The CalPERS 457 Plan is a voluntary deferred retirement savings plan that allows you to defer any amount, subject to annual limits, from your paycheck on a pre-tax and/or Roth after-tax basis.
The 3-Year Catch–up provision allows employees who are close to retirement to make contributions up to twice the regular contribution limit.
Receiving your deferred compensation in installments over several years can reduce your tax bill, because the smaller installment payments will typically be taxed at a lower rate than a larger lump-sum payment will be.
A deferred revenue journal entry is a financial transaction to record income received for a product or service that has yet to be delivered. Deferred revenue, also known as unearned revenue or unearned income, happens when a customer prepays a company for something.