Idaho Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees offers a comprehensive package designed to help employees save for their retirement while enjoying potential tax advantages. This agreement is specifically tailored for key employees, recognizing their significant contributions and aiming to further solidify their commitment to the organization. The Idaho Deferred Compensation Agreement is available to eligible employees who meet certain criteria set by First Florida Bank, Inc. This program empowers employees to defer a portion of their income, allowing them to build a nest egg for the future. Key Features: 1. Tax Advantages: The Idaho Deferred Compensation Agreement offers significant tax advantages, as the funds contributed by employees are exempt from federal and state income tax until they are withdrawn. This allows employees to maximize their savings potential and potentially lower their current tax liabilities. 2. Flexibility: Employees have the freedom to choose the percentage of their income they want to defer, offering a flexible approach to retirement planning. This allows employees to adapt their contributions as per their changing financial situation. 3. Investment Options: First Florida Bank, Inc. provides a range of investment options tailored to match individual employee preferences. These options encompass various asset classes, including equities, bonds, and mutual funds, offering employees the opportunity to diversify their portfolio and potentially maximize returns. 4. Matching Contributions: In some cases, First Florida Bank, Inc. may offer matching contributions to encourage employees to save for retirement. These matching contributions are subject to specific terms and conditions outlined in the agreement. 5. Portable Account: The Idaho Deferred Compensation Agreement enables employees to maintain their account even if they change employers, ensuring that their retirement savings remain intact. This portability feature provides peace of mind and promotes long-term financial stability. It's worth noting that there may be variations of the Idaho Deferred Compensation Agreement based on employee tenure, position, or specific compensation elements. These variations may include additional benefits, such as enhanced matching contributions, increased investment options, or specific vesting schedules. To determine the specific details and options available to key employees, it is recommended to consult the official plan document or reach out to the designated HR contact at First Florida Bank, Inc. The Idaho Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees acts as a powerful tool in attracting and retaining talented individuals who drive the success of the organization. By offering a comprehensive retirement savings plan with tax advantages and flexible features, First Florida Bank, Inc. demonstrates a commitment to the financial well-being of its key employees.
Idaho Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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The Plan supplements any retirement benefits offered by the Florida Retirement System (FRS) and the Social Security Administration (SSA). Participants may defer a portion of their income, through a payroll deduction each pay period, to be invested and sheltered from taxation until withdrawn after separation of service.
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 ...
Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.
Simply print, sign, and send a completed Participant Action Form (PAF) to the Bureau of Deferred Compensation via email (DeferredCompensation@MyFloridaCFO.com), fax (850-488-7186), or mail (200 East Gaines Street, Tallahassee FL, 32399-0343).
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member.
Contributions cannot exceed 80% of a Participant's paycheck. The maximum contribution limits for 457b retirement plans are determined by the Internal Revenue Service and are updated yearly.
Key Takeaways. 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.