Deferred Compensation Form For Small Business Owners In Massachusetts

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

Description

The Short Form of Deferred Compensation Agreement is designed for small business owners in Massachusetts, allowing them to provide key employees with additional retirement income. This form emphasizes the importance of retaining key staff until retirement by offering post-retirement payments over and above regular pension plans. Key features include the conditional promise of payment, which requires the employee to remain with the employer until a specified date and fully perform their duties. If the employee engages in outside business activities without approval, their right to compensation ceases. Additionally, provision is made for payment to the employee's spouse or estate in case of their death before full payment. For the target audience of attorneys, partners, owners, associates, paralegals, and legal assistants, this form offers clarity in drafting compensation agreements and helps ensure compliance with Massachusetts laws. It serves as a valuable tool for safeguarding business continuity and recognizing employee contributions, while also being straightforward for individuals with limited legal knowledge.