Louisiana Deferred Comp For State Employees In Fairfax
Category:
State:
Multi-State
County:
Fairfax
Control #:
US-00418BG
Format:
Word;
Rich Text
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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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All current full-time and part-time Louisiana public employees are immediately eligible to participate in the Plan. If you wish to enroll in Deferred Compensation you have 30 days from your date of hire to enroll retroactive to your original date.This booklet is a summary of information for Fairfax County employees retiring on a Normal. Service, Early Service or Deferred Vested Retirement.