US Legal Forms
Deferred Compensation Agreement - Long Form

457 Deferred Compensation Plan Withdrawals Nyc In King

Category:

Employment - Compensation

State:

Multi-State

County:

King

Control #:

US-00418BG

Format:

Instant download

Description

The 457 deferred compensation plan withdrawals nyc in King is a key financial agreement designed for employees to defer a portion of their income for retirement benefits, beyond standard pension plans. This agreement facilitates payments post-retirement or offers benefits in the case of death before retirement, ensuring financial security for employees and their beneficiaries. The employer agrees to pay the employee a fixed monthly amount calculated based on certain indices, reflecting potential cost-of-living adjustments. Users must complete relevant sections by providing personal and corporate information, ensuring all parties sign the document. This form is particularly useful for legal professionals, including attorneys, paralegals, and other associates, by providing a legally binding framework for deferred compensation while securing benefits for clients. Understanding the intricacies of the agreement will aid attorneys and paralegals in effectively guiding clients through the retirement planning process. It is critical to noting specifics such as retirement age, monthly payment amounts, and beneficiary designations to avoid any disputes in the future.

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FAQ

Distribution of earnings from the Roth 457 and 401(k) Plan before age 59½ or for a period shorter than five taxable years are subject to all applicable income taxes (Roth 401(k) distribution is also subject to penalties).

The 457 plan is a type of nonqualified, tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pretax or after-tax (Roth) basis.

As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.

The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. This plan is administered by The Office of Labor Relations (OLR).

The 457 Plan's emergency withdrawal provision is for "unforeseeable emergencies" defined as "...a severe financial hardship to a Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in Section 152(a) of the Internal Revenue Code) of the Participant, ...

Client Service Center Information: As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.