Louisiana Deferred Comp Withdrawal In Kings
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State:
Multi-State
County:
Kings
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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The DROP provides a way for members who are eligible to retire to continue working while receiving a retirement benefit. You can participate in DROP for up to 36 months.Contact Deferred Compensation at 1- to begin your distribution after separation. You are eligible to enroll immediately following your date of hire. Enrollment. This chapter outlines the steps to be taken when a member applies for retirement with the Deferred Retirement Option Plan (DROP). A 457(b) plan is a tax-deferred retirement savings plan. Funds are withdrawn from an employee's income without being taxed and are only taxed upon withdrawal.