20-160H 20-160H . . . Sustained Profit Growth Plan under which (a) each officer of the level of Senior vice President and above receives a contingent cash award equal to a specified percentage of his or her annual base salary and (b) actual awards are determined by measuring the corporation's performance of previously selected business measures and attainment of specific objective numeric goals relating to those measures over a three year performance period. The measures may include return on average or year-end equity, return on average or year-end assets, earnings per share, growth in earnings per share, increase in the corporation's common stock price, total return to stockholders, growth in net income per employee, growth in non-interest income, control of net overhead expense, control of non-performing loans, capital adequacy, and adequacy of loan loss reserves
Oregon Sustained Profit Growth Plan
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Multi-State
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US-CC-20-160H
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Word;
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FAQ
The Oregon Savings Growth Plan (OSGP) is a 457(b) deferred compensation plan that provides public employees with a convenient way to save for retirement. It allows employees of an OSGP-participating employer to contribute a portion of their salary on a pre-tax basis using the traditional plan.
Is OregonSaves a 401(k)? OregonSaves is not a 401(k), but that type of plan is a qualified option for employers who prefer not to enroll in the state-run program.
You have the option to save a percentage of your salary or a fixed dollar amount each pay period. You control your contributions to the plan: You can start, change, or stop your contributions at any time. You can choose between pre-tax and after-tax (Roth) contribution options.
OSGP also provides a Roth 457(b) for employees of participating employers. The Roth 457(b) option allows participants to save on an after-tax basis. Taxes are paid before the money is contributed, and eligible distributions and earnings can be distributed tax free.
Yes. By keeping all your retirement assets in your OSGP account, you benefit from low cost investments overseen by the Oregon Investment Council and, when you wish to take payments, you have the same flexible payout options that are available with an IRA.
As of January 1, 2023, PCC offers the ability to contribute to an after-tax Roth 457(b) through OSGP. The maximum annual contribution amount in 2023 is $22,500. If you are age 50 or older, you may contribute an additional $7,500 each year.