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The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
A 457(b) retirement plan is an employer-sponsored deferred compensation plan for employees of state and local government agencies and some tax-exempt organizations.
A health insurance plan for covered retirees was added to the program in 1987. The program is administered by a twelve-member board of trustees, appointed to three-year terms by the Governor subject to confirmation by the Senate, which also administers the Oregon Savings Growth Plan, a voluntary deferred compensation plan established in 1991.
Deferred compensation is an arrangement in which a portion of an employee's wage is paid out at a later date after which it was earned. Examples of deferred compensation include pensions, retirement plans, and employee stock options.
Deferred compensation is a way for employees to reduce their tax burden while ensuring their economic security in their golden years. Deferred compensation plans with a long vesting period are ...
The DCP is an Internal Revenue Code Section 457(b) plan and allows eligible state employees to supplement retirement benefits by investing pre-tax dollars through voluntary salary deferral. [4] Employee contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.
Self-directed Keogh plan accounts for self-employed folks. Section 457 deferred compensation plan accounts. ... The Fed's new game plan: Here are the biggest winners and losers of January's pause ...
Federal Employees Retirement System - covers approximately 2.44 million full-time civilian employees (as of Dec 2005). [2]Retired pay for U.S. Armed Forces retirees is, strictly speaking, not a pension but instead is a form of retainer pay. U.S. military retirees do not vest into a retirement system while they are on active duty; eligibility for non-disability retired pay is solely based upon ...