Ohio Deferred Comp Withdrawal In Miami-Dade
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State:
Multi-State
County:
Miami-Dade
Control #:
US-00418BG
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Word;
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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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To request a withdrawal from your account, please download and print the 457 Deferred Compensation Benefit Withdrawal Packet. To complete the withdrawal form, the former employee must also have employer authorization.Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees. It provides participants with educational tools. You may withdraw funds from the Program only upon: 1. Ending your employment (including termination, retirement, or death). 2. In a 457 account, like Ohio DC, you can withdraw your funds, penalty-free, after terminating employment with your employer. As a public employee you are required to complete and file this form within 45 days of beginning employment. Please fill out the form in blue or black ink. Sign up and manage your deferred compensation retirement account.