Louisiana Deferred Comp Withdrawal In Houston
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State:
Multi-State
City:
Houston
Control #:
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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The City of Houston 457 Deferred. Compensation Plan is a powerful tool to help you reach your retirement dreams.With the tax-deferred 457 plan, your money goes into your account before taxes come out of your check. The withdrawals are also subject to state income tax. Once you terminate service (e.g. A deferred retirement option plan, or DROP, is a way for an employee who would otherwise be eligible to retire to keep working. DROP is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary. In order to qualify for an unforeseeable emergency withdrawal, your situation must meet one of the Internal Revenue Service. For more information on loans, contact the. Louisiana Deferred Compensation Plan at .