Deferred Compensation Plan To Ira In Allegheny
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State:
Multi-State
County:
Allegheny
Control #:
US-00418BG
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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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Community College of Allegheny County offers this plan as part of workplace benefits. This information about pension checks, benefit summaries and forms helps current and former Plan members manage their pension benefits.These programs allow employees (and paid elected officials) to defer dollars into a retirement plan. 1.Log in to your online Defined Contribution Plan account. To make a change to your contribution rate and save the most you can, complete the attached salary reduction form and return it to your payroll department. Set aside money towards their retirement. A unique opportunity to participate in a Deferred Compensation Plan that serves as an outstanding avenue for employees to save for retirement. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.