The Maine Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a comprehensive financial arrangement designed to provide additional retirement benefits to key employees of the bank located in Maine. This compensation agreement aims to attract and retain talented individuals who play a vital role in the bank's success. Under this agreement, participating key employees are given the opportunity to defer a portion of their salary or bonus to a later date, typically after retirement. By choosing to defer their compensation, employees can benefit from potential tax advantages and long-term investment growth, ultimately enhancing their overall retirement plan. This specific compensation agreement crafted by First Florida Bank, Inc. for its key employees in Maine offers several distinct features and components. These may include but are not limited to: 1. Vesting: The agreement may include a vesting schedule, allowing employees to gradually accrue ownership of their deferred compensation over a specified period. This encourages employees to remain with the bank for the long term to fully benefit from the agreement. 2. Investment Options: Employees typically have a range of investment options to choose from for their deferred compensation. These options may include stocks, bonds, mutual funds, or other investment vehicles, allowing employees to tailor their investment strategy based on their risk tolerance and financial goals. 3. Employer Contributions: In certain cases, the bank may make contributions to the deferred compensation accounts of its key employees. These contributions can serve as an additional incentive for employees to participate in the program and help accelerate their retirement savings. 4. Distribution Options: Upon reaching the agreed-upon retirement age or other qualifying events, employees become eligible to receive distributions from their deferred compensation accounts. The agreement may provide various distribution options, such as lump-sum payments, periodic installments, or annual payouts, allowing flexibility based on individual financial circumstances. 5. Termination and Change of Control Provisions: The agreement may outline provisions in case of a key employee's termination or a change in control of the bank. These provisions help protect the rights of employees and ensure fair treatment during such circumstances. Overall, the Maine Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a sophisticated financial tool that helps top employees effectively plan their retirement and build long-term wealth. It demonstrates the bank's commitment to acknowledging and rewarding the contributions of its key personnel in Maine, boosting employee loyalty and engagement.
Maine Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.
You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds. Unlike a check, direct deposit typically doesn't include a hold on the funds from your account.
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...
Depending on your plan provisions, the payment of the deferred compensation can also be structured to reduce your tax liability based on a series of installment payments or lump sum payments based on a specified time. By spreading out the payments, you potentially could reduce your income for each applicable year.
If the company goes bankrupt or cannot pay its bills, you may lose the compensation you deferred.
The employer must adopt an irrevocable resolution to terminate the plan during a period that begins 30 days prior to closing and ends 12 months after closing, and the plan must be liquidated within 12 months after the resolution is adopted.
Deferred compensation plans are an incentive that employers use to hold onto key employees. Deferred compensation can be structured as either qualified or non-qualified under federal regulations. Some deferred compensation is made available only to top executives.