The South Carolina Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a comprehensive financial arrangement designed to provide long-term benefits to key employees in the state of South Carolina. This agreement allows employees to defer a portion of their salary, bonuses, or other forms of compensation, which will be further invested and grow tax-deferred until withdrawal. First Florida Bank, Inc. offers various types of Deferred Compensation Agreements to cater to the diverse needs and preferences of key employees in South Carolina. 1. Defined Contribution Plan: This type of Deferred Compensation Agreement enables employees to contribute a specific percentage of their salary or compensation, which is then matched by First Florida Bank, Inc. within predetermined limits. The contributions and the resulting earnings grow tax-deferred until the employee decides to receive distribution. 2. Nonqualified Deferred Compensation Plan: This plan allows employees to defer a portion of their income into a separate account specifically established for their exclusive benefit, separate from the bank's general assets. The funds in this account are invested according to the employee's chosen investment options and can provide potential growth opportunities over time. 3. Stock Appreciation Rights: In accordance with this type of Deferred Compensation Agreement, key employees are granted the rights to receive additional compensation based on the appreciation of the bank's stock value. The appreciation is measured over a specific period, giving employees the opportunity to participate in the success of the bank's growth. 4. Performance-Based Incentives: First Florida Bank, Inc. also offers Deferred Compensation Agreements that link compensation to certain performance indicators. These agreements provide key employees with an opportunity to increase their potential earning capacity based on the bank's overall performance or individual achievements. It is important to note that each type of Deferred Compensation Agreement offered by First Florida Bank, Inc. for South Carolina key employees is subject to specific terms and conditions, which are established to align with legal requirements and individual needs. These agreements aim to provide long-term financial security, encourage loyalty, and incentivize high-performance among key employees within the bank.
South Carolina Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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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.
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
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.
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 ...
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.
The South Carolina Deferred Compensation Program (Program) is a voluntary program that gives you a tool to save and invest extra money for retirement through before-tax and after-tax contributions.
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.
Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.