Washington Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan

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Multi-State
Control #:
US-CC-14-175F
Format:
Word; 
Rich Text
Instant download

Description

This is an Adoption of a Non-Employee Director's Deferred Compensation Plan form, to be used across the United States. It is to be used when the Shareholders or Directors of a corporation feels that there is a need to defer the compensation received by a Director, for a specified reason. This form is to be modified to fit your individual needs.
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  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
  • Preview Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan

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FAQ

Fill out and submit a Rollover/Plan Transfer Contribution Form. Contact your previous provider to initiate a rollover (you may need the DCP to sign off or provide a letter). Contact a DCP Local Retirement Counselor if you have questions or need any assistance.

Most 457(b) plans allow a direct rollover. In this scenario, the retirement funds are transferred directly from your old account to another retirement plan. In an indirect rollover, you would receive a check for the amount in your 457(b) plan.

Primary Beneficiary: A person or trust you name to receive your DCP account in the event of your death. If you name multiple primary beneficiaries and any of them die before you, the percentage such beneficiary would have received will be divided equally among your surviving primary beneficiaries.

A deferred compensation plan can be qualifying or non-qualifying. Qualifying plans are protected under the ERISA and must be drafted based on ERISA rules. While such rules do not apply to NQDC plans, tax laws require NQDC plans to meet the following conditions: The plan must be in writing.

But there are downsides to NQDC plans. For example, unlike 401(k) plans, you can't take loans from NQDC plans, and you can't roll the money over into an IRA or other retirement account when the compensation is paid to you (see the graphic below).

If you leave your company or retire early, funds in a Section 409A deferred compensation plan aren't portable. They can't be transferred or rolled over into an IRA or new employer plan. Unlike many other employer retirement plans, you can't take a loan against a Section 409A deferred compensation plan.

The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.

If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.

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Washington Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan