Nys Deferred Comp Withdrawal Age In San Diego
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State:
Multi-State
County:
San Diego
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 County of San Diego's Deferred Compensation Program is committed to helping County Employees plan for and live in retirement. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.Typically, plans will provide for payment upon the later of two events (e.g. , the later of separation from service or age 55).