Nyc Deferred Comp Withdrawal Rules 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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In-Service Withdrawals. Participants should attend a free Register to attend a Retirement Planning Seminar before submitting a distribution form.Cook County offers a Section 457 deferred compensation plan as a tax-deferred method for you to save for retirement. Find your employer's plan. You must complete the recertification process, including signing the last page of the recertification and being interviewed.