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Deferred Compensation Investment Account Plan

Exhibit Form

Name: Deferred Compensation Investment Account Plan
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.67 (395 reviews)

Category:

Corporations - Public - Incentive Compensation Plans

State:

Multi-State

Control #:

US-CC-20-146

Format:

Instant download

Description

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

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FAQ

Peter, with that much income, a deferred-compensation plan is definitely worth considering. Unlike a 401(k) or other qualified plan, that $50,000 remains an asset of the company.The plan may allow you to direct the investment of the funds, but it is still technically part of the company's assets.

To help manage the risk, Mr. Reeves suggested limiting deferred compensation to no more than 10 percent of overall assets, including other retirement accounts, taxable investments and even emergency cash funds. Typically, employees must choose how much to defer and when they would like to receive the payout.

You Can Max out Both a 457 and a Roth IRA If tax rates are a lot higher when you retire, you will have significantly benefited from your Roth IRA because your withdrawals are tax-free. If tax rates are lower when you retire, your 457 will have been the more tax-efficient account.

You can transfer or roll over assets tax-free from your 457 plan to a traditional IRA as often as you want after you leave your job. However, your plan may require you to move your balance to your new employer's 457 if you change jobs.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump-sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, retirement plans, and employee stock options.

Deferred compensation plans can be a great savings vehicle, especially for employees who are maximizing their 401(k) contributions and have additional savings for investment, but they also come with lots of strings attached.Like 401(k) plans, participants must elect how to invest their contributions.

Early Withdrawals from a 457 Plan (Notice I said former). By rolling into the IRA, you lose the ability to cash out early to avoid the penalty in case you need access to your funds. There is no penalty for an early withdrawal, but be prepared to pay income tax on any money you withdraw from a 457 plan (at any age).

If you invest in a 457(b) plan, you'll have access to certain advantages like tax-deferred growth and the opportunity to choose how to invest funds. There are also potential disadvantages to keep in mind, including fees that may be higher than other types of investments and no employer match.

That said, if you are happy with your employer's financial situation, the NG-457 offers good investment options, AND the distribution options are reasonable2026 then this may be a good way to fill the gap before age 59.5 when you can access your 401K/403B.

Exhibit Form

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Are deferred compensation plans worth it?

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Is a 457 plan better than an IRA?

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