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Understanding Deferred Compensation - Delaware State Treasury - treasury delaware

Understanding Deferred Compensation - Delaware State Treasury - treasury delaware 2025

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The document provides a comprehensive overview of the Deferred Compensation Program for employees of the State of Delaware, detailing its purpose, benefits, eligibility criteria, policies and procedures, enrollment process, and HR responsibilities. It emphasizes the importance of saving for retirement through voluntary salary deferrals into tax-advantaged accounts (457(b), 403(b), and 401(a)), highlighting tax benefits, investment options, and the role of the Office of the State Treasurer in administering the program.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is it a good idea to have a deferred compensation plan?

Deferred comp plans are a good way to save for retirement, because of the tax advantages. But those tax advantages come with rules about withdrawals, designed to discourage you from spending the money before you retire. Please ask for a copy of plan summary, so you understand the rules for your plan.

How does the deferred compensation plan work?

What is a deferred compensation plan and how does it work? Deferred compensation allows employees to defer payment of an agreed-upon portion of their earned income to a future date, usually retirement. In many cases, the taxes owed on the income are also deferred.

What are the risks of deferred compensation?

The Risks Of Deferred Compensation Plans If you switch jobs you might lose the entire account or you might have to take all of the money in a lump sum, which would trigger a big tax bill. The biggest downside to most of these plans is the risk of the company declaring bankruptcy.

What is the downside of deferred compensation?

The Risks Of Deferred Compensation Plans The biggest downside to most of these plans is the risk of the company declaring bankruptcy. It is surprising that most, if not all, of these plans arent in a trust that cannot be touched by creditors.

What is the 10 year rule for deferred compensation?

If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.

What happens to my deferred compensation if I quit?

Consider saving between 7% and 10% of your salary. The DCP makes it easy for you to save a percentage of your income through the percent-of-pay feature. Learn more here. You have two tax-advantaged ways to save: Pre-tax, Roth (after-tax), or a combination of both.

How do I avoid paying taxes on deferred compensation?

When you defer a portion of your salary, you dont have to pay taxes on that deferred money until you receive it unless youre enrolled in a Roth plan. This helps you build your savings faster than you could by contributing post-tax dollars.

Understanding Deferred Compensation - Delaware State Treasury - treasury delaware 2025

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Is it a good idea to have a deferred compensation plan?

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Understanding Deferred Compensation - Delaware State Treasury - treasury delaware 2025

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Is it a good idea to have a deferred compensation plan?

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What are the risks of deferred compensation?

What is the downside of deferred compensation?

What is the 10 year rule for deferred compensation?

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What happens to my deferred compensation if I quit?

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