Deferred Compensation Examples In Orange
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State:
Multi-State
County:
Orange
Control #:
US-00417BG
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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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You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. The New York City Deferred Compensation Plan has been with you throughout your working life and can continue with you throughout retirement.Deferred compensation allows employees to defer payment of an agreed-upon portion of their earned income to a future date, usually retirement. This program allows County of Orange employees to supplement their existing retirement or pension benefits, including. The Orange County Transportation Authority's Deferred Compensation Plan and related Revenue Reimbursement Account, funded through plan participant.