Arkansas Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
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How to fill out Adoption Of Nonemployee Directors Deferred Compensation Plan With Copy Of Plan?
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FAQ
NQDC money is generally not accessible until the distribution date or an other allowable event such as termination. Unlike a 401(k) plan, NQDC generally does not allow early distributions and/or loans.
With a nonqualified deferred compensation (NQDC) plan, your employees can defer some of their pay until a later date. This type of deferred compensation plan typically pays out income after an employee leaves their job, like in retirement, for instance.
A 457(f) nonqualified deferred compensation arrangement is made up of a written agreement between the employer and each eligible executive to pay benefits when the executive retires, dies, or is disabled. The agreement contains certain conditions that executives must meet before benefits are paid to them.
In terms of accounting, deferred compensation is typically recognized as an expense by the company in the period in which the employee performs the service, and it is accrued as a liability on the balance sheet until it is paid out.
The journal entry is simple. Debit Deferred Compensation Liability for $100,000 (this will zero out the account balance), and credit Cash for $100,000. Taxes on the payment will be paid at this point (by both the corporation and the employee).