Louisiana Deferred Comp Form 2023 In Virginia
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State:
Multi-State
Control #:
US-00418BG
Format:
Word;
Rich Text
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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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Wage employees can complete this form to enroll in the Commonwealth of Virginia 457 Deferred Compensation Plan. If you are a salaried employee (i.e.The maximum you can contribute is up to 100 percent of includible compensation. Most eligible employees can enroll online after registering their DCP Account. For a fiscal or short tax year return, fill in the tax year space at the top of the form. To Have Forms Mailed to You. To have PERS mail you a form, fill out the contact information below and then select the box to the left of your desired form. The Commonwealth of Virginia. 457 Deferred Compensation. A 457 deferred compensation plan allows you to save money directly from your paycheck for retirement, and offers tax benefits and different investment options.