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
Maine Deferred Compensation Investment Account Plan
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US-CC-20-146
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How to fill out Deferred Compensation Investment Account Plan?
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FAQ
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).
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
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.
Deferred compensation has the potential to increase capital gains over time when offered as an investment account or a stock option. Rather than simply receiving the amount that was initially deferred, a 401(k) and other deferred compensation plans can increase in value before retirement.
The 457 plan is an IRS-sanctioned, tax-advantaged employee retirement plan. 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.
You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59½, depending on when you leave your job.
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.
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.