NMU's Compliance Database - Northern Michigan University
Deferred Compensation
Reviewed By | Internal Auditor Owner |
URL: | https://www.irs.gov/retirement-plans/irc-457b-deferred-compensation-plans |
Regulation Reference Cite | 26 U.S.C. § 457 |
Report Due Date (Actual) | 7th month after end of plan year |
Level | Requirement |
Oversight Unit | HUMAN RESOURCES |
Person Responsible | Rhea Dever |
Secondary Person Responsible | Renee Sheen |
President / VP Level | Finance |
Description |
Any amount of compensation deferred under an eligible deferred compensation plan, and any income attributable to the amounts so deferred, shall be includible in gross income only for the taxable year in which such compensation or other income is (1) paid to the participant or other beneficiary, in the case of a plan of an eligible employer described in subsection (e)(1)(A), and (2) is paid or otherwise made available to the participant or other beneficiary, in the case of a plan of an eligible employer described in subsection (e)(1)(B). Reporting due by the Administrator by the last day of 7th month after end of plan year. An automatic extension of up to 2½ months may be obtained by filing Form 5558 with the IRS before the return/reports regular due date. NMU is not required to report, as we are not subject to ERISA requirements. |
Contacts and Data Sources |
Rhea Dever |
Internal Notes |
This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |