Massachusetts Nonqualified Defined Benefit Deferred Compensation Agreement
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How to fill out Massachusetts Nonqualified Defined Benefit Deferred Compensation Agreement?
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FAQ
The Massachusetts Deferred Compensation 457 SMART Plan is a retirement savings program available for Commonwealth of Massachusetts state and municipal employees. Eligible employees can save and invest before-tax and after-tax dollars through salary deferrals into our wide array of low fee investments options.
There is no penalty for an early withdrawal, but be prepared to pay income tax on any money you withdraw from a 457 plan (at any age). Just like other retirement plans, you do need to start taking distributions from your 457 plan by the age of 70 and a half years old.
When you retire or separate from service, you can leave your assets in the Plan until you are ready to make a decision about when and how to receive your distribution. Or you may decide to begin receiving distributions immediately. Withdrawals are processed once separation of service is verified.
Unlike other retirement plans, under the IRC, 457 participants can withdraw funds before the age of 59½ as long as you either leave your employer or have a qualifying hardship. You can take money out of your 457 plan without penalty at any age, although you will have to pay income taxes on any money you withdraw.
NQDC plans (sometimes known as deferred compensation programs, or DCPs, or elective deferral programs, or EDPs) allow executives to defer a much larger portion of their compensation and to defer taxes on the money until the deferral is paid.
You can withdraw less than 100% of your SMART Plan balance as a partial lump-sum payment after severance of employment and then also elect a periodic payment option for the remaining balance. This option allows you to keep your remaining balance in the investment options available under the SMART Plan.
qualified deferred compensation (NQDC) plan allows a service provider (e.g., an employee) to earn wages, bonuses, or other compensation in one year but receive the earningsand defer the income tax on themin a later year.
NQDC plans allow corporate executives to defer a much larger portion of their compensation, and to defer taxes on the money until the deferral is paid. You should consider contributing to a corporate NQDC plan only if you are maxing out your qualified plan options, such as a 401(k).
Qualified plans allow employees to put their money into a trust that's separate from your business' assets. An example would be 401(k) plans. Nonqualified deferred compensation plans let your employees put a portion of their pay into a permanent trust, where it grows tax deferred.
To apply for a CARES Act withdrawal, please contact the SMART Plan office at 877-457-1900, to request a Coronavirus-Related Withdrawal form.