US Legal Forms
Deferred Compensation Agreement - Long Form

Deferred Compensation Plan For Highly Compensated Employees In Queens

Category:

Employment - Compensation

State:

Multi-State

County:

Queens

Control #:

US-00418BG

Format:

Instant download

Description

The Deferred Compensation Plan for Highly Compensated Employees in Queens is a legal agreement designed for employers and key employees to outline additional compensation arrangements post-retirement. This form ensures that highly compensated employees receive a specific monthly payment upon retirement or in the event of their death, either before or after retirement. The agreement includes provisions regarding the calculation of payments, which may adjust based on the National Consumer Price Index. It also addresses scenarios such as employment termination, non-competition clauses, and stipulations on encumbrances and assignment of rights. Users can utilize this form for various purposes, including retaining key talent and ensuring compliance with legal standards. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form beneficial in negotiating compensation packages and ensuring that all necessary legal requirements are met while providing financial security for key employees.

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FAQ

Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. This plan is administered by The Office of Labor Relations (OLR).

Overseen by the New York State Deferred Compensation Board, the Plan is managed by a professional staff located in Albany, NY. The primary function of the Board office is to provide centralized oversight of all the Plan's operations and manage the Plan to a Board-approved annual administration budget.

WHAT DOES DEFERRED COMPENSATION MEAN TO ME? It means that you may defer a portion of your salary on a pre-tax, or after-tax basis. The amount of your salary that you defer pre-tax to the Plan is not subject to current Federal or New York State income taxes.

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.

For most people, deferred compensation is a good way to use your income earning years as a direct means to supplement your pension and Social Security benefits when you retire and build a bright financial future.

You can withdraw your Roth NYCE IRA assets at any time. However, if the distribution is a not a Qualified Distribution you will be subject to income taxes on all the earnings along with a 10% early withdrawal penalty. You can leave amounts in your Roth NYCE IRA as long as you live.