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How to Protect Deferred Compensation Plan

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[Music] dont be scared hey thanks for tuning in Im Alan GISI president and founder of North Star Financial Planners your fr-s special risk wealth manager all the time I am talking to people who are just about ready to retire from an FRS employer almost all of them have deferred comp plans but few of them have really taken full advantage of how that plan can help them especially special risk folks because you tend to retire younger ages but the problem is that theyre on the brink of retirement and the opportunity to strengthen that 457 plan has mostly passed if somebody had just explained to them even just a few years ago how much that plan is gonna mean to them it would have made all the difference but the window is now closing for them but not for you many years ago one of my closest friends brought to me his entire FRS retirement plan for review including his deferred comp plan now he also shared with me the advice that he was getting from the plan advisors as well as some of the

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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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Are deferred compensation plans protected from creditors?

In short: no. Nonqualified deferred compensation plans allow for deferred taxation as long as the money is considered at a substantial risk of forfeiture. Deferred compensation is not protected from creditors in the event your employer files for bankruptcy.

What are the two types of deferred compensation?

There are two types of deferred compensation plans: non-qualified and qualified. Non-qualified deferred compensation plans are also referred to as Section 409A or NQDC plans. Deferred compensation plans are not required for all employees.

Is deferred compensation plan a good idea?

Federal income tax is also delayed when you defer income, but you do pay Social Security and Medicare taxes. A deferred comp plan is most beneficial when you can reduce both your present and future tax rates by deferring your income. Unfortunately, its challenging to project future tax rates.

Which is better 401k or deferred comp?

Deferred compensation is often considered better than a 401(k) for high-paid executives looking to reduce their tax burden. As well, contribution limits on deferred compensation plans can be much higher than 401(k) limits.

What are the pros and cons of deferred compensation?

The Pros And Cons Of Using A Deferred Compensation Plan Deferred compensation plans can save a high earner a lot of money in the long run. These plans grow tax-deferred and the contributions can be deducted from taxable income. There are risks to these plans, such as the company declaring bankruptcy.

What is the difference between a 401k and a deferred compensation plan?

A 401k plan has certain limitations on the amount that an individual can contribute each year. A deferred compensation plan, on the other hand, has no maximum contribution limit in any given year.

What is the benefit of a deferred compensation plan?

A deferred compensation plan withholds a portion of an employees 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.

How risky are deferred compensation plans?

First, understand the risks. As a non-qualified deferred compensation plan, your DCP account is, by rule, an unsecured liability of your employer. Meaning if your employer goes bankrupt, you could lose part, a majority, or all, of your balance in this account.

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