Deferred Compensation Plan For Executives In New York
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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. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan.The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. The Plan offers you an opportunity to defer the payment of. Federal and New York State income taxes on your Plan account until as late as April 1 of the year. An executive deferred compensation plan allows highincome employees to put off paying taxes on part of their income until retirement. Deferred compensation plans allow the participant to defer income today and withdraw it at some point in the future (usually upon retirement)