At early retirement or severance of service from your employer, distribution of the Plan can be made to you without the 10% IRS penalty tax usually associated with early distribution from other retirement plans, such as IRA's, 403(b) annuities or 401(k) plans.

Most Deferred Compensation Plans offered are "Benefit Responsive" plans. This means there are no withdrawal or surrender charges when an employee receives benefits. Benefits are paid at death, disability, approved unforeseen emergency, retirement or severance from service.

You can select from a wider choice of investment options for the Deferred Compensation Plans including fixed annuities, variable annuities, and mutual funds.

It is a voluntary salary reduction plan allowing eligible employees to defer current taxable income during peak earning years and accumulate funds for retirement. savings.

These funds are set-aside for you as before-tax dollars reducing your current income tax liability and provides, through payroll deduction, the easiest way to accumulate savings for the future. Earnings on these funds are also tax deferred.

You decide how much of your compensation you want your employer to contribute into the plan on your behalf, within limits established by the federal government.

Yes, for the year 2024 the lesser of $23,000 per year or 100% of includible yearly compensation.

Yes, as long as your income permits, you may contribute up to the maximum in each plan as there is no longer a coordination of benefits.

You may increase, decrease, stop or re-start your deferrals during the calendar year as often as provided by your Deferred Compensation Plan, usually on an annual basis.

Distribution could be made at the time of any of the following:

• Death
• Disability
• Approved Unforseen Emergency
• Normal retirement
• Separation from service

You can elect from the following:

• Single lump sum of the entire account balance
• Installment payments over a selected fixed period, such as 5, 10 years
• Installment payments guaranteed for your lifetime or guaranteed over joint lifetime with your spouse
• When you elect early retirement, payout can be deferred until a normal retirement age
• Account portability (transfer to TRS, IRA 403b, etc.)
• Partial withdrawals

Investment companies generally provide quarterly statements to the address on file. Many also have online access for you to view your account on demand.

The only way to enroll is through an authorized representative of the program. Please contact the authorized representative for First Financial Securities of America that is assigned to your employer.

Yes. You may choose to have your contributions invested in any of the funding alternatives approved by your employer.

To get more information about the program or enrolling in the program, please contact the authorized representative from First Financial Securities of America.