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Replace Date Field to the Deferred Compensation Plan

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Aug 6th, 2022

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How to Replace Date 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

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.

Is 401k and deferred compensation the same thing?

A 401k plan has certain limitations on the amount that an individual can contribute each year. A deferred compensation plan, on the other hand, has no maximum contribution limit in any given year.

How are deferred compensation plans accounted for?

How to Account for Deferred Compensation. Deferred compensation is earned in one period but paid out in a later period. If a deferred compensation arrangement is based on employee performance during a specific time period, accrue the cost of the deferred compensation in that performance period.

Where does deferred compensation go on financial statements?

You record the amount of the deferred compensation on your balance sheet, and it remains there until you pay it out.

What type of asset is deferred compensation?

Deferred Compensation Assets means assets included in a trust established by the Company or a subsidiary or assets otherwise so designated by a Senior Financial Officer, in each case, to pay Deferred Compensation Obligations as they come due.

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.

Is deferred compensation an expense or liability?

The Deferred Compensation Expense account operates just like any other expense account. Its a charge against your revenue that reduces your net income. The Deferred Compensation Liability account is used because youre not paying the employee right away but you owe the employee the money eventually.

Where does deferred compensation go on the balance sheet?

Since the assets in a deferred compensation trust are accessible by the companys general creditors, they are treated as corporate assets for accounting purposes (i.e., shown as assets on the balance sheet).

Do you have to take a RMD from a deferred compensation plan?

Deferred compensation plans dont have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.

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