The Louisiana Deferred Compensation Agreement offered by First Florida Bank, Inc. is a specialized benefit plan designed specifically for key employees in the state of Louisiana. This agreement allows eligible individuals to defer a portion of their current compensation to be received at a later date, usually upon retirement or termination of employment. One type of Louisiana Deferred Compensation Agreement is the "Tax-Deferred Investment Plan." Under this plan, eligible key employees can choose to have a certain percentage of their compensation deferred into an investment account, allowing it to grow on a tax-deferred basis. The funds can be invested in a range of investment options, such as stocks, bonds, mutual funds, or other authorized investment vehicles. Another type of Louisiana Deferred Compensation Agreement is the "Cash Deferred Compensation Plan." This plan allows eligible key employees to defer a portion of their compensation into a cash account, which will not be accessible until a specified future date. By deferring compensation, employees can potentially reduce their current tax burden and enjoy the benefits of income tax deferral. The Louisiana Deferred Compensation Agreement aims to provide key employees with increased flexibility in managing their compensation and retirement planning. By deferring compensation, employees can have a greater sense of control over their financial future, while potentially enjoying tax advantages. Key benefits of the Louisiana Deferred Compensation Agreement include: 1. Tax advantages: By deferring compensation, employees can potentially lower their taxable income, thereby reducing their current income tax liability. Taxes on the deferred compensation are typically paid when the funds are distributed, usually during retirement when the tax bracket may be lower. 2. Investment options: The Tax-Deferred Investment Plan allows participants to invest their deferred compensation in a variety of investment options, helping to grow their assets over time. 3. Retirement planning: The Deferred Compensation Agreement allows key employees to better align their compensation with their retirement goals. By setting aside a portion of their income, employees can ensure they have additional funds available for retirement expenses beyond what may be provided by traditional retirement plans. 4. Employer contributions: In some cases, the employer may also make contributions to the deferred compensation account, which can help further enhance the retirement savings of key employees. Eligibility for the Louisiana Deferred Compensation Agreement may vary based on the specific terms and conditions set forth by First Florida Bank, Inc. It is important for key employees to consult with their employer or human resources department to determine if they are eligible to participate in the program. Overall, the Louisiana Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a valuable tool for key employees in Louisiana to enhance their financial planning, reduce current tax liabilities, and provide for a secure retirement.
Louisiana Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...
You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59½, depending on when you leave your job.
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.
You can request a loan by logging in to your DCP account, completing a Loan Application Form, or calling the Service Center at 844-523-2457.
The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
The Louisiana Deferred Compensation Plan is a 457(b) plan. LSU employees have the option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account.
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.