South Carolina Nonqualified Defined Benefit Deferred Compensation Agreement
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How to fill out Nonqualified Defined Benefit Deferred Compensation Agreement?
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FAQ
The South Carolina Deferred Compensation Program (Deferred Comp) is a voluntary retirement savings program that provides participants an opportunity to supplement their retirement savings through its 401(k) and 457 plans.
Qualified plans are generally established to provide deferred compensation in the form of retirement benefits such as defined benefit plans or defined contribution plans (401(k) plans, profit-sharing, etc). Why the non-qualified plan has a unique nature.
Qualified plans include 401(k) plans, 403(b) plans, profit-sharing plans, and Keogh (HR-10) plans. Nonqualified plans include deferred-compensation plans, executive bonus plans, and split-dollar life insurance plans.
A deferred comp plan is most beneficial when you're able to reduce both your present and future tax rates by deferring your income. Unfortunately, it's challenging to project future tax rates. This takes analysis, projections, and assumptions.
A governmental 457(b) deferred compensation plan (457 plan1) is a retirement savings plan available to state and local governments that allows eligible employees to supplement any existing retirement and pension benefits by saving and investing before-tax or after-tax Roth dollars through a voluntary salary deferral.
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.
Unlike a 401k with contributions housed in a trust and protected from the employer's (and the employee's) creditors, a deferred compensation plan (generally) offers no such protections. Instead, the employee only has a claim under the plan for the deferred compensation.
Deferred compensation plans are essentially agreements your employer makes with you saying that you'll receive compensation at some point in the future. There are two types of deferred compensation plans: nonqualified deferred compensation (NQDC) plans and qualified deferred compensation plans.
Choice. You can contribute to a 401(k) and 457(b) plan and elect to contribute before-tax or choose the Roth option to make after-tax contributions. Variety. You have a wide range of investment options from which to choose.