Deferred Compensation Form For 2023 In Utah
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State:
Multi-State
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The URS 457(b) allows you to contribute pre-tax dollars that grow tax-deferred until they're withdrawn. Complete the Military Retirement Credit Worksheet.• Located in the TC-40 Instructions. Use this form to request a withdrawal of funds from your URS 457(b) Plan. 2. The UTSaver Deferred Compensation Program (DCP) is a 457(b) voluntary retirement program that allows you to save additional income for retirement. Enrollment Procedures: A Faculty or Staff Member interested in participating in the tax deferred programs should contact the Benefits Office. Forms are available on the investment provider's website or in the Human Resources Office. Submit the Online Application: Fill out and submit the online scholarship application to be considered.