Compensation Plan For Employees In Washington

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

Description

The Short Form of Deferred Compensation Agreement outlines a compensation plan for employees in Washington, specifically targeting key employees in a corporate setting. This form is designed to retain employees until retirement by offering additional post-retirement income beyond the standard pension plan. Key features include the conditions under which the employee will receive the deferred compensation, stipulating that they must remain in the company's employment and fulfill their job responsibilities until a specified date. Payment is made in monthly installments, with specific terms regarding termination of the agreement in case of outside employment without consent. The form also addresses the handling of the remaining compensation in the event of the employee's death, ensuring payments to a surviving spouse or the employee’s estate. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in drafting or reviewing employment agreements. It provides a clear framework for compensation negotiations and ensures compliance with Washington state regulations, offering protection for both the employer and the employee.