Unit 3 QQ 3.N Retirement Planning
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| Nonqualified Deferred Compensation Plan | A contractual agreement between a company and an employee in which the employee agrees to defer receipt of current income in favor of payout at retirement. It is assumed that the employee will be in a lower tax bracket at retirement. non-boardmembers
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| Payroll Deduction Plans | Allows employees to authorize their employer to deduct a specified amount for retirement savings from their paychecks. The money is deducted after raxes are paid and may be invested in any number of retirment vehicles at employees option.
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| Section 457 | Nonqua ret plans set up by state &loc gvmts &taxexempt ERs for their EEs.They func as def comp plans in which earnings grow tax def &growth and acc are taxed only at time of dist.EEs may def up to 100% of comp up to index cont limit.
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