20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
Connecticut Deferred Compensation Investment Account Plan
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US-CC-20-146
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Depending on your plan provisions, the payment of the deferred compensation can also be structured to reduce your tax liability based on a series of installment payments or lump sum payments based on a specified time. By spreading out the payments, you potentially could reduce your income for each applicable year.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.
The State of Connecticut 403(b) plan is a voluntary retirement program that is open to employees of certain state educational institutions and hospitals (link to full list). The 403(b) plan gives employees the opportunity to save for retirement, supplementing their mandatory retirement plan in SERS, ARP, or TRS.
A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some of their salary to the plan.
This 403(b) Plan program gives you the opportunity to save for retirement on a pre-tax or after-tax basis. Over time, the money that you put into your account has the potential to grow. Take a look at the example below of the impact of saving as little as $100 per paycheck.
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.
Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts. The deferred salary is generally not subject to federal or state income tax until it's distributed. However, a 403(b) plan may also offer designated Roth accounts.
What is a 403(b) vs 401(k)? The main difference between the two plans is employment sponsorship. 401(k) plans are generally offered by private, for-profit companies, while 403(b) plans are only available to nonprofit organizations and government employers.
Participation in MyCTSavings is completely voluntary for employees, but mandatory for businesses that don't sponsor a qualified retirement plan and have more than five employees who each earn more than $5,000 in a calendar year.