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Deferred compensation plans are an incentive that employers use to hold onto key employees. Deferred compensation can be structured as either qualified or non-qualified under federal regulations. Some deferred compensation is made available only to top executives.
Because 457(b) plans are not governed by the same laws and regulations as 401(k) plans and 403(b) plans, they are considered ?non-qualified? and offer greater flexibility.
You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds. Unlike a check, direct deposit typically doesn't include a hold on the funds from your account.
qualified deferred compensation (NQDC) plan is a type of nonqualifying plan that falls outside the Employment Retirement Security Income Act (ERISA). NQDC plans are also known as 409 (a) plans and golden handcuffs. Employers use such plans to attract and retain key executives and valuable employees.
The Government of Guam 457 Deferred Compensation Plan is a powerful tool to help you reach your retirement dreams. As a supplement to other retirement benefits or savings that you may have, this voluntary Plan allows you to save and invest extra money for retirement ... tax deferred!
Nonqualified deferred compensation provides an excellent way to offer executives additional benefits beyond what's provided for the general employee base. Putting these plans into play may increase your ability to attract and retain top employee talent.
You can process a distribution request by logging in to your account and navigating to Loans & Withdrawals > Taking a Withdrawal > Request a Withdrawal. If you have questions about distributions, call the Service Center at 844-523-2457.
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).