Nys Deferred Comp Withdrawal Age In Bexar
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State:
Multi-State
County:
Bexar
Control #:
US-00418BG
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Word;
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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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The Plan offers you an opportunity to defer benefit payments until as late as age 72 or as long as you're still working. The Plan will also calculate and send your Required Minimum Distribution after you turn age 70½, if your systematic withdrawals are less than required.Benefit payments must begin at age 73 or upon termination of employment from the employer that participates in the Plan, whichever is later, under the Required. Required Minimum Distribution (PDF) (PDF) – Learn what you need to do upon reaching age 72 and get the necessary paperwork to request a distribution. Age (40 years or older). This overview is designed to assist the reader in the use and comprehension of the City of San Antonio's. Adopted Budget Document.