Louisiana Deferred Comp For 2023 In Hillsborough
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State:
Multi-State
County:
Hillsborough
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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If you wish to enroll in Deferred Compensation you have 30 days from your date of hire to enroll retroactive to your original date. Find your employer's plan.To the Employee: Use this form to make changes in the amount of your deferral to your ICMA-RC 457 Deferred Compensation Plan. Participants of the Florida Deferred Compensation Plan may now make 457b Pre-Tax and 457b Roth payroll contributions. A 457 deferred compensation plan allows you to save money directly from your paycheck for retirement, and offers tax benefits and different investment options.