Deferred Compensation Plan For Highly Compensated Employees In Nassau
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State:
Multi-State
County:
Nassau
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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Nassau County employees can access their 457b retirement accounts to check balances, view their retirement plan activity and more. The plan must be limited to provide benefits for a select group of management or highly compensated employees.Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. A NQDC plan is a contractual arrangement between a company and a participant—typically an executive, highly compensated executive, HCE, board member, etc. Fill in the information requested. These plans have been dubbed "golden handcuffs'' because they're often used as a retention tool for key talent or highly compensated employees. Welcome to the award winning City of New York Deferred Compensation Plan!