their savings into another eligible retirement account to continue the tax-deferred growth. It's important to note that specific details, terms, and options within the Wayne Michigan Employees Savings Thrift Plan may vary depending on the plan's administrator and the employer's customized plan design. Employees should refer to the plan documentation, including the Summary Plan Description (SPD) or plan booklet, to obtain comprehensive information about their plan's specific features, contribution limits, investment options, and any additional benefits available. By participating in the Wayne Michigan Employees Savings Thrift Plan, employees of Wayne, Michigan, and its related organizations have the opportunity to build a secure financial future by saving for retirement in a tax-advantaged manner, with the potential for employer contributions and a selection of investment options to suit their individual needs and goals.

Wayne Michigan Employees Savings Thrift Plan, also known as the Wayne Michigan Employee Savings Plan or Wayne Michigan Thrift Plan, is a retirement savings plan designed for employees of Wayne, Michigan, and its associated organizations. This plan offers a range of benefits including tax advantages, employer contributions, and investment options to help employees save for their future. The Wayne Michigan Employees Savings Thrift Plan is available to both full-time and part-time employees of participating organizations within Wayne, Michigan. This includes government employees, public school employees, and employees of eligible non-profit organizations. The plan is administered by a designated financial institution or plan administrator, who handles the management of contributions, investment options, and administration of the plan. Key features of the Wayne Michigan Employees Savings Thrift Plan include: 1. Tax Advantages: Employees can contribute a portion of their salary to the plan on a pre-tax basis, reducing their taxable income. This allows employees to potentially lower their overall tax liability while saving for retirement. 2. Employer Contributions: Participating employers may offer matching or non-matching contributions to the plan, providing an additional incentive for employees to save. The specific contribution details may vary depending on each employer's policies. 3. Investment Options: The plan typically offers a range of investment options such as mutual funds, target-date funds, or individual stocks and bonds. Employees can choose their desired investment mix based on their risk tolerance and investment goals. 4. Vesting: Vesting refers to the amount of time an employee must work for an employer to become eligible for the employer's contributions. The Wayne Michigan Employees Savings Thrift Plan may have vesting periods outlined, which determine the employee's ownership of employer contributions. 5. Retirement Withdrawals and Rollovers: When employees reach retirement, they can request distributions from the plan. These distributions are generally subject to income taxes. In some cases, employees may also have the option to roll over their savings into another eligible retirement account to continue the tax-deferred growth. It's important to note that specific details, terms, and options within the Wayne Michigan Employees Savings Thrift Plan may vary depending on the plan's administrator and the employer's customized plan design. Employees should refer to the plan documentation, including the Summary Plan Description (SPD) or plan booklet, to obtain comprehensive information about their plan's specific features, contribution limits, investment options, and any additional benefits available. By participating in the Wayne Michigan Employees Savings Thrift Plan, employees of Wayne, Michigan, and its related organizations have the opportunity to build a secure financial future by saving for retirement in a tax-advantaged manner, with the potential for employer contributions and a selection of investment options to suit their individual needs and goals.