Illinois Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
Key Takeaways. A SERP is a non-qualified retirement plan offered to executives as a long term incentive. Unlike in a 401(k) or other qualified plan, SERPs offer no immediate tax advantages to the company or the executive. When the benefits are paid, the company deducts them as a business expense.
The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis.
Deferred Compensation Plans Versus 401(k)s and IRAs The distributions later will be subject to income taxes. Unlike a 401(k) or traditional IRA, there are no contribution limits for a deferred compensation plan. The 401(k) plan contribution limits for 2023 are $22,500, or $30,000 if you are 50 or older.
The State of Illinois Deferred Compensation Plan (?Plan?) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals.
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.
In general, deferred compensation plans allow the participant to defer income today and withdraw it at some point in the future (usually upon retirement) when taxable income is likely to be lower. Like 401(k) plans, participants must elect how to invest their contributions.
You can request a loan by logging in to your DCP account, completing a Loan Application Form, or calling the Service Center at 844-523-2457.
The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year. The interest and earnings in the account are not taxed until the funds are withdrawn.