Deferred Compensation Plan Examples In Chicago
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State:
Multi-State
City:
Chicago
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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1.12. "Deferred Compensation" means as to a Participant the amount of Deferral Contributions, Rollover. Sign up and manage your deferred compensation retirement account.Wondering if a deferred compensation plan is right for you? The SURS Deferred Compensation 457 Plan (also known as the SURS DCP) is an investment plan available to all actively contributing SURS members.