Remove table in the Deferred Compensation Plan

Aug 6th, 2022
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How to remove table in the Deferred Compensation Plan

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its brian preston the money guy how about one from kevin oh this is this is a good one kevin said for someone leaving a public service position with a 457 does it make sense to leave the money here instead of rolling it over to utilize for early retirement in lieu of a taxable bridge account uh maybe perhaps try and talk a little bit about what makes 457s kind of unique and should you have sort of a different like litmus test that you go through when you decide what to do with that fund if youre leaving employment going somewhere oh for sure i mean this is why look i think the the governments trying to really be proactive on this i know when we we get sec guidance and other things they want to make sure when youre moving assets between qualified accounts that you understand your why because theres a lot of decisions that every individual needs to make because i think there were years in the investment industry where i was just like hey when you leave your employer roll it over int

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ASC 710-10-30 requires the accrual of an employers obligation under an individual deferred compensation contract in ance with the terms of the contract, such that the present value of the obligation is fully accrued at the date the employee attains full eligibility for the benefits.
ASC 710 requires an employer to accrue a liability for employees compensation for future absences if all of the following conditions are met: the right vests or accumulates, payment of the compensation is probable, and the amount of the payment can be reasonably estimated.
The term compensated absences commonly describes paid time off made available to employees in connection with vacation leave, sick leave, and comparable types of compensated absences (such as personal leave, holiday leave).
Under the ASC 710-10 methodology, most companies expense the entire employer notional contribution and recognize forfeitures as they occur, whereas ASC 715-30 would generally require a turnover assumption to reflect anticipated forfeitures in the benefit liability.
The liability of compensated absences is measured at its estimated cost of the absences to the company. The calculation is a function of the number of vested or accumulated unused days at year-end and the wage of the employee. The accounting standards do not stipulate whether current or future wages should be used.
Client Service Center Information: As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.
The Deferred Compensation Program is a supplemental retirement savings program you control. The Washington State Department of Retirement Systems (DRS) administers this 457(b) plan, which is similar to a 401(k) or 403(b) that many employers offer.

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