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The state (employer) matches your contributions at the rate of 156%. Both employee and employer contributions are made on a ?pre-tax? basis. To be eligible to receive the employer matching contributions at termination or retirement, you must be vested (see ?Vesting/Vesting Credit?).
A Deferred Profit-Sharing Plan is a Defined Contribution Pension Plan whereby an employer distributes a portion of pre-tax profits to selected employees. The difference is, employees do not contribute to the DPSP.
A Profit Sharing Plan or Stock Bonus Plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise).
Plan Overview. In 1976, the board implemented the State of Nebraska Deferred Compensation Plan (DCP). DCP, as authorized by IRS Code §457, is a voluntary retirement savings plan which allows state employees the ability to defer and invest a portion of their compensation for retirement.
sharing plan is a retirement plan that gives employees a share in the profits of a company. Under this type of plan, also known as a deferred profitsharing plan (DPSP), an employee receives a percentage of a company's profits based on its quarterly or annual earnings.
Your contributions will help ensure the pension remains funded once you reach normal retirement age. In Nebraska, you're eligible to receive benefits under the following circumstances: At age 65 with at least five years of service. At age 55 with at least 30 years of service (Rule of 85)
Both the employee and employer have to pay their share towards EI & CPP. In a DPSP, neither the employee or the employer will have to pay additional payroll expenses for contributions to the account.
Defined Contribution Plan is a retirement plan in which the employee and/or the employer contribute to the employee's individual account under the plan. The amount in the account at distribution includes the contributions and investment gains or losses, minus any investment and administrative fees.