Deferred Compensation Plan For Highly Compensated Employees In Florida
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Multi-State
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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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This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. The plan must be limited to provide benefits for a select group of management or highly compensated employees.The Florida Deferred Compensation Plan is available to help State employees bridge the savings gap. This Division of Retirement Employer Handbook is intended for the employers of members of the FRS Pension Plan or the FRS Investment Plan. Fill in the information requested.