Sign Up For Nys Deferred Comp In Phoenix
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State:
Multi-State
City:
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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The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. Sign up and manage your deferred compensation retirement account.Fill out this form and submit it via mail for processing. Learn more about how to start receiving income in the Learning Center. 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.