Nys Deferred Comp Withdrawal Age In Kings
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State:
Multi-State
County:
Kings
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 Plan will also calculate and send your Required Minimum Distribution after you turn age 70½, if your systematic withdrawals are less than required. If you're turning age 72 in 2023 and have already scheduled your withdrawal, you can postpone your first RMD until you turn age 73.Benefit payments must begin at age 73 or upon termination of employment from the employer that participates in the Plan, whichever is later, under the Required.