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Deferred Compensation Plan LEAVE CONTRIBUTION Formic you are retiring from King County or separating for other reasons, you may be eligible to contribute the value of your unused vacation, comp time,

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How to fill out deferred compensation plan

01

Contact your employer to determine if they offer a deferred compensation plan

02

Review the plan details and eligibility requirements

03

Submit the necessary enrollment forms and choose your contribution amount

04

Decide on your investment options within the plan

05

Monitor and adjust your contributions as needed

Who needs deferred compensation plan?

01

High-income individuals looking to defer income and reduce current tax liability

02

Executives and key employees wanting to save for retirement or other financial goals

03

Individuals expecting a large bonus or windfall and wanting to spread out the income over time

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What is deferred compensation plan?

A deferred compensation plan is a retirement plan that allows employees to contribute a portion of their salary to be paid out at a later date, typically after retirement.

Who is required to file deferred compensation plan?

Employers who offer deferred compensation plans to their employees are required to file the necessary forms with the IRS.

How to fill out deferred compensation plan?

Employers must provide employees with the necessary forms to elect to participate in a deferred compensation plan and then submit the completed forms to the appropriate authorities.

What is the purpose of deferred compensation plan?

The purpose of a deferred compensation plan is to help employees save for retirement and defer taxes on their contributions until they withdraw the funds.

What information must be reported on deferred compensation plan?

The deferred compensation plan must include information about employee contributions, investment options, and distribution options.

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