Deferred Compensation Plan For Small Business In San Diego
Category:
State:
Multi-State
County:
San Diego
Control #:
US-00418BG
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Word;
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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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About the Plan. NRW-7771AO. The program offers 401(a), 457(b) Traditional, and 457(b) ROTH retirement savings plans, as well as educational resources and tools.Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. Consult your financial, tax or legal advisor before making retirement plan decisions. This plan is exclusively for owner-only businesses, or those with up to 5 employees. Welcome to the County of San Diego Deferred Compensation Plan! Your journey to retirement readiness starts here. Future benefits from the 457(b) Plan will reflect the amount of a participant's voluntary salary deferral contributions plus earnings. Vesting is immediate. Deferred compensation plans allow the participant to defer income today and withdraw it at some point in the future (usually upon retirement)