US Legal Forms
Deferred Compensation Agreement - Long Form

Deferred Compensation Plan For Highly Compensated Employees In Fulton

Category:

Employment - Compensation

State:

Multi-State

County:

Fulton

Control #:

US-00418BG

Format:

Instant download

Description

The Deferred Compensation Plan for Highly Compensated Employees in Fulton is designed to provide additional retirement income to key employees beyond the corporation’s standard pension and insurance offerings. This agreement outlines the terms under which the corporation will make monthly payments to the employee upon retirement or under specified circumstances, such as prior death while employed. Key features of the plan include provisions for payout in the event of retirement, death after retirement, or death prior to retirement, with a built-in adjustment based on the National Consumer Price Index. The agreement also emphasizes the necessity for noncompetition and outlines conditions under which payments may be terminated, along with clauses on severability, waiver, arbitration, and modification. For attorneys, partners, owners, associates, paralegals, and legal assistants, this form is crucial for ensuring compliance with legal standards while establishing clear expectations for both employer and employee. Its straightforward structure allows for easy editing and customization to fit individual company needs, making it a valuable tool for legal practitioners involved in employee compensation planning.

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FAQ

About the 457(b) Plan Participation in this plan is limited to employees earning 125% or more of the IRS annual highly compensated limit ($200,000 for 2025). With the 457(b) Deferred Compensation Plan, you can defer your compensation into the investment funds you select.

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).

A deferred student who enrolls in another institution as degree seeking during the deferral period will forfeit their admission to Emory University along with their enrollment deposit. Deferred students may transfer credit for no more than two single semester courses taken during the gap year.

457B Deferred Compensation Account This retirement plan is optional for City of Atlanta employees. You can contribute up to 4.25% into your 457B account, and the city will match your contributions. Contributions can be up to $23,000 a year.

Emory provides a basic contribution of 6% of regular salary. Once you are eligible, Emory's 6% contribution to your retirement will be effective on the first of the month coincident with or next following the date your eligibility is satisfied.