Deferred Compensation Plan In Wayne
Category:
State:
Multi-State
County:
Wayne
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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Deferred Pay for 9 month faculty is where your wages are earned over 9 months (20 pays) but the payment of these wages is spread over 12 months (26 pays). Employees need to contact Wayne County Retirement prior to last day of employment to complete the "WCERS Deferred Compensation Plan – Change Request Form".Sign up and manage your deferred compensation retirement account. WHEREAS, there is no direct financial cost to the Employer to adopt and implement both a Deferred Compensation Plan and. What does it cost to participate in the Plan?