Deferred Compensation Form For 2023 In Massachusetts

Category:

Employment - Compensation

State:

Multi-State

Control #:

US-00417BG

Format:

Instant download

Description

The Deferred Compensation Form for 2023 in Massachusetts is a crucial document designed to formalize financial arrangements between an employer and a key employee. This agreement aims to secure post-retirement income for employees who are instrumental to the organization. Key features include defined payment terms, conditions for receiving compensation based on continued employment, and provisions for payment upon the employee's death. It consists of sections detailing the employer and employee's data, payment amounts, monthly installments, and termination conditions. Lawyers and legal professionals will find this form useful for creating tailored agreements that align with both state laws and client needs. Additionally, partners and owners can utilize this document to retain essential team members, while associates and paralegals can benefit from the straightforward structure for preparing and editing. Legal assistants will appreciate the clarity in filling out the necessary information to facilitate the agreement process. Overall, this form serves as a supportive tool for ensuring employees feel valued and secure in their roles leading up to retirement.

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FAQ

OBRA is the mandatory employee-funded defined contribution plan for part-time, seasonal, and short-term public employees—this includes many DCE unit members.

Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

My withdrawal may be subject to fees and/or loss of interest based upon my investment options, my length of time in the Plan and other possible considerations. If I have not been advised of the fees and risks associated with my withdrawal, I may contact Service Provider for a withdrawal quote at 1-877-457-1900.

OBRA or the Omnibus Budget Reconciliation Act of 1990 is a Massachusetts state mandated employee-funded 457 deferred compensation plan for part-time, seasonal, and/or short-term public employees.

The Massachusetts 403(b) Supplemental Retirement Plan (the 403(b) plan) gives you the opportunity to supplement your core retirement benefits under the State Employees' Retirement System (MSERS) or the Optional Retirement Program (ORP) with this voluntary benefit.

The normal contribution limit for elective deferrals to a 457(b) deferred compensation plan is increased to $22,500 in 2023.