Deferred Compensation Plan In Bronx
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State:
Multi-State
County:
Bronx
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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You will need your Social Security Number and PIN to enroll in the Plan online. The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions.A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. The New York City Deferred Compensation Plan is a voluntary program that allows city employees to set aside a portion of their salary for retirement.