Palm Beach Florida Employees' Stock Deferral Plan for Norwest Corp.

Name: Palm Beach Florida Employees' Stock Deferral Plan for Norwest Corp.
Brand: US Legal Forms
Rating: 4.86 (467 reviews)

Category:

Corporations - Public - Incentive Compensation Plans

State:

Multi-State

County:

Palm Beach

Control #:

US-CC-20-110

Format:

Instant download

Description

20-110 20-110 . . . Employees' Stock Deferral Plan which allow participants to defer to later year certain compensation which would otherwise be includable in income for tax purposes in year in which it would have been paid. The Plans also provide for investment of such compensation in deferred stock account in form of shares of corporation common stock

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How to fill out Palm Beach Florida Employees' Stock Deferral Plan For Norwest Corp.?

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FAQ

Deferred compensation plans are best suited for high-income earners who want to put away funds for retirement. Like 401(k) plans or IRAs, the money in these plans grows tax-deferred and the contributions can be deducted from taxable income in the current period.

Unlike a 401k with contributions housed in a trust and protected from the employer's (and the employee's) creditors, a deferred compensation plan (generally) offers no such protections. Instead, the employee only has a claim under the plan for the deferred compensation.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

Deferred compensation plans can be a great savings vehicle, especially for employees who are maximizing their 401(k) contributions and have additional savings for investment, but they also come with lots of strings attached.

Deferred compensation doesn't have to be taken in retirement, but ideally should be, since the primary motivation is income tax reduction. In some cases, the triggers for deferred comp distribution are beyond your control.

A 457(b) plan is a non-qualified deferred compensation plan available to certain government employees (including state and local workers, police officers, firefighters, and some teachers), as well as highly compensated employees of non-profit organizations.

Which Employees Should Choose a Deferred Compensation Plan? Because deferred compensation plans help to reduce taxable income, these plans are often used for high-income earners who have maxxed out their 401 (k) or other retirement plans.

A deferred compensation plan allows employees to place income into a retirement account where it sits untaxed until they withdraw the funds. After withdrawal, the funds become subject to taxes, although this is usually much less if payment is deferred until retirement.

More info

Employees may use the plan to pay group medical and dental insurance premiums, outofpocket medical expenses, and dependent care expenses. Raytheon Savings and Investment Plan Notes to Financial Statements., Emerald View, Suite 400, 2054 Vista Parkway, West Palm Beach, FL 33411.

Palm Beach Florida Employees' Stock Deferral Plan for Norwest Corp.

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Who is eligible for deferred compensation?

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