Deferred Compensation Plan Withdrawal In Cook
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State:
Multi-State
County:
Cook
Control #:
US-00418BG
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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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Assistance from a local Nationwide Retirement Specialist is strongly recommended when completing this section. Please call for assistance.Cook County offers a Section 457 deferred compensation plan as a tax-deferred method for you to save for retirement. All funds will be withdrawn on a pro-rata basis across the selected accounts within the plan. 1. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. Please schedule a Local Office: In-Person Appointment or call us at 1-.