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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 .
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.
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 ...
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
Deferred-payment loans Unlike a low-interest loan, a deferred-payment loan usually doesn’t charge interest. You’ll still need to repay the assistance, but not until the loan’s term ends, you ...
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.
Extebank Deferred Compensation Plan (B), 216 F.3d 283 (2d Cir. 2000), the Second Circuit concluded that a plan could still qualify as a "top hat" plan even though (i) more than 15% of the employees were eligible to participate, and (ii) two or three of the participants were neither highly compensated nor management employees. Thus, while the ...
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