Deferred Compensation Plan In Retirement In Cook
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State:
Multi-State
County:
Cook
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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Cook County offers a Section 457 deferred compensation plan as a tax-deferred method for you to save for retirement. You will need your Social Security Number and PIN to enroll in the Plan online.A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. Please schedule a local office in-person appointment or call us at 1-. Please call for assistance. Beneficiary Information. If you would like to confirm or update your beneficiary information, please visit our website at CookCountyDC. Some deferred compensation contracts provide that benefits are payable immediately if an employee dies or becomes disabled during the eligibility period. If there are multiple beneficiaries, each must complete a copy of this form. Not all options are available for non-spousal beneficiaries.