Ohio Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
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How to fill out Adoption Of Nonemployee Directors Deferred Compensation Plan With Copy Of Plan?
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FAQ
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees. It provides participants with educational tools, a diverse set of investment options, flexible savings and withdrawal options, as well as portability when changing jobs within the public sector.
How does SMarT work? By enrolling in the SMarT Plan, your payroll contribution deferral amount will automatically increase each year by the amount you specify (not to exceed the annual limit allowed by law). The amount selected must be a whole number between $5 and $250.
You may withdraw funds from the Program only upon: 1. Ending your employment (including termination, retirement, or death) 2. An Unforeseeable Emergency (as defined by Section 457 of the IRC) 3.
Ohio Deferred Compensation (the Program) is an employer-sponsored supplemental 457(b) retirement plan offered exclusively to all Ohio public employees.
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.
As an OPERS member you have a unique opportunity to contribute to Ohio Deferred Compensation, a 457(b) retirement plan specifically for Ohio public employees. This plan is an easy way to supplement your pension.
Ohio Deferred Compensation (the Program) is an employer-sponsored supplemental 457(b) retirement plan offered exclusively to all Ohio public employees.