Connecticut 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
A nonqualified deferred compensation plan is a type of retirement plan that lets select, highly compensated employees enjoy tax advantages by deferring a greater percentage of their compensation (and current income taxes) than is allowed by the IRS in a qualified retirement plan.
A nonqualified deferred compensation arrangement subject to Section 409A is defined as any plan, including any agreement or arrangement, ?that provides for the deferral of compensation other than a qualified employer plan and any bona fide vacation leave, sick leave, compensatory time, disability pay, or death benefit ...
No ERISA protections Under such plans, the amount of income deferred represents a liability on the employer's balance sheet, essentially making the NQDC plan an unsecured loan between the employee and the employer. In the event of bankruptcy, creditors would not be obligated to pay this unsecured loan.
The State of Connecticut Deferred Compensation 457 Plan (457 Plan) is a voluntary retirement program that is available to any common law employee or any individual performing services for the State either by appointment or election (including members of the General Assembly).
To enroll, your employer must participate in the Plan (employers can visit our Employer Resource Center or call us at (800) 696-3907 to learn more). For more information, visit CalPERS 457 Plan website, call the Plan Information Line at (800) 260-0659, or view the additional resources below.
An NQDC plan delays payment of a portion of salary, and the taxes due on it, to a later date, typically after retirement. Such plans generally are offered to senior executives as an added incentive. Unlike income taxes, the FICA taxes are due in the year the money is earned.
If you leave your company or retire early, funds in a Section 409A deferred compensation plan aren't portable. They can't be transferred or rolled over into an IRA or new employer plan. Unlike many other employer retirement plans, you can't take a loan against a Section 409A deferred compensation plan.
NQDC plans are often informally funded with corporate-owned life insurance (COLI) because policy earnings (the increase in the cash value) are generally not subject to current income taxation (unless the alternative minimum tax, AMT, rules apply).