New York State Deferred Compensation Plan Investment Options In Michigan
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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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. Your employees can invest in the 457 Plan, which offers a wide range of low-cost investment options.What is the Self-Managed Account? Submit the In-Service Distribu- tion Form, along with a copy of the buyback statement from your pension system, to the Deferred Compensation Plan's. This booklet describes the University of Michigan 457(b). Deferred Compensation Plan. 457(b) Deferred Compensation Plan. Exciting new features are being added to the State of Michigan. 401(k) and 457 Plans.