- Help achieve retirement income goals.
- Take advantage of your total compensation package—employer matching dollars... you can possibly be entitled to. Click herePDF opens in new window to see what your employer offers.
- Have the potential to retire at the age you choose.
THE IMPACT OF SAVING MORE
|You save per month||$25||$100||$200||$300|
THESE ARE THE WAYS YOU CAN CONTRIBUTE TO YOUR PLAN ACCOUNT
|TYPES OF CONTRIBUTIONS|
|Traditional Pre-Tax Contributions||Roth After-Tax Contributions*||Employer Contributions||Special “One-Time” Contributions|
*See plan information regarding limitations on withdrawals from your account. For the NC 401(k) Plan, a distribution from a Roth account is “qualified” to be tax-free if the first Roth contribution remains in the account for at least five tax years AND: a) you are 59½ or older, or b) you have separated from service due to a disability, retirement, or death. If your withdrawal does not meet these conditions, then the Roth earnings—but not the Roth contributions—may be subject to state and federal income taxes. For the NC 457 Plan, the IRS rules define what is considered a “qualified” distribution from a Roth account in order to be tax-free. This means you can withdraw money from your NC 457 Roth account tax-free once you meet the following criteria: The first Roth contribution to your account must remain in your account at least five tax years AND a) you have separated from service and are 59½ or older, or b) you have separated from service due to a disability retirement, or c) you are still working and are at least 70½.
This information has been provided for your benefit and is not intended or designed to be advice. Empower is not a tax advisor.
Amounts withdrawn are subject to income taxes. Empower and its affiliates do not provide tax or legal advice for which you should consult your qualified professional.