New York State Deferred Compensation Plan Terms Of Withdrawal 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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. Also in this handbook you'll find an overview of the other benefits available to you including retirement plans, tax-deferred annuity plans, the New York.Beneft payments may be made in the form of a full withdrawal, partial withdrawals or periodic payments.