Nys Deferred Comp Withdrawal In Phoenix
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State:
Multi-State
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Phoenix
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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Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services.DROP is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary. To initiate a distribution request, complete the Benefit Distribution Request form located in the Forms and Publications section of nysdcp. Find your employer's plan.