Deferred Compensation Plan For Executives In Orange
Category:
State:
Multi-State
County:
Orange
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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WHEREAS, the County of Orange sponsors the Deferred Compensation Plan for. A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services.You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. These plans allow employees to defer a portion of their compensation on a pretax basis into an account that is later taxed upon withdrawal. Deferred compensation is a financial arrangement where employees can elect to receive a portion of their income at a later date, typically during retirement.