Georgia Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees: The Georgia Deferred Compensation Agreement, offered by First Florida Bank, Inc., is a comprehensive program designed to provide key employees with an attractive retirement savings option. This agreement allows eligible employees to defer a portion of their income, thus creating a tax-efficient way to save for retirement. Key Employees: Key employees, as defined by the agreement, are individuals who hold significant positions within the organization and play a vital role in its success. These employees are considered crucial to the long-term growth and profitability of the company. Types of Georgia Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees: 1. Defined Contribution Plan: Under this type of agreement, participating employees have the option to contribute a portion of their salary, up to a certain percentage or dollar limit set by the plan. These contributions are made on a pretax basis, meaning they are not subject to immediate income tax. Instead, taxes are deferred until the funds are distributed in retirement. 2. Matching Contribution Plan: In addition to employee contributions, this agreement offers a matching contribution from First Florida Bank, Inc. Eligible employees who contribute a certain percentage of their salary receive a matching contribution from the bank, up to a predetermined limit. This provides an additional incentive for employees to save for their retirement. 3. Nonqualified Deferred Compensation Plan: This type of agreement is structured to provide greater flexibility in terms of contribution limits and distribution options. It allows key employees to defer a larger portion of their income, not limited by IRS regulations applicable to qualified plans like 401(k)s. However, nonqualified plans do not offer the same tax benefits as qualified plans until distribution. 4. Vesting Options: Georgia Deferred Compensation Agreements may also include vesting options, which determine when and to what extent employees become eligible for the employer's contributions. Vesting schedules typically span a specific number of years, with incremental vesting occurring at predetermined intervals. This incentivizes employees to stay with the company for the long term. By participating in the Georgia Deferred Compensation Agreement, eligible key employees can take advantage of tax-deferred growth on their retirement savings, potentially resulting in significant accumulation over time. However, it is essential for employees to carefully review the terms and conditions of the agreement to determine its fit to their financial goals and objectives. In conclusion, the Georgia Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides a valuable retirement savings opportunity tailored to the unique needs of key employees. With various types of plans and vesting options, employees can take control of their future and be well-prepared for a financially secure retirement.
Georgia Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds. Unlike a check, direct deposit typically doesn't include a hold on the funds from your account.
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).
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The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...
Deferring compensation reduces your current year tax burden, which is valuable for high income earners in top tax brackets. Recognizing deferred compensation income at lower tax brackets when you're retired can save you money on taxes. Choosing to defer income is very difficult to reverse if your circumstances change.
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.
The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.