Deferred Compensation Form For Independent Contractors In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00417BG
Format:
Word;
Rich Text
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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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Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan.A payer reports to a nonemployee the total amount of deferrals for the year under a nonqualified deferred compensation plan in box 15a of Form 1099-MISC. For assistance with completing forms and documents, please contact your financial professional or Franklin Templeton. Retirement Services at . The first step is to have the contractor complete Form W9, Request for Taxpayer Identification Number and Certification.