Deferred Compensation Form For 2023 In Hennepin
Category:
State:
Multi-State
County:
Hennepin
Control #:
US-00417BG
Format:
Word;
Rich Text
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Description
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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The Minnesota Deferred Compensation Plan (MNDCP) is a voluntary savings plan intended for long-term investing for retirement. Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan.Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. All county benefit information is on The Bridge, our human resources portal. The portal is for employees, guests and retirees.