Compensation Agreement Meaning In Wayne
Category:
State:
Multi-State
County:
Wayne
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement is a legal document established between an employer and a key employee, aimed at securing the employee's services until retirement. This agreement provides additional compensation to the employee in the form of post-retirement income, beyond what is available through the regular pension plan. Key features include the outlined payment structure, which specifies a total sum payable in monthly installments, and conditions under which payments will be forfeited, such as engaging in external employment without consent. In the event of the employee's death before full payment, the remaining balance is paid to the spouse or estate. This form caters to a wide range of professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, as it helps in drafting employment agreements that enhance retention and employee benefits. It is crucial for legal professionals to understand its terms and implications to better advise clients and ensure compliance with state laws.
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