Nys Deferred Comp Withdrawal Form For 2023 In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-00418BG
Format:
Word;
Rich Text
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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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Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. How do I set up RMDs?What is deferred compensation and the New York Deferred Compensation Plan? Benefit Distribution Request (PDF) – Start the process needed to request a distribution from the Plan. Fill out this form and submit it via mail for processing. Complete this form only if you are age 73 or older and intend to request the minimum withdrawal required. To initiate a distribution request, complete the Benefit Distribution Request form located in the Forms and Publications section of nysdcp. Here is one possible withdrawal strategy, which provides retirement income for 20 years.