Deferred Compensation Plan To Ira In Cuyahoga
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State:
Multi-State
County:
Cuyahoga
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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For more information, call . Traditional Pension Plan Member-Directed Plan Combined Plan.Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees. It provides participants with educational tools. Org or call the Service Center at 1-. Please note, stock option income and nonqualified deferred compensation generally do not qualify as retirement income. As a public employee you are required to complete and file this form within 45 days of beginning employment. Please fill out the form in blue or black ink.