Nys Deferred Comp Withdrawal Form With Two Points In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00418BG
Format:
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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Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. What is deferred compensation and the New York Deferred Compensation Plan?Submit the In-Service Distribu- tion Form, along with a copy of the buyback statement from your pension system, to the Deferred Compensation Plan's. Benefit payments may be made in the form of a full withdrawal, partial withdrawals or periodic payments. On the paper form, you will need to fill out your personal information.