North Las Vegas Nevada Form 5498 2024-2025

North Las Vegas Nevada Form 5498: What You Should Know

PEERS has over 1.5 million members who are active in their communities. The system covers all state government departments as well as county governments. ERS is a multi-state and multi-faceted retirement plan that is operated by the Pennsylvania State Retirement and Benefits System. To date, 1,750 businesses, foundations and corporations have selected the PEERS model. The program allows employees to contribute up to 10 percent of their wages to their retirement savings accounts and is designed to provide benefits during the life of the employee by investing in investments and allowing workers to withdraw funds at age 65. PEERS is currently available in New Jersey, Pennsylvania, Rhode Island and Vermont. PEERS Overview — The Benefits of Retirement Accounts PEERS offers a number of benefits to participating employees and their spouses. Benefits include a full match of up to 1.5 percent of salary to an employee “defined contribution plan” through a payroll deduction which is then added to the employees “defined benefit plan” after retirement. This means more money can be saved by the employee and is designed to provide higher retirement benefits. Members with additional earnings have the opportunity to contribute an additional 5 percent of their pay. PEERS offers a maximum annual contribution of 17,100 for new employees; to current employees this amount increases by a dollar for each year of service with no minimum service requirement. Members may withdraw additional money at any time and the withdrawal amount can exceed the employee's “defined benefit” contributions. PEERS is a fully-funded governmental program which means only tax-funded contributions are available to pay its bills. Unlike government retirement funds such as 401(k), there are no tax penalties associated with contributions. Member payroll deductions are deducted and included in the employee's gross pay, allowing the employee to have more money to invest in their IRAs rather than pay taxes on it. Benefits of the PEERS Benefits are provided to individuals who have an eligible employer-sponsored pension plan with at least ten full, current and eligible retirees, and are not eligible for Social Security or Federal Government employees' retirement program; as defined pension plans with ten eligible retirees, members may contribute the maximum contribution to their IRA during their lifetime no matter what is their salary. Members are not required to do any tax preparation of their account statements. The IRA is a type of savings account where a participant can earn future income while still receiving a retirement income stream.

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