Easily Replace Alternative Choice from the Deferred Compensation Plan

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How to Replace Alternative Choice from the Deferred Compensation Plan

5 out of 5

51 votes

i really enjoy the whole non-qualified piece i think theyre misunderstood so they are complicated you know all the different regulations everyones so used to 401ks thats you know the standard retirement plan but the non-qualified piece its kind of like putty you can just kind of fill it in to meet your needs and theres so many different ways you can set up a non-qualified plan to really complement other things that you have in place and really you want to define whatever your goals are if its to allow more savings for the employees your highly compensated folks you can do that set it up like a top hat have it complement the 401k and give them expanded limits

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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 roll my deferred comp into a Roth IRA?

Your traditional deferred comp money may be rolled over to any eligible traditional IRA, Roth IRA, governmental 457(b) plan, 403(b) plan, or qualified 401(k) plan that accepts rollovers. Consider all your options and their features and fees before moving money between accounts.

Do I have to pay FICA on deferred compensation?

FICA taxes are due on deferred compensation amounts on the later of (i) when the employee provides the related services, or (ii) when the compensation is no longer subject to a substantial risk of forfeiture (meaning: when the amounts are vested).

What is FICA alternative deferred compensation plan?

A FICA Alternative Plan is a type of 3121 retirement plan for your seasonal, part-time, and temporary employees that replaces Social Security. Employers avoid the matching 6.2% Social Security contribution, replacing it with an impactful benefit for employees.

Can you opt out of FICA alternative?

How do I qualify to withdraw money out of the plan? Participants are eligible to withdraw the funds from the plan upon separation of service, if the employer verifies eligibility and the employer does not have a mandatory waiting period for the employees account reconciliation.

What is the downside of deferred compensation?

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.

What does FICA ALT mean?

The FICA Alternative Plan is a defined contribution plan authorized under Section 401(a) of the Internal Revenue Code. Employees in certain temporary positions are mandated to participate in lieu of earning credit for Social Security.

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.

What is a FICA alternative VOYA mandatory?

The FICA alternative plan is mandatory for all part-time, seasonal, temporary, and casual employees. Contributions will be made on a pretax basis, and participants become 100 percent vested upon enrollment. The plans vendor is Voya financial services group and offers guaranteed interest rates on all deposited funds.

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Replace Alternative Choice from the Deferred Compensation Plan