Deferred Compensation Examples In Suffolk
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State:
Multi-State
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Suffolk
Control #:
US-00417BG
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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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457(b) Suffolk County Deferred Compensation Plan. Your contributions and any earnings have the chance to grow tax deferred until you withdraw your money, generally in retirement.6.14.15 Please attach your filled out New York State Deferred Compensation Plan Vendor Responsibility. Here's an overview of how to fill out a 457 retirement plan application for New York State. Enjoy! Deferred Compensation Report. Please Enter Employee ID, Last 4 of SSN, Last Name and First Name to search. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. Distributions can be in the form of a single or partial lump sum withdrawal; monthly, quarterly or annual installment payments; or a rollover to another plan.