Honest and serious question: how is deferred compensation legal? How can firms unilaterally decide that they are going to defer earned pay for upwards of 8+ years?

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And before an Independent/RIA jumps in here about how awful wirehouses are and how great you are, save it. You’re terrible too.

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I thought it is supposed to benefit you by postponing taxes

funny

If that were the case, it would vest immediately and not in 8 years. It’s nothing but a hand cuff. Not to mention the firm gets to carry the float for the time being.

I have deferred 8.5% of my pay since the start of the year. I don’t get it for 8 years. I don’t get to “invest” it until Q1 2020. So money that I earned, I can’t control for an entire year nor receive for another 8. Total insanity.

Yes, it’s a total hand-cuff, but I view these defer comps as just icing on the cake, savings for my kids’ college tuition down the road.

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