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The Verizon Executive Deferral Plan (the ?Plan? or ?EDP?) provides an easy way for you to set aside for the future a portion of your annual base salary, as well as all or a portion of your short-term incentive award in order to defer current Federal, State and Local income taxes (where applicable) and to receive ...
Deferred compensation plans are optional programs that allow employees (individuals who are officers or employees of a state agency) to defer income until retirement. A deferred compensation plan is offered in addition to a retirement, pension or benefit system established by law.
Contributing to an executive deferred compensation plan allows an executive to shield part of their income from taxes until they are in a lower tax bracket at a later time, usually at retirement.
An executive deferred compensation plan allows employers to defer a part of their executives' income so that they will pay taxes on it later when they start withdrawing from it.
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
Deferring compensation reduces your current year tax burden, which is valuable for high income earners in top tax brackets. Recognizing deferred compensation income at lower tax brackets when you're retired can save you money on taxes. Choosing to defer income is very difficult to reverse if your circumstances change.