Deferred Compensation Examples In Virginia

Category:

Employment - Compensation

State:

Multi-State

Control #:

US-00417BG

Format:

Instant download

Description

The Short Form of Deferred Compensation Agreement is a legal document designed to establish a deferred compensation arrangement between an employer and an employee in Virginia. This form is particularly relevant for key employees and outlines compensation terms intended to encourage employees to remain with the employer until retirement. Key features include stipulations regarding the payment structure, including the total sum, payment frequency, and conditions under which compensation may terminate. The agreement also addresses the situation of the employee's death prior to full payment, ensuring that the remaining balance is paid to the surviving spouse or the employee's estate. Filling out this form involves entering the appropriate names, addresses, and financial details, while editing instructions may focus on tailoring the agreement to suit specific employer-employee relationships. This document serves as a useful tool for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in drafting or reviewing compensation agreements, managing employee contracts, or advising on retirement planning scenarios. By using this form, users can ensure compliance with Virginia laws while clearly establishing terms of compensation.

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FAQ

Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

The Commonwealth of Virginia 457 Deferred Compensation Plan (COV 457) offers you the opportunity to save for retirement through pre-tax payroll deductions. The plan offers a broad range of investment options, from conservative to aggressive, in order to uniquely meet your needs.

Throughout the year, Google provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options.

The regular yearly contributions amount for Deferred Compensation will increase from $23,000 to $23,500. The catch-up contribution limit that generally applies for employees aged 50 and over remains at $7,500 for 2025 for a combined maximum contribution limit of $31,000 in 2025.

Limit on employee elective salary deferrals The limit on elective salary deferrals - the most an employee can contribute to a 403(b) account out of salary - is $23,000 in 2024, ($22,500 in 2023; $20,500 in 2022; $19,500 in 2021 and 2020).

Examples of a deferred payment agreement A credit card that offers zero interest rates is an example of a deferred payment arrangement, since the bank that supplies the line of credit will collect the monthly payments without the revenue that would normally be guaranteed by the interest added.

Enter the amount that you received as a pension or annuity from a nonqualified deferred compensation plan or a nongovernmental 457 plan. This may be shown in box 11 of Form W-2. If you received such an amount but box 11 is blank, contact your employer or the payer for the amount received.