Deferred Agreement Sample For 401k In Virginia
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State:
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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This Agreement is effective as of the next enrollment or change date as provided for in the current Plan Document. Wage employees can complete this form to enroll in the Commonwealth of Virginia 457 Deferred Compensation Plan.A deferred compensation agreement is an agreement between a company and an employee that withholds paying some of the employee's salary. An example found in the regulations points out that if the participant elects to utilize the limited catch-up for only one taxable year before normal retirement. All forms are fillable and ready for download and printing. For further assistance please contact Participant Services: VRS-DC-PLAN1 ), select option 1. You must fill out a Deferred Salary Agreement Form for each employer you work for, even if you have already completed a form. The Deferred Salary Agreement.