Deferred Compensation Plan Withdrawal In Salt Lake
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Multi-State
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Salt Lake
Control #:
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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Salt Lake City, Utah 84110-1590. or .Use this form to request a withdrawal of vested funds from your Utah Retirement Systems (URS) 401(k) Plan. A 457(b) plan is a tax-deferred retirement savings plan. Funds are withdrawn from an employee's income without being taxed and are only taxed upon withdrawal. There is an exception; if you have the Premium Only sub-account, you can be reimbursed from that sub-account for insurance premiums in the same tax year you. If you have any questions about completing this form, or about applying for a withdrawal on your own behalf, please contact Carolina Lopez at . Former employees and retirees may withdraw funds (or roll funds out of the plans) after their university employment has been terminated for 32 or more days. Deferred compensation packages allow employees to allocate a portion of their income for future use, typically during retirement.