Nys Deferred Comp Withdrawal Form For Fixed Annuities In Orange
Category:
State:
Multi-State
County:
Orange
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. Benefit Distribution Request (PDF) – Start the process needed to request a distribution from the Plan.Fill out this form and submit it via mail for processing. Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. Identify the type of withdrawal you are requesting from your plan. The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. MassMutual deferred fixed annuities can provide future guaranteed income that starts at a time you choose and continues for as long as you live. Annuities are tax-deferred investments, but annuity payments and withdrawals are taxable as income.