Deferred Compensation Form For Nonprofit Executives In Cook - Deferred Compensation Agreement - Short Form

State:
Multi-State
County:
Cook
Control #:
US-00417BG
Format:
Word
Instant download

Description

Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise. Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
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Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. Do not complete this Enrollment Form if you are already enrolled in the 457 or 401(k) Plan and wish to elect Roth (after-tax) deferrals.Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. Some deferred compensation contracts provide that benefits are payable immediately if an employee dies or becomes disabled during the eligibility period. Non-profit hospitals and other tax-exempt organizations are required to begin using the Form 990 (and most of the schedules) for the 2008 tax year.

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Deferred Compensation Form For Nonprofit Executives In Cook