Compensation Agreement With In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement is designed for use in Suffolk to formalize an arrangement between an employer and a key employee. This agreement stipulates that the employer will provide additional compensation to the employee upon their retirement, above what is available through a regular pension plan. Key features include specific terms for payment amounts, an installment schedule, and conditions regarding the employee's exclusive service to the employer. Notably, if the employee passes away before receiving full payment, the employer is obligated to pay the remaining balance to the surviving spouse or the employee's estate. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in drafting and managing employment contracts. They can leverage this agreement to ensure compliance with labor laws while also safeguarding the interests of both the employer and employee. Additionally, legal professionals can provide guidance on filling out the form accurately and advise on the implications of any amendments made to the agreement.
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