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
Hawaii Supplemental Retirement Plan
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Act 296 (July 12, 2022) established the Hawaii Retirement Savings Program, which provides retirement plan coverage for private-sector employees who do not have access to employer-sponsored retirement plans. The program has two unique features. Employees will not be automatically registered, with the option to opt out.
Then there are 2-3 states that do not tax federal pension income, but do tax your TSP distributions: Hawaii and Alabama. (*New York also excludes public pension income, like FERS or CSRS, from income tax but does tax some private retirement plans.)
Hawaii is moderately tax-friendly, but it really depends on each retiree's personal financial situation. For a person living off of Social Security and public pension income, with small contributions from an IRA or another retirement account, Hawaii can be very tax-friendly.
The State Deferred Compensation Plan (or ?Plan?) is a voluntary retirement savings plan, governed by Internal Revenue Code section 457(b), that helps set aside your pre-tax contributions through payroll deductions for future retirement needs.
Then there are 2-3 states that do not tax federal pension income, but do tax your TSP distributions: Hawaii and Alabama.
We don't withhold for state or local income tax. This doesn't mean that you don't have to pay state and local taxes on your withdrawals and distributions. We report all TSP payments to your state of residence at the time of the payment (if that state has an income tax).
Hawaii does not tax military retirement pay. Idaho allows you to deduct up to $41,140 if you are 65 years and older and you meet eligibility requirements. Illinois does not tax military retirement pay. Indiana does not tax military retirement pay.
We are required to withhold 20% of your payment for federal income taxes. This means that in order to roll over your entire payment, you must use other funds to make up for the 20% withheld. Suppose, for example, that you took a $10,000 distribution and wanted to roll it over to another retirement plan or IRA.
