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457 plan. The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
The benefits under a non-qualified deferred compensation plan are considered to be "unfunded" as long as the employee has no rights in any specific assets of the employer, the deferred amounts are subject to the claims of the employer's general creditors, and the employee has no power to assign his or her rights. [11]
Deferred compensation is a way for employees to reduce their tax burden while ensuring their economic security in their golden years. Deferred compensation plans with a long vesting period are ...
The New York City Transit Authority (also known as NYCTA, the TA, [2] or simply Transit, [3] and branded as MTA New York City Transit) is a public-benefit corporation in the U.S. state of New York that operates public transportation in New York City. Part of the Metropolitan Transportation Authority, the busiest and largest transit system in ...
Skokie Corporation Counsel Mike Lorge is set to receive a raise to a base salary of $221,605, along with $34,466 in deferred compensation, effective from May 1, 2022, through April 30. He also ...
A nonqualified deferred compensation (NQDC) plan is an arrangement that an employer and employee agree to where the employer accepts to pay the employee sometime in the future. Executives often ...
The transit agency also expects about $10.7 billion in federal funding to support the plan, including $2.9 billion for the next phase of the Second Avenue Subway. The MTA released an 11-page ...
Non-qualifying. Deferred compensation is a written agreement between an employer and an employee where the employee voluntarily agrees to have part of their compensation withheld by the company, invested on their behalf, and given to them at some pre-specified point in the future. Non-qualifying differs from qualifying in that.