Easily Replace Advanced Field to the Deferred Compensation Plan

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How to Replace Advanced Field to the Deferred Compensation Plan

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Hi, this is Greg Maxwell with Amicus Settlement Planners. Today, I want to talk a little bit about the differences between a 401(k) plan, for example, and a deferred compensation plan for contingency fee attorneys. A lot of times, attorneys will call us and say, Why dont I just max out my 401(k) plan? Why would I want to set up a deferred compensation plan instead of using a 401(k) plan? First of all, I think its probably smart to have both. Theres no reason why you cant max out your 401(k) plan and also contribute to a deferred compensation plan. Some of the differences: a 401(k) plan, as you know, has certain limitations on the amount that you can contribute each year, and theyre fairly low. If youre looking to defer more than the 401(k) plans allow, then thats a good reason to also contribute to a deferred compensation plan. The other thing with 401(k) plans or any qualified plan is that they have certain limitations on when you can start receiving payments. You cant start

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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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Should I choose 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.

Can you move 401k to deferred compensation?

If you have savings and investments in another retirement plan, you may be able to roll over those funds into the Deferred Compensation Plan (DCP). A rollover, if made directly from your former employers plan to the DCP, is not considered a taxable event if conducted in ance with IRS rules.

What is deferred compensation or advance payment?

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.

When should I use 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.

When should you defer compensation?

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.

Why would you choose deferred compensation?

While taxes need to be paid on the withdrawn funds, these plans give the benefit of tax deferral, meaning withdrawals are made during a period when participants are likely to be in a comparatively lower income tax bracket. Deferred compensation plans also reduce the current years tax burden on employees.

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 are three common reasons deferred compensation arrangements are used?

Deferred compensation plans offer highly compensated and key employees an opportunity to earn performance awards, defer compensation and taxes until a later date, reduce certain payroll taxes, informally find executive life insurance agreements, and help facilitate buy-in for business succession plans.

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Replace Advanced Field to the Deferred Compensation Plan