Deferred Compensation Plan For Self Employed In Fairfax
Category:
State:
Multi-State
County:
Fairfax
Control #:
US-00418BG
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Word;
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Description
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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To request a form, contact the Deferred Compensation Help Desk at . Deferred Compensation (457 Plan) - This plan is designed to complement the Defined Benefit Plan and to help you plan for a financially secure retirement.The plan, available through your employer, allows you to save for retirement on a tax-deferred basis through convenient payroll deductions. You can start saving for your financial future from the first day of employment through the Commonwealth of Virginia. Preferred Insurance provides Nonqualified Deferred Compensation Plans for Fairfax and all of Virginia. Deferred Compensation (457) Plan. The Town of Vienna has adopted and implemented an optional deferred compensation plan for all full-time, permanent employees.