Easily Remove Advanced Field from the Deferred Compensation Plan

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How to Remove Advanced Field from the Deferred Compensation Plan

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hi were here today with Brian Weldon audit manager with Baker Tilley he was also the author of the summer 2017 employee benefits plans piece in the Pennsylvania CPA Journal titled deferred compensation plan errors and how to correct them so its good to be able to have this opportunity to go a little deeper on the column for people who enjoyed it so thanks for being with us sure well Im glad to be here absolutely now the first question that we have and if this will be sort of a broader type question before we go a little deeper I mean if you discover that youve made an error with your deferred compensation plan how important is it for you to act urgently to correct it Id say its very important the thing to remember and the recurring theme throughout the article and this interview is that were talking about peoples money for retirement which is a pretty hot topic for anyone who has money saved for retirement and the employee retirement income savings Act of 1974 ERISA was establi

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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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Can I change my deferred compensation plan?

You have to decide how much income to defer prior to the beginning of the compensation performance period (usually 12 to 24 months before you receive it)and you generally cant change your mind midyear if your circumstances change.

How do I avoid taxes on deferred compensation?

Receiving your deferred compensation in installments over several years can reduce your tax bill, because the smaller installment payments will typically be taxed at a lower rate than a larger lump-sum payment will be.

Can you cancel a deferred compensation plan?

One potential exception is performance based compensation (PBC). If a deferral qualifies as PBC under Section 409A rules, deferral elections can be changed or cancelled as long as that change occurs with at least six months remaining in the performance period.

What happens to my deferred compensation if I quit?

If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plans specific terms.

What are the cons of deferred compensation?

Disadvantages of Deferred Compensation With a deferred compensation plan, you are effectively a creditor of the company, lending the company the salary you have deferred. If the company declares bankruptcy in the future, you can lose some or all of this money.

Should you take advantage of a deferred compensation plan?

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. This takes analysis, projections, and assumptions.

Can you freeze a deferred compensation plan?

Is that allowed? NQP deferral elections typically must be made prior to when the income is earned, and are irrevocable once the earnings period has begun. In these cases, a participant can choose not to defer in future years, but cannot suspend deferrals during the current year.

When can I start withdraw from my deferred compensation plan?

Planning retirement distributions For example, the Internal Revenue Code (IRC) allows for 401(k) withdrawals to begin penalty-free after age 59but the IRC also requires that you start taking distributions at age 73.

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Remove Advanced Field from the Deferred Compensation Plan