Philly457 is a renowned retirement plan provider that specializes in offering Section 457 deferred compensation plans to governmental and tax-exempt organizations. With a strong commitment to helping employees save for their future, Philly457 provides a comprehensive range of services and features that cater to the unique needs of its clients. In this article, we will delve into the details of what Philly457 offers and how it can benefit both employers and employees.
Plan Features and Benefits
Philly457’s Section 457 plan is designed to provide employees with a flexible and tax-advantaged way to save for retirement. The plan offers a range of features and benefits, including:
- High Contribution Limits: Philly457 allows employees to contribute up to $19,500 in 2023, with an additional $6,500 catch-up contribution available for those aged 50 and above.
- Tax-Deferred Growth: Contributions and earnings grow tax-deferred, reducing employees' taxable income and lowering their tax liability.
- Loans and Withdrawals: Employees can take loans or withdrawals from their accounts, subject to certain rules and regulations.
- Investment Options: Philly457 offers a range of investment options, including mutual funds, annuities, and other vehicles, to help employees grow their retirement savings.
Employer Benefits
Philly457’s plan is not only beneficial for employees but also offers several advantages for employers. These include:
The plan helps employers to:
- Attract and Retain Talent: By offering a competitive retirement plan, employers can attract and retain top talent in their industry.
- Reduce Tax Liability: Employers can reduce their tax liability by making tax-deductible contributions to their employees' accounts.
- Enhance Employee Benefits: Philly457's plan can be used to supplement existing retirement plans, providing employees with a more comprehensive benefits package.
| Plan Feature | Benefit |
|---|---|
| High Contribution Limits | Employees can save more for retirement |
| Tax-Deferred Growth | Reduced taxable income and lower tax liability |
| Loans and Withdrawals | Employees can access their funds when needed |
| Investment Options | Employees can grow their retirement savings |
Investment Options and Management
Philly457 offers a range of investment options to help employees grow their retirement savings. These options include:
A selection of mutual funds, annuities, and other investment vehicles, managed by experienced professionals and designed to provide a range of risk and return profiles.
Investment Management
Philly457’s investment management team works closely with employers and employees to:
Develop a customized investment strategy that meets their unique needs and goals.
Monitor and adjust the investment portfolio as needed to ensure it remains aligned with the employer's and employees' objectives.
- Investment Research: Philly457's team conducts thorough research and analysis to identify top-performing investment options.
- Portfolio Management: The team works to create a diversified portfolio that balances risk and return.
- Ongoing Monitoring: Philly457's team continuously monitors the investment portfolio, making adjustments as needed to ensure it remains on track.
What is the contribution limit for Philly457's Section 457 plan?
+The contribution limit for Philly457's Section 457 plan is $19,500 in 2023, with an additional $6,500 catch-up contribution available for those aged 50 and above.
Can employees take loans or withdrawals from their Philly457 accounts?
+Yes, employees can take loans or withdrawals from their Philly457 accounts, subject to certain rules and regulations.
Philly457’s Section 457 plan is a valuable resource for both employers and employees, providing a flexible and tax-advantaged way to save for retirement. With its range of features and benefits, investment options, and experienced management team, Philly457 is an excellent choice for those looking to secure their financial future.
