Deferred Agreement Sample For Business In Chicago
Category:
State:
Multi-State
City:
Chicago
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 City of Chicago has approved and adopted an amended and restated City of Chicago Deferred Compensation. 1. Deferred Compensation Agreement.A deferred compensation agreement is an agreement between a company and an employee that withholds paying some of the employee's salary. A deferral agreement is a contract between a lender and company that sets the terms and conditions of an agreed-upon payment deferral. The City of Chicago has approved an amended and restated City of Chicago Deferred Compensation Plan (the "Plan") effective January 1, 2002.