Wisconsin Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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FAQ
Through the WDC program employees can invest a portion of their income for retirement either on a pre-tax or post-tax (Roth) basis or a combination of both. Participation in the program is voluntary; employees make the entire contribution. There is no employer match.
The biggest is that any contributions the company makes to a plan aren't deductible until the employee receives the compensation. That may affect some tax planning for companies. The plans carry some inherent risk for the employees in that the deferred payments are unsecured and not guaranteed.
The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...
For most people, the maximum amount you can save in your WDC account in 2023 is $22,500. However: People age 50 or older can make annual catch-up contributions.
Deferred compensation plans don't have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
Taking Money from Your WRS Account There are 3 ways to take money from your WRS account: Retirement Benefit: you may apply for a retirement benefit once you have terminated all WRS employment, reached the minimum retirement age for your employment category, and are vested.
For most people, the maximum amount that can be saved in a WDC account in 2023 is $22,500. However: If you are age 50 or older you can make annual catch-up contributions.