Deferred Compensation Form For Small Business Owners In Pima
Category:
State:
Multi-State
County:
Pima
Control #:
US-00417BG
Format:
Word;
Rich Text
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Description
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. Pima County offers two voluntary deferred compensation retirement plans.Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. Description: Provide the name of the employer and write "deferred compensation. Deferred compensation allows employees to defer payment of an agreed-upon portion of their earned income to a future date, usually retirement. A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. An NQDC plan must file an annual Form 5500 unless a registration statement is filed with the DOL.