21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Alabama Supplemental Retirement Plan
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US-CC-21-104
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Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.
RSA-1 is a powerful tool to help you reach your retirement dreams. As a supplement to other retirement benefits or savings that you may have, this voluntary plan allows you to save and invest extra money for retirement, tax-deferred.
The bill allows teachers hired on or after Jan. 1, 2013, to draw retirement benefits after 30 years under Tier II benefits, instead of having to work until age 62 before being able to do so. Those hired before 2013 can receive retirement benefits after working 25 years under Tier I.
Tier 2 member with 10 years of service and age 62; or with 30 years at any age.
Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.
The RRA has two components. Tier 1 is the equivalent of Social Security benefits and Tier 2 is like an employer's pension plan. Social Security Benefits: Payments made under Title II of the Social Security Act. They include old- age, survivors, and disability benefits.
RSA-1 is an Internal Revenue Code Section 457 deferred compensation plan for public employees. This voluntary plan allows you to save and invest extra money for retirement, tax deferred. Not only will you defer taxes immediately, your contributions and any earnings will grow on a tax-deferred basis as well.
Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service. Tier 2 member: You are eligible to retire at age 62 (age 56 for State Police and certified, full-time firefighter and law enforcement officer) with 10 or more years of service.