Deferred Compensation Plan To Ira In San Bernardino
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State:
Multi-State
County:
San Bernardino
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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This is a supplement to the County's Retirement Plan (SBCERA) that allows you to defer a certain portion of your salary. I designate the following beneficiary or beneficiaries in accordance with the 457(b) Deferred Compensation Plan.You can also rollover a partial amount to a qualified retirement plan (IRA) and have the remaining funds paid to you. The CalPERS 457 Plan is a voluntary deferred retirement savings plan that allows you to defer any amount, subject to annual limits, from your paycheck. Statement of Investment Policies and Guidelines for the San Bernardino County 457(b) Deferred Compensation Plan, 401(k). Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. The following districts have selected SchoolsFirst FCU as the Third Party Administrator of their supplemental retirement plans.