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
Wyoming Deferred Compensation Investment Account Plan
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US-CC-20-146
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FAQ
If individuals enrolled in a pension plan leave employment before vesting, they are only entitled to receive back their own contributions.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
For most people, that amounts to at least five years of CalPERS-credited service. But there are a few other factors involved. To be vested, you must actually meet two requirements: age and service credit.
What is a deferred compensation plan? A deferred compensation plan is another name for a 457(b) retirement plan, or ?457 plan? for short. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.
If you are vested in WRS (generally 48 or more months of service credit), you must also complete a Vested Response Form.
The benefits are financed by a combination of employer contributions, employee contributions, and investment earnings. Contributions typically are pooled among all employees and invested, with investment decisions made by professional asset managers overseen by trustees. Employees contribute 7% of salary to WRS.
Under the Rule of 85, you are eligible for retirement benefits without a reduction if your age plus your years of service in WRS equal 85 or more. The Rule of 85 is valuable because it enables you to receive an unreduced retirement benefit sooner than the eligibility age that otherwise applies.
The 457 plan is an IRS-sanctioned, tax-advantaged employee retirement plan. The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year.