Nys Deferred Comp Withdrawal Form For 2023 In Hennepin

State:
Multi-State
County:
Hennepin
Control #:
US-00418BG
Format:
Word; 
Rich Text
Instant download

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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  • Preview Deferred Compensation Agreement - Long Form
  • Preview Deferred Compensation Agreement - Long Form
  • Preview Deferred Compensation Agreement - Long Form

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FAQ

You can't borrow from an IRA, and early withdrawals could incur taxes and penalties.

You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.

The Plan differs from other defined contribution retirement plans (like a 401(k) or 403(b)), because it is designed and managed with public employees in mind. The New York State Deferred Compensation Board establishes and administers the Plan policies.

All local governments in New York State have the authority to sponsor a deferred compensation plan for their employees. Deferred compensation plans are authorized by Section 457 of the Internal Revenue Code and permit employees to save a portion of their current income for retirement.

As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.

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Nys Deferred Comp Withdrawal Form For 2023 In Hennepin