Once Lake County Forest Preserve District employees learned of these advantages, they warmly welcomed the benefit. I have received unsolicited comments from participants praising the fact that this plan is available. Deferred compensation plans are voluntary, supplemental, long-term retirement plans which give public employees an opportunity to defer receipt of a portion of income until retirement or termination. Employees pay taxes when they receive money, not when they earn it. The key to distribution is termination of employment, regardless of age.
Distributions can be lump sum or periodic payments.
The employer can choose from a variety of product options to offer their employees. I saw this as a chance to provide an extra benefit to our already sound benefits package. There is no doubt it is a competitive market to recruit and retain good district employees. Our benefits must be competitive to what is available in the private and public sectors. We also wanted to do what we could to encourage our employees to save money for retirement.