Ohio Deferred Comp Hardship Withdrawal In Fairfax
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State:
Multi-State
County:
Fairfax
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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In a 457 account, like Ohio DC, you can withdraw your funds, penalty-free, after terminating employment with your employer. This booklet is a summary of information for Fairfax County employees retiring on a.Normal Service, Early Service or Deferred Vested Retirement. The 457(b) Deferred Compensation Retirement Savings Plan lets you set aside pre-tax dollars to save for retirement. You may withdraw funds from the Program only upon: 1. Ending your employment (including termination, retirement, or death). 2. The installation PM, DES, and. CID offices then send the DA Form 4833 to the subject's unit commander for completion; they also copy furnish the.