Deferred Compensation Examples In Minnesota

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

Description

The Short Form of Deferred Compensation Agreement is designed for use in Minnesota to secure post-retirement income for key employees. This form outlines the terms of deferred compensation that will be provided to the employee, contingent on their continued employment until retirement. Key features include the obligation for the employee to remain with the employer and the stipulation that compensation will cease if the employee provides services to another entity without consent. The agreement specifies the payment structure, including a total sum payable in monthly installments. Additionally, it addresses contingency planning by detailing that in the event of the employee's death, any remaining compensation will be paid 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 contracts and retirement plans. Its simple structure allows users with varying levels of legal experience to comprehend and implement the agreement efficiently, ensuring compliance and clarity.