The New York State Deferred Compensation Plan In Collin
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State:
Multi-State
County:
Collin
Control #:
US-00418BG
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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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers.Each Section 457 Transfer and Rollover. This booklet briefly describes the New York City Deferred Compensation Plan (NYCDCP), an umbrella program consisting of the 457 Plan and the 401(k) Plan. How do I enroll in the Plan? Adopt a resolution of its governing body formally adopting the Plan, complete the related certification, and remit two copies to the Plan's. Take a look at how the plan works and how it can help provide for your future in retirement and go over the basics of the plan.