A deferred compensation plan is an employer-sponsored retirement plan in which employees contribute a portion of their income to the project. The employer makes contributions on behalf of employees. An employee’s placed interest in deferred compensation, and all donations made to that account are placed upon the termination of employment. When certain events occur, such as the conclusion of work, death, or disability, participants are entitled to immediate receipt or distribution of their vested assets. By IRS regulations, all contributions made by the participant become irrevocably vested immediately at the time of donation.
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