Nys Deferred Comp Withdrawal In Maryland
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Multi-State
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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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You will need to contact either your service provider or the Pensions and Investments Division for the appropriate forms. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan.By completing the Form 5, you are terminating your membership in the Maryland State. 6.14.15 Please attach your filled out New York State Deferred Compensation Plan Vendor Responsibility.