Deferred Agreement Sample For Business In Allegheny
Category:
State:
Multi-State
County:
Allegheny
Control #:
US-00417BG
Format:
Word;
Rich Text
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Description
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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The purpose of the Plan is to provide a means for the elective deferral of fees payable to non-employee directors of the Company. The Contractor agrees to indemnify, protect, defend and hold harmless the.Agreement is fully executed. Obtain the necessary forms for a deferred compensation agreement, including the employee's acknowledgement of the agreement and an IRS Form W-4P. The letter of intent often provides a format for the transaction which can be used as the basis for drafting the definitive agreement.