Deferred Compensation Plan In Retirement 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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Please schedule a Local Office: In-Person Appointment or call us at 1-. The City of Chicago offers a Section 457 deferred compensation plan.A deferred comp plan can help bridge the gap between what you have in your pension and Social Security, and how much you'll need in retirement. The State of Illinois Deferred Compensation Plan is a supplemental retirement program for State employees. The City of Chicago Deferred Compensation plan provides multiple distribution options to provide flexibility when determining how and when you receive funds. Participating in the Deferred Compensation Plan can help supplement retirement planning, and will not reduce any other University benefits. Submit an original or certified copy of the death certificate and a copy of your driver's license, with this form. 457(b) Deferred Compensation Plan. Learn how to start investing and find out which options are available for this plan.