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
North Carolina Supplemental Retirement Plan
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US-CC-21-104
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FAQ
The 457(b) is a supplemental retirement plan that allows employees to set aside payroll-deducted contributions on a pre or after-tax basis. Pre or after-tax contributions may be invested in fixed and variable accounts under this plan.
The 457(b) is a supplemental retirement plan that allows employees to set aside payroll-deducted contributions on a pre or after-tax basis. Pre or after-tax contributions may be invested in fixed and variable accounts under this plan.
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
Pros and Cons of Saving In a 457(b) One of the main advantages of saving in this type of account is that it's a non-qualified plan. This means that it's not subject to the same withdrawal rules as a 401(k). They aren't technically retirement plans and don't come with early withdrawals penalties.
The SSI Program is a federally funded program which provides income support to eligible individuals who are aged 65 or older, blind or disabled. SSI benefits are also available to qualified blind or disabled children.
The North Carolina 401(k) Plan is a supplemental retirement plan that allows employees to set aside payroll-deducted contributions on either a tax deferred basis or Roth after-tax basis. Permanent full-time employees scheduled to work 30 or more hours per work week are eligible to participate.
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.
Under TSERS, the State controls the investments and assumes all of the investment risks. The plan funds are invested by professional money managers selected by TSERS. The ORP is a defined contribution plan. The value of your benefit is not based on a predetermined formula.