New York State Deferred Compensation Plan Annual Report In Mecklenburg
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State:
Multi-State
County:
Mecklenburg
Control #:
US-00418BG
Format:
Word;
Rich Text
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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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan.Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. You can review the plan documents, policies, reports, and disclosures for the NC 401(k) and NC 457 Plans on the Supplemental Retirement Board of Trustees' page. Retirement plan guides for all Department of Retirement System plans including rules and benefit information for Washington State DRS pension customers. Each VRS member has an account consisting of member contributions plus interest credited at an annual rate of four percent.