Alaska Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
There are two types of deferred compensation plans: non-qualified and qualified. Non-qualified deferred compensation plans are also referred to as Section 409A or NQDC plans. Deferred compensation plans are not required for all employees.
Eligible employees can have a portion of their income matched by their employer before taxes for a future date.
Section 457 plans are nonqualified, unfunded deferred compensation plans established by state and local government and tax-exempt employers.
The State of Alaska 457 Deferred Compensation Plan (DCP) allows you to set aside and invest a portion of your income for your retirement on a voluntary basis. It is designed to complement the Alaska SBS Supplemental Annuity Plan and the Alaska PERS/TRS Defined Contribution Retirement Plan.
Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis.
As compared to a 401K plan, an NQDC offers less flexibility when it comes to withdrawals. There's no RMD (required minimum distribution), but you're bound to distribution elections made prior to contributions being made. You can sometimes change these elections, but it results in a five-year delay.
Deferred compensation plans are an incentive that employers use to hold onto key employees. Deferred compensation can be structured as either qualified or non-qualified under federal regulations. Some deferred compensation is made available only to top executives.