Deferred Compensation Examples 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 a legal document designed to outline the terms of deferred compensation for key employees in Suffolk. This agreement facilitates a structured post-retirement income for the employee, ensuring they are compensated beyond the regular pension plan. Key features include the stipulation for equal monthly installments following the employee's retirement, contingent upon the employee’s continued service and performance of duties until a specified date. The form delineates consequences for breach, specifically if the employee engages in other professional activities without the employer's consent. Further, in the instance of the employee's death prior to full payment, the remaining balance is payable to the employee's surviving spouse or estate. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants who manage employee contracts or advise clients on compensation structures. It provides clarity in compensation agreements and contributes to strategic employee retention. The instructions for filling out the form are straightforward, emphasizing the need for accuracy in names, dates, and financial details to ensure compliance and clarity.
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