Deferred Agreement Sample For 501 In Illinois

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

Description

The Deferred Agreement Sample for 501 in Illinois is a legal document designed to formalize a deferred compensation arrangement between a corporation (Employer) and a key employee. This agreement highlights the Employer's intent to retain the Employee's services until retirement and to offer an additional post-retirement income that surpasses regular pension benefits. Key features include the payment terms, where the Employee receives a specified sum in monthly installments upon fulfillment of their duties until a predetermined date. The agreement stipulates that the Employee’s entitlement to payments may cease if they engage in outside professional activities without prior written consent from the Employer. Furthermore, in the event of the Employee's death before full payment, the remaining balance is to be paid to the Employee's surviving spouse or estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides clear guidelines for drafting compensatory agreements that ensure legal compliance and clarity in employee-employer relations. Legal professionals can effectively utilize this form to negotiate terms that serve both parties’ interests while maintaining organization and professionalism.