Easily Remove Line from the Deferred Compensation Plan

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How to Remove Line 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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Can I withdraw a deferred compensation plan?

Withdrawals are an important element of your account to understand. You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds.

Is Deferred Comp a good investment?

Deferred compensation has the potential to increase capital gains over time when offered as an investment account or a stock option. Rather than simply receiving the amount that was initially deferred, a 401(k) and other deferred compensation plans can increase in value before retirement.

What is the downside of deferred compensation?

The biggest is that any contributions the company makes to a plan arent deductible until the employee receives the compensation. That may affect some tax planning for companies. The plans carry some inherent risk for the employees in that the deferred payments are unsecured and not guaranteed.

What is better 401k or deferred compensation?

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.

How risky are deferred compensation plans?

Unlike a 401(k), your deferred compensation account is not yours; it is the property of your employer and is subject to potential loss. If the company goes bankrupt or cannot pay its bills, you may lose the compensation you deferred.

Can I cash out my 457 plan early?

You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59, depending on when you leave your job.

Are deferred compensation plans guaranteed?

Because receiving the income you deferred isnt guaranteed, its critical to consider the financial health of your employer when deciding whether to participate in your NQDC plan.

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.

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