Deferred Compensation Plan In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-00418BG
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Word;
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Description
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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Sign up and manage your deferred compensation retirement account. The Plan consists of the provisions set forth in this plan document and is applicable to the Employer and each.Employee who elects to participate in the Plan. Selecting to stop contributions will require the completion of a new participation agreement to restart your contributions to the deferred compensation plan. Then, complete line 3 of Form W-4P and submit the form to your payer. Note. A deferred comp plan can help bridge the gap between what you have in your pension and Social Security, and how much you'll need in retirement. The PLAN consists of the provisions set forth in this document, and is applicable to each PUBLIC EMPLOYEE who participates in the PLAN. It is available on the Benefits website as well as Meritain's member portal, where you can submit it online.