My mother has a deffered compensation plan (a retirement plan). Is this considered an investment? Should I include this in my answer for question #91?
Please?
https://fafsa.ed.gov/fotw1516/help/fotw43e.htm
I really don’t know. Does it have another name? Usually qualified retirement accounts are not listed under investments. You will need to find out if this plan is a qualified retirement plan.
Can you try calling FAFSA? The above link has a phone number listed.
Is it a nonqualified deferred compensation plan or a qualified deferred compensation plan?
http://thechoice.blogs.nytimes.com/2011/01/14/fafsaq-and-a-part-4/
Is it a retirement plan that her employer manages, like a 401K plan, where they deduct a set amount from her paycheck every month? The “deferred” means it’s deducted before taxes, so any income taxes are deferred until she withdraws from it, usually after she retires. If so, it’s not considered an investment.
^^Not so fast!
A nonqualified deferred compensation plan might be an investment.
In the above link it said that it might have to be listed under investments, but then you might be able to get the school to use professional judgment. So contact FAFSA and/or your school’s FA office to see how they handle these particular plans.