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
Puerto Rico Deferred Compensation Investment Account Plan
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US-CC-20-146
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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.
In simple terms, a qualified retirement plan is one that meets ERISA guidelines, while a nonqualified retirement plan falls outside of ERISA guidelines. Some examples: Qualified plans include 401(k) plans, 403(b) plans, profit-sharing plans, and Keogh (HR-10) plans.
Treatment of U.S. Territories under Title I of ERISA. For purposes of ERISA Title I, the term United States includes the U.S. territories. Even though the IRC doesn't apply within the U.S. territories, the following ERISA Title 1 requirements do: Minimum participation. Vesting and funding rules.
All plans that have participants in Puerto Rico must file Form 480.70 with the Hacienda. Since ERISA Section 1022(i)(2) plans and dual-qualified plans are not exempt from excise taxes, Form 5330 must be filed, where applicable.
"Dual-qualified" plans have U.S. domestic trusts that cover Puerto Rican employees and qualify under both the Puerto Rico Code and the Internal Revenue Code to provide the Puerto Rican participants with favorable tax benefits.
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.
only plans are generally subject to the provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA) and the corresponding regulatory authority of the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor.
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.