Deferred Compensation Plan In Washington
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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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If you are already enrolled in DCP, do not use this form. The Deferred Compensation Program is a supplemental retirement savings program you control.Resources for your reference are available on this website:. Select "Your Plan Page" from the available options (either from the drop-down list or the box on the Employees page). 3. Employees have the option to participate in a choice of IRS 457 deferred compensation plans - pretax and Roth post-tax options. Every step of the way. The DCP is a 457(b) deferred compensation plan. Use this form only to enroll in the Washington. State Deferred Compensation Program, a 457(b) plan with pretax and Roth contribution options. This is a participation agreement to enroll in the Washington State Deferred Compensation.