Deferred Agreement Sample For 401k In Miami-Dade

Q: What is the difference between the Florida retirement system pension and investment?

The FRS Pension Plan You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. The FRS Investment Plan You receive the balance of your investment account; based on how well the plan performed.

Category:

Employment - Compensation

State:

Multi-State

County:

Miami-Dade

Control #:

US-00417BG

Format:

Instant download

Description

The Deferred Agreement Sample for 401k in Miami-Dade is designed to outline the terms between an employer and an employee regarding deferred compensation, intended to support key employees until retirement. This form includes essential elements such as the total compensation amount, payment schedule, and conditions that must be met to receive payments. It specifically stipulates that compensation is contingent upon the employee's continued employment and prohibits outside business activities without employer consent. In case of the employee's death before full payment, a lump sum is payable to the surviving spouse or the employee’s estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who manage employee agreements or compensation matters, ensuring clarity in contractual obligations. Proper filling and editing require inserting specific names, dates, and amounts, making it vital that users carefully review each section to avoid errors. Overall, this document serves to protect both the employer's interests and provide financial security to the employee.

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Miami Dade County has an overall rating of 3.9 out of 5, based on over 487 reviews left anonymously by employees. 84% of employees would recommend working at Miami Dade County to a friend and 70% have a positive outlook for the business. This rating has improved by 1% over the last 12 months.

The FRS Investment Plan is similar to a 401(k) plan. Members own all employer contributions and earnings in their Investment Plan account after completing 1 year of service. Employee contributions are immediately vested.

You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.

The FRS Pension Plan – You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. The FRS Investment Plan – You receive the balance of your investment account; based on how well the plan performed.

Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). The FRS is qualified under Section 401(a) of the Internal Revenue Code and provides a defined benefit (FRS Pension Plan) and a defined contribution plan (FRS Investment Plan) option.