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
New Mexico Deferred Compensation Investment Account Plan
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US-CC-20-146
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A: You may obtain your account balance in two ways: 1) Log into your RIO Account and view your account information 24/7; or 2) Call 1-800-342-3422 and follow the instructions on the Interactive Voice Response (IVR) system or stay on the line and speak to a PERA Customer Service Representative.
The plans carry some inherent risk for the employees in that the deferred payments are unsecured and not guaranteed. So if the organization faces bankruptcy and creditor claims, the employees may not receive their promised funds. (In contrast, qualified plans such as 401(k)s are protected from bankruptcy creditors).
Remember, when received, deferred compensation is taxable as income. If you're still employed, it's added to your income, which could increase your tax rate. I advise using a deferred comp plan on a limited basis, if at all, for shorter-term goals.
PERA is a 401(a) qualified government plan governed by the New Mexico Public Employees Retirement Act. A public employer affiliated with PERA must deduct employee contributions each pay period from the employee's wages. These contributions are paid into the PERA member contribution fund.
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.
Deferring income to retirement might help avoid high state income taxes (ex: California, New York, etc) if you're planning to move to a low-tax state. The biggest risk of deferred compensation plans is they're not guaranteed; if your company goes bankrupt, you might receive none of the income you deferred.
Why Is Deferred Compensation Better Than a 401(k)? Deferred compensation is often considered better than a 401(k) for high-paid executives looking to reduce their tax burden. As well, contribution limits on deferred compensation plans can be much higher than 401(k) limits.
Yes, you may borrow a loan from your deferred comp balance.