Rhode Island Proposed Additional Compensation Plan with copy of plan
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How to fill out Rhode Island Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
State of Rhode Island 457(b) Deferred Compensation Plan A 457(b) plan allows eligible employees to defer compensation to the future, lowering current taxable income and offering potential tax-deferred growth.
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.
* Applicable to most State employees hired on or after 7/1/2012. Contribution rate (percent of salary): 5% from employee, 1% from employer.
Deferred compensation plans are an incentive that employers use to hold onto key employees. Deferred compensation can be structured as either qualified or non-qualified under federal regulations. Some deferred compensation is made available only to top executives.
If you leave your job and terminate employment with a participating employer but are vested in the system (currently 5 years of contributing service), you may begin collecting your pension benefit when you meet your retirement eligibility criteria ? as long as you do not withdraw your contributions.
Section 457 plans are nonqualified, unfunded deferred compensation plans established by state and local government and tax-exempt employers.
As compared to a 401K plan, an NQDC offers less flexibility when it comes to withdrawals. There's no RMD (required minimum distribution), but you're bound to distribution elections made prior to contributions being made. You can sometimes change these elections, but it results in a five-year delay.
There are two types of deferred compensation plans: non-qualified and qualified. Non-qualified deferred compensation plans are also referred to as Section 409A or NQDC plans. Deferred compensation plans are not required for all employees.