Through elective salary deferrals, they can reduce their taxable income by the amount they save into the plan.
Contributions grow on a tax-deferred basis.
Determining the maximum contribution limit is complex. It factors in years of service, salary increases, and past service contributions. Please see IRS Publication 571 to determine your contribution limit. Sit Mutual Funds does not offer this type of plan. A. Contributions may be invested into any of our mutual funds.