The New York State Deferred Compensation Plan In Virginia
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Multi-State
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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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A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services. The Commonwealth of Virginia.457 Deferred Compensation. This document provides an introduction to the process and instructions to complete this Request for Proposal (RFP). Objectives. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan. The plan, available through your employer, allows you to save for retirement on a tax-deferred basis through convenient payroll deductions. Deferred compensation plan distributions contributions subject to out of state taxation. Topic. Subtractions and Exclusions. You are eligible for the VRS Hybrid Retirement Plan if your membership date is on or after.