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How to Make Fillable Deferred Compensation Plan

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KEITH OVERLY: Hi, Im Keith Overly, executive director of Ohio Deferred Compensation. Were a supplemental retirement plan available to all public employees in Ohio. We offer our participants a convenient way to save money for the future so they can make the best of their retirement. With Ohio DC, for every pre-tax dollar you set aside for yourself, you could get three dollars to spend when you retire. In this video I invite you to see the many ways Ohio DC can help you achieve retirement income security. Thank you. SCOTT MCCONAUGHY: If youre like most public employees in Ohio, you belong to a public pension plan. You and your employer contribute a percentage of your salary toward your retirement, which provides you a steady stream of income each month when you retire. While pensions provide docHub income, they were never meant to fully replace your salary. Plus, as lifespans continue to increase and the costs of necessities rise, you could need more money in retirement than a p

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do I record deferred compensation?

The journal entry is simple. Debit Deferred Compensation Liability for $100,000 (this will zero out the account balance), and credit Cash for $100,000. Taxes on the payment will be paid at this point (by both the corporation and the employee).

What is a non-qualified tax-deferred retirement account?

The non-qualified plan on a W-2 is a type of retirement savings plan that is employer-sponsored and tax-deferred. They are non-qualified because they fall outside the Employee Retirement Income Security Act (ERISA) guidelines and are exempt from the testing required with qualified retirement savings plans.

What are the disadvantages of non qualified deferred compensation plans?

The plans carry some inherent risk for the employees in that the deferred payments are unsecured and not guaranteed. So if the organization faces bankruptcy and creditor claims, the employees may not receive their promised funds. (In contrast, qualified plans such as 401(k)s are protected from bankruptcy creditors).

What are the disadvantages of non-qualified deferred compensation plans?

The plans carry some inherent risk for the employees in that the deferred payments are unsecured and not guaranteed. So if the organization faces bankruptcy and creditor claims, the employees may not receive their promised funds. (In contrast, qualified plans such as 401(k)s are protected from bankruptcy creditors).

How do I set up a nonqualified deferred compensation plan?

To set up a NQDC plan, youll have to: Put the plan in writing: Think of it as a contract with your employee. Be sure to include the deferred amount and when your business will pay it. Decide on the timing: Youll need to choose the events that trigger when your business will pay an employees deferred income.

What is non-qualified deferred income?

A nonqualified deferred compensation plan is a type of retirement plan that lets select, highly compensated employees enjoy tax advantages by deferring a greater percentage of their compensation (and current income taxes) than is allowed by the IRS in a qualified retirement plan.

What is the difference between qualified and non-qualified accounts?

Qualified plans have tax-deferred contributions from the employee, and employers may deduct amounts they contribute to the plan. Nonqualified plans use after-tax dollars to fund them, and in most cases employers cannot claim their contributions as a tax deduction.

What is a non qualified deferred account?

A nonqualified deferred compensation plan is a type of retirement plan that lets select, highly compensated employees enjoy tax advantages by deferring a greater percentage of their compensation (and current income taxes) than is allowed by the IRS in a qualified retirement plan.

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