The New York State Deferred Compensation Plan 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 State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. 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. This booklet briefly describes the New York City Deferred Compensation Plan (NYCDCP), an umbrella program consisting of the 457 Plan and the 401(k) Plan. Easy and convenient way to save for retirement. Who can participate? Yes, for federal and New York state income taxes, but not for FICA.