Compensation Agreement With In Illinois

• Category: Employment - Compensation
• State: Multi-State
• Control #: US-00417BG
• Format: Word; Rich Text

Description

The Short Form of Deferred Compensation Agreement serves as a formal agreement in Illinois between an employer and an employee to provide additional compensation to the employee after retirement. This form outlines the terms under which the employee will receive a specified sum, payable in monthly installments, contingent upon their continued employment and performance of duties until a specified retirement date. Key features include provisions for termination of benefits in case of employment with another entity without the employer's consent, and stipulations regarding payment in the event of the employee's death before full payment is made. For attorneys, partners, owners, associates, paralegals, and legal assistants, this form is vital for ensuring clear expectations between employers and key employees, while providing structure to compensation packages. It aids in compliance with legal standards and helps protect employer interests. Fillable sections must be completed accurately, including names, positions, payment amounts, and dates, ensuring that all parties understand their obligations and rights under the agreement. This form is especially useful for firms wishing to retain talent and ensure a smooth transition into retirement.