Deferred Compensation Form For 2023 In North Carolina
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Multi-State
Control #:
US-00417BG
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Word;
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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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319457-Choosing to Transfer NC Deferred Compensation (457) Plan Contribs for an Additional Monthly Benefit. Phone: .The State offers low-fee, tax-deferred programs to provide a way to save money to supplement retirement income. Form D-400 Schedule S, 2023 N.C. Adjustments for Individuals. The 457(b) is a supplemental retirement plan that allows employees to set aside payroll-deducted contributions on a pre or after-tax basis. Complete an NC 457 Deferred Compensation. Plan Enrollment Form (forms and instructions are available on the website). 3. PURPOSE. Form NC-4P is for North. Carolina residents who are recipients of income from pensions, annuities, and certain other deferred compensation plans. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.