457 Deferred Compensation Plan Withdrawals Nyc In Contra Costa
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State:
Multi-State
County:
Contra Costa
Control #:
US-00418BG
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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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The County offers a voluntary Deferred Compensation Plan in accordance with Section 457 of the Internal Revenue Code. The Contra Costa County Employees' Retirement Association ("CCCERA") invites organizations to submit proposals on providing IRC 457(b) Deferred.Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. A 457(b) plan is a tax-deferred retirement savings plan. Funds are withdrawn from an employee's income without being taxed and are only taxed upon withdrawal.