Deferred Compensation Plan In Retirement In Franklin
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State:
Multi-State
County:
Franklin
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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. In addition to upfront tax savings, the money in a Traditional IRA grows tax-deferred.For assistance with completing forms and documents, please contact your financial professional or Franklin Templeton. Retirement Services at . You will need your Social Security Number and PIN to enroll in the Plan online. RetireReadyTN Plan Advisor-( pdf file). Where to find RetireReadyTN Deferred Compensation Plan forms-(pdf file).