Deferred Compensation Form For 2023 In Dallas
Category:
State:
Multi-State
County:
Dallas
Control #:
US-00417BG
Format:
Word;
Rich Text
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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.
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Dallas County offers a Deferred Compensation Program, Nationwide Retirement Solutions, a 457 plan. Sign up and manage your deferred compensation retirement account.The UTSaver Deferred Compensation Program (DCP) is a 457(b) voluntary retirement program that allows you to save additional income for retirement. All distributions are taxable as ordinary income and subject to income tax in the year received. When you are first enrolled as a TRS member, a Designation of Beneficiary form (TRS 15) is mailed to you.