Deferred Compensation Plan Withdrawal In Broward
Category:
State:
Multi-State
County:
Broward
Control #:
US-00418BG
Format:
Word;
Rich Text
Instant download
Description
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.
Free preview
Form popularity
More info
When am I eligible to withdraw money from my 457 Plan? Deferred compensation is an enhancement to retirement benefits allowing you to save money for your retirement today and defer income taxes on those savings.Contribution Form and submit it online, or call the Bureau of Deferred Compensation at. If you have an unforeseeable emergency, you may be able to withdraw money from your account as permitted under the IRC Section 457(b).