Agreement For Compensation In Massachusetts

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

Description

The Short Form of Deferred Compensation Agreement is a legal document used in Massachusetts to formalize compensation arrangements for key employees who are retained until retirement. This agreement ensures that the employee will receive additional post-retirement compensation beyond regular pension benefits, stipulating a specific sum to be paid in monthly installments. It outlines conditions under which the payments will be made, including the requirement for the employee to remain employed until a specified retirement date and a prohibition against offering services to other entities without the employer’s consent. The agreement includes provisions for the payment of any remaining balance to the employee’s surviving spouse or estate in the event of the employee's death. This form is vital for attorneys, partners, owners, associates, paralegals, and legal assistants as it helps them protect their clients' interests in employment agreements. It’s particularly useful for those drafting or reviewing compensation mechanisms within corporate structures, providing clarity on payment structure and expectations. Users must ensure accurate filling by verifying all names, dates, and payment terms before execution. Proper understanding and implementation of this agreement can enhance employee loyalty and provide financial security post-retirement.