Florida Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a contractual arrangement designed to provide a tax-advantaged means for key employees to defer a portion of their compensation until a future date, typically retirement. This agreement is specifically tailored to meet the needs of top executives and management personnel within the organization. The Florida Deferred Compensation Agreement by First Florida Bank, Inc. offers several types of plans designed to suit different preferences and objectives of key employees. These plans include: 1. Defined Contribution Plan: This plan allows employees to make elective deferrals, similar to a 401(k) plan, where they can contribute a percentage of their salary to the deferred compensation account. The employer may also choose to match a portion of the employee's contribution. 2. Stock Appreciation Rights (SAR) Plan: This plan allows employees to earn appreciation rights tied to the company's stock value, providing a potential source for significant future gains. The employee receives compensation based on the increase in the company's stock price over a predetermined period. 3. Phantom Stock Plan: Under this plan, key employees receive virtual or phantom stock units equivalent to the actual shares of the company's stock. The employee is entitled to receive additional compensation based on the appreciation in the value of the virtual stock units during the deferral period. 4. Performance-Based Plan: This agreement provides additional incentives and rewards for key employees based on the achievement of specific performance goals or targets set by the company. The compensation is deferred and linked to the individual's contribution to the organization's success. The Florida Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides numerous benefits for both the employees and the employer. For employees, it offers a tax-efficient way to accumulate funds for retirement, potentially reducing their taxable income in the current year. Employees also enjoy the flexibility of choosing the type of plan that aligns with their financial goals and risk tolerance. From the employer's perspective, this agreement serves as a powerful tool for attracting and retaining top talent, as it demonstrates a commitment to the long-term financial well-being of key employees. It allows the employer to design compensation packages that motivate and reward employees for their contributions towards organizational success. In conclusion, the Florida Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides high-level executives and management personnel with a comprehensive range of deferred compensation plans. These plans offer tax advantages, performance-based incentives, and potential stock appreciation, serving as a valuable component of overall compensation packages for key employees.
Florida Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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How to fill out Florida Deferred Compensation Agreement By First Florida Bank, Inc. For Key Employees?
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Deferred compensation plans don't have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member.
Your employer will set aside funds in your deferred compensation plan, and the exact amount will be determined by an agreement. You don't have to pay federal income taxes on the contributed funds until you receive the money at a later date, but Social Security and Medicare taxes could apply.
If you are paid on a bi-weekly basis, you can enroll with a minimum of $10 every pay period. The minimum is $20 if you are paid monthly. If you are contributing by a percentage, the maximum amount you may contribute into the Plan is the lesser of 80% of your gross salary or $18,500 per year.
Not Sure Where to Start? The Florida Deferred Compensation Plan has three Investment Providers: Corebridge Financial, Nationwide Retirement Solutions, and Voya Financial.
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member.
The Plan supplements any retirement benefits offered by the Florida Retirement System (FRS) and the Social Security Administration (SSA). Participants may defer a portion of their income, through a payroll deduction each pay period, to be invested and sheltered from taxation until withdrawn after separation of service.