22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Puerto Rico Savings Plan for Employees
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US-CC-22-109E
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Cost of Retiring in Puerto Rico Total monthly expenses should typically be about four times your monthly rent, so you can expect to retire comfortably in Puerto Rico on about $2,000 per month. Even the more expensive parts of the island are still less expensive than most major U.S. cities.
?Dual-qualified? plans have U.S. domestic trusts that cover Puerto Rican employees and qualify under both the Puerto Rico Code and the Internal Revenue Code to provide the Puerto Rican participants with favorable tax benefits.
Though there are pros and cons to both plans, pensions are generally considered better than 401(k)s because all the investment and management risk is on your employer, while you are guaranteed a set income for life.
All plans that have participants in Puerto Rico must file Form 480.70 with the Hacienda. Since ERISA Section 1022(i)(2) plans and dual-qualified plans are not exempt from excise taxes, Form 5330 must be filed, where applicable.
Of importance for employers with dual-qualified plans, the IRS' limits for elective deferrals applicable to participants in a dual-qualified plan, or to federal government employees, is $22,500, pursuant to IRS' notice of limits applicable to 2023.
The Humana Puerto Rico 1165(e) Retirement Plan (the Plan), formerly the PCA Puerto Rico 165(e) Retirement Plan, is a qualified, trusteed plan established for the benefit of the employees of Humana Health Plans of Puerto Rico, Inc., and Humana Insurance of Puerto Rico, Inc. and who are residents of Puerto Rico.
Withdrawals from IRAs, 401(k)s, and other tax-deferred retirement funds in the US are not recognized under Puerto Rico Act 22. Thus, moving to the island won't reduce the distribution tax. The same applies to Social Security benefits and other pension payments.
If you are an eligible Puerto Rico employee who is 21 years of age or older, you can contribute to the NSU Puerto Rico 401(k) Plan on the first day of the month coinciding with or next following your one-year anniversary.
