Quote:
Originally Posted by caco54
My company allows me to defer my bonus and a % of my income. This is above 401K contributions. When I retire these funds are scheduled to come to me over the next 10 years after my retirement date. I understand I will owe taxes but will I have to pay social security on the funds? Are the distributions considered "income" and can I make an IRA contribution against them? These funds are at risk if the company goes Chapter 11. I was willing to take the gamble but I have a lot of money in this account and cannot change the distribution. I am 3 years away from retirement.
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Deferred income is typically not taxable until the employee withdraws the money in an ERISA-qualified plan. You need to call your plan sponsor and get more details about this arrangement, because you have not given enough information in your post to help you. Being that you are 3 years from retirement...you might want to call your "GUY"...you do have financial planner....right???
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