Deferred Compensation Plan Withdrawal In Wayne
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State:
Multi-State
County:
Wayne
Control #:
US-00418BG
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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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Employees need to contact Wayne County Retirement prior to last day of employment to complete the "WCERS Deferred Compensation Plan – Change Request Form". You will need to contact either your service provider or the Pensions and Investments Division for the appropriate forms.For Participants automatically enrolled in the same Plan Year as the first Change Date, the increase will apply as of the second Change. Date thereafter. (j). Such excess salary deferral amounts and "catch-up contributions" be returned to you. You may keep your contributions in the Plan and continue to build savings for retirement. Wayne County has a 5 year contract with Mass Mutual Life Insurance Company to administer the Wayne County deferred compensation plan.