US Legal Forms
Deferred Compensation Agreement - Long Form

Deferred Compensation Plan Sf In Harris

Category:

Employment - Compensation

State:

Multi-State

County:

Harris

Control #:

US-00418BG

Format:

Instant download

Description

The Deferred Compensation Plan sf in Harris is a legal agreement between an employer and an employee aimed at providing additional financial benefits to the employee upon retirement. This agreement ensures that the employee receives a specified monthly payment after retirement, along with provisions for benefits in the case of early retirement or death. Key features include payment multipliers based on the National Consumer Price Index, obligations related to maintaining employment, and conditions related to noncompetition. Users must complete specific sections with personal and corporate information, such as names and addresses. The form can be used by attorneys and legal professionals when drafting compensation agreements for key employees, ensuring compliance with state laws and addressing potential legal disputes through mandatory arbitration clauses. This form is particularly relevant for business owners and managers looking to retain talented employees through deferred compensation plans, thus ensuring their financial security and loyalty. Additionally, paralegals and legal assistants may utilize this form in preparing documentation for employee agreements, highlighting the collaborative nature of workforce management.

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FAQ

The San Francisco Deferred Compensation Plan (SFDCP) allows CCSF employees to voluntarily invest a portion of their pre-tax regular earnings in a diverse selection of 13 core investment funds, including a suite of Target Date Funds and access to a self-directed brokerage option.

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).

You are eligible for a retirement benefit when you meet one of the following requirements: You are age 60 or over and have accrued 8 years of service time. You have accrued 30 years of service time (regardless of age) Your age plus your years of service total 75 (also called the Rule of 75)

Be deemed eligible to retire under the Houston Municipal Employee Pension System guidelines; be at least sixty (60) years of age; and. not be Medicare eligible.

The Deferred Retirement Option Plan (DROP) is an optional retirement method for HMEPS members who have reached their normal retirement eligibility (age and years of credited service) but do not want to retire. It is an alternative method of accumulating and receiving a pension benefit from HMEPS.