Washington Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a specialized financial arrangement offered exclusively to high-ranking employees of the bank. This agreement allows eligible individuals to defer a portion of their compensation, thereby providing them with tax advantages and potential long-term wealth accumulation. One type of Washington Deferred Compensation Agreement available to key employees is the Defined Contribution Plan. Under this arrangement, these employees have the option to contribute a certain percentage of their salary or bonuses into a tax-deferred account, which First Florida Bank will match up to a specified limit. This type of agreement provides employees with a structured retirement savings plan and the opportunity for investment growth over time. Another type of Washington Deferred Compensation Agreement is the Nonqualified Deferred Compensation Plan. This plan goes beyond traditional retirement savings and allows key employees to defer a portion of their income beyond the limits of typical employer-sponsored plans, such as 401(k)s or IRAs. By deferring a portion of their compensation, employees may reduce their current tax liabilities until the funds are distributed in the future. The Washington Deferred Compensation Agreement provides key employees with flexibility in terms of investment options. Participants can choose between a variety of investment vehicles, including mutual funds, stocks, bonds, and other financial instruments. In addition, First Florida Bank may offer investment advice and guidance to help employees make informed decisions about their portfolio. One of the major advantages of the Washington Deferred Compensation Agreement is the potential for tax-deferred growth. By deferring a portion of their income, participants can potentially reduce their taxable income during their years of active employment. Additionally, since the funds remain invested until distribution, participants have the opportunity for long-term growth on a tax-deferred basis, potentially yielding greater wealth accumulation. It is important to note that the Washington Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is subject to certain rules and regulations set forth by the state of Washington and federal tax laws. Participants should consult with qualified financial advisors or tax professionals to fully understand the nuances and implications of this unique compensation arrangement. Overall, the Washington Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides eligible employees with an enhanced financial planning tool, offering tax advantages, investment flexibility, and potential long-term wealth accumulation. Participants should carefully consider their individual financial goals and circumstances to determine if this type of deferred compensation arrangement aligns with their overall financial strategy.
Washington Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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To enroll, your employer must participate in the Plan (employers can visit our Employer Resource Center or call us at (800) 696-3907 to learn more). For more information, visit CalPERS 457 Plan website, call the Plan Information Line at (800) 260-0659, or view the additional resources below.
Your employer will set aside funds in your deferred compensation plan, and the exact amount will be determined by an agreement. You don't have to pay federal income taxes on the contributed funds until you receive the money at a later date, but Social Security and Medicare taxes could apply.
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.
The Plan supplements any retirement benefits offered by the Florida Retirement System (FRS) and the Social Security Administration (SSA). Participants may defer a portion of their income, through a payroll deduction each pay period, to be invested and sheltered from taxation until withdrawn after separation of service.
Not Sure Where to Start? The Florida Deferred Compensation Plan has three Investment Providers: Corebridge Financial, Nationwide Retirement Solutions, and Voya Financial.