Contract With Compensation In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement is a formal document established between an employer and an employee, designed to provide additional compensation to key employees as they approach retirement. This agreement highlights the employer's commitment to retain valued employees by offering a post-retirement income, which exceeds benefits provided by the standard pension plan. Key features include specific preconditions for payment, such as the employee remaining in their position until a designated retirement date, and stipulations regarding the employee's exclusive service to the employer. Additionally, it outlines the payment structure, including the amount, number of installments, and consequences of the employee engaging in outside business activities without consent. In the event of the employee's death, the remaining balance of compensation is to 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, as it helps them structure compensation agreements that align with retirement planning. It serves to protect the interests of the employer while providing financial security for the employee, fostering long-term employment relationships.
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