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Deferred compensation is an arrangement in which a portion of an employee's wage is paid out at a later date after which it was earned. Examples of deferred compensation include pensions , retirement plans , and employee stock options .
In 2004, Congress passed a tax act that added Section 409A to the tax code and applies to deferred nonqualified compensation, which also covers some 457(f) plans. This was in response to the executive bonus plans given to key employees at Enron , which allowed them early access to their deferred compensation if financial conditions of the ...
Both qualified and non-qualified deferred compensation plans can have vesting periods. Qualified plans are required to have vesting periods. Non-qualified plans are not, but occasionally do.
Oversees the New York City Sheriff's Office, which acts as DOF's law enforcement division and the City's chief civil law enforcement agency. Through the Mayor's Office of Pensions and Investments, the Department of Finance also advises the Administration on the City's $160 billion pension system and $15 billion deferred compensation plan.
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Section 409A specifies that unless any deferred compensation falls into a specified set of "qualified deferred compensation" categories, the IRS will automatically consider it unqualified deferred compensation. The qualified deferred compensation categories are: Qualified employer plans (these are basically employer retirement plans)
PITTSBURGH — A Pennsylvania man who killed 11 people in the deadliest antisemitic attack in U.S. history meets the requirements for the death penalty, a federal jury found on Thursday.