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When you defer income, federal income tax is also delayed, but you do pay Social Security and Medicare taxes. A deferred comp plan is most beneficial when youre able to reduce both your present and future tax rates by deferring your income. Unfortunately, its challenging to project future tax rates.
Your Salary Deferral Agreement is a written, legally binding agreement between you and your employer. It is an agreement whereby you direct your employer to reduce compensation not yet currently available by a specific percentage. Your employer then sends this amount to your account in the Retirement Savings Plan.
An automatic enrollment 401(k) plan: ∎ Helps attract and keep talented employees. ∎ Increases plan participation among both rank-and-file employees and owners/managers. ∎ Allows for salary deferrals into certain plan investments if employees do not select their own investments.
Automatic enrollment (auto-enrollment) provides eligible employees who dont opt out of participation with a default deferral election into their 401(k) plan. It may provide tax credits for small employers adding an auto-enrollment feature to a new or existing 401(k) plan.
Under a salary deferral plan, a key executive agrees to defer a portion of his/her compensation and the employer agrees to return the deferred amounts, with interest, at a future point in time.

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An elective-deferral contribution is a portion of an employees salary thats withheld and transferred into a retirement plan such as a 401(k). Elective deferrals can be made on a pre-tax or after-tax basis if an employer allows. The IRS limits how much you can contribute to a qualified retirement plan.
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.
Under a salary deferral plan, a key executive agrees to defer a portion of his/her compensation and the employer agrees to return the deferred amounts, with interest, at a future point in time.
Also, employers receive tax benefits for contributing to 401(k) accounts. Specifically, their matches can be taken as deductions on their federal corporate income tax returns. They are often exempt from state and payroll taxes as well.
You always have the option to opt out and stop contributing to your 401(k). However, see below for some things to consider before making the change: Unlike normal savings or investment accounts, you pay taxes on the money youre saving and on any earnings gained.

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