Deferred Compensation Form For Nonprofit Executives In Illinois
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Multi-State
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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Download any State of Illinois Deferred Compensation Plan form now using Acrobat Reader. These forms allow data to be typed into the form and saved.You must complete this form no later than the end of the month prior to whichever month that your lump sum will be processed. From my lump sum payout on the. Contact Central Management Services (CMS) at. 1- for information on how to name your beneficiary. An executive deferred compensation plan allows highincome employees to put off paying taxes on part of their income until retirement. The SURS Deferred Compensation 457 Plan (also known as the SURS DCP) is an investment plan available to all actively contributing SURS members. Internal Revenue Code Section 457 provides taxadvantaged treatment for certain nonqualified deferredcompensation plans. A 457(b) plan is a tax-deferred retirement savings plan.