Louisiana Deferred Comp Withdrawal In Massachusetts
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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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The Massachusetts Deferred Compensation SMART Plan is a voluntary retirement savings program. Log in to your SMART Plan Account here.The DROP provides a way for members who are eligible to retire to continue working while receiving a retirement benefit. Simply complete the enclosed enrollment form and submit it to your employer. Please read through your options then fill out Section A of the enclosed application completely. Prior to enrolling in the SMART Plan, contact human resources, your local SMART Plan office at. NYS Pension Taxation Requirements By State. Will Your NYS Pension be Taxed If You Move to Another State?