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
Pennsylvania Deferred Compensation Investment Account Plan
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US-CC-20-146
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FAQ
Income deferred under programs authorized by this act shall be currently subject to taxes imposed on income and/or wages by this Commonwealth and its local taxing authorities and such income shall be included as regular compensation for the purpose of computing the amount of such taxes to be withheld and/or paid.
Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.
Deferred Compensation 457 Plan Your 457 Plan offers a simple, flexible way for you to save for retirement. With it's powerful pretax and Roth saving features, investment options and planning resources, you can work toward replacing your working income in retirement - for life.
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.
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.
The form you use to request a withdrawal from your account will be determined by the type of withdrawal you want to make. In most cases, you can access and submit your form in your online deferred comp account or mobile app.
?Deferred comp? makes it easy to set aside more money for retirement by allowing you to have some of your pay automatically deducted on a pre-tax basis and invested. You select the amount you want to invest, from as little as $5 per pay to no more than $22,500 per year, which is the IRS limit for 2023.
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.