http://www.fulcrumpartnersllc.com

A Challenge to Current Thinking on Income Deferral

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PSX: A

DV

AN

TA

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PR

E-T

AX

DEF

FER

AL

Basic Truths Still Hold

PSXA

PRIL

2014

Deferral with Higher Tax Rates Ahead

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PSX: A

DV

AN

TA

GES

TO

PR

E-T

AX

DEF

FER

AL

PSXA

PRIL

2014

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PSX: A

DV

AN

TA

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TO

PR

E-T

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DEF

FER

AL Lower Rates Now Do Not Matter

PSXA

PRIL

2014

PS

X: A

VA

NT

AG

ES T

O P

RE-

TA

X D

EFFE

RA

L

Deferred Compensation Plan Provides Advantages Over

Personal Investment Account as Taxes Rise

Security Concerns and Investment Choices

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