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What is deferred compensation on tax return?

Deferred compensation is an addition to an employees regular compensation that is set aside to be paid at a later date. In most cases, taxes on this income are deferred until it is paid out. There are many forms of deferred compensation, including retirement plans, pension plans, and stock-option plans.

How long do you have to work for the state of Delaware to receive a pension?

Fifteen (15) years of credited service (must have five (5) consecutive years of credited service) and has attained age 60; Thirty (30) years of credited service (must have five (5) consecutive years of credited service) regardless of age.

How does my pension get calculated?

Multipliers are sometimes known by other terms, such as accrual rate or crediting rate but they mean the same thing. A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

How much should I put into deferred compensation?

One easy way to increase your retirement savings is to contribute a percentage of your income to your Deferred Compensation Plan (DCP) account. Consider saving between 7% and 10% of your salary.

How are pensions usually paid out?

An annuity, or stream payout, is the traditional way to receive income from a defined benefit pension plan. With this option, you get a check each month for the rest of your life or another fixed period.

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