Deferred Compensation Plan Vs 401k In Fairfax

State:
Multi-State
County:
Fairfax
Control #:
US-00418BG
Format:
Word; 
Rich Text
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Description

The Deferred Compensation Agreement is a legal form that establishes a deferred compensation plan between an employer and employee, focusing on the differences between such plans and 401(k) options in Fairfax. Key features include defined post-retirement payments, benefits for dependents in the case of death, adjustments based on the National Consumer Price Index, and conditions for termination of the agreement. This form is essential for various legal professionals, including attorneys and paralegals, as it aids in structuring retirement benefits for employees while ensuring compliance with legal requirements. Users must fill in specific details such as names, retirement ages, payment amounts, and other necessary conditions to tailor the agreement. Understanding the nuances of deferred compensation versus 401(k) plans is crucial for effective client advisement. This agreement serves as a critical tool for partners and business owners seeking to incentivize key employees and secure their financial future upon retirement. It addresses important terms such as noncompetition clauses, potential estate implications, and the arbitration process for disputes, making it a comprehensive resource for legal assistance.
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  • Preview Deferred Compensation Agreement - Long Form
  • Preview Deferred Compensation Agreement - Long Form
  • Preview Deferred Compensation Agreement - Long Form

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FAQ

How many state and local pension plans are there? State and local governments sponsored more than 4,000 pension plans in 2022. Over 34 million members participate in these plans, including active public employees, former public employees who have earned benefits that they are not yet collecting, and current retirees.

The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.

The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.

Age 65 at least five year of service credit or age 50 with at least 30 years of service credit. SHO & EMS: Age 60 with at least five years of service credit or age 50 with at least 25 years of service credit. For additional information, please visit the Virginia Retirement System website.

Fairfax County Government offers employees a robust package of benefits. Depending on employment status, this may include a choice of medical plans including prescription and vision coverage, optional dental coverage, life and long term disability insurance, pre-tax savings plans, and more.

Juneteenth is now observed annually. “Please use this day to reflect on and to take actions that promote the unity we embrace here in Fairfax County,” County Executive Bryan Hill said on observing the county holiday.

The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.

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Deferred Compensation Plan Vs 401k In Fairfax