Deferred Compensation Plan For Self Employed In Pennsylvania
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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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1.Log in to your online Defined Contribution Plan account. Your "deferred comp plan" offers a simple, flexible way for you to save for retirement.A nonqualified deferred compensation plan can reduce your taxable income, but there are risks to consider. Deferred compensation refers to money received in one year for work performed in a previous year often many years earlier. 457(b) Deferred Compensation Plan. VALIC. Contact Information: 1-.