Salary Agreement For Public Service Employees In King
Category:
State:
Multi-State
County:
King
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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ARTICLE 1. DEFINITIONS. Accrual(s). Sums which have been accumulated in a regularly recurring period, for the purposes of this agreement.Recruitment bonuses are cash incentives up to 25 percent of base pay given to new employees for jobs that have been difficult to fill in the past. The Office of Personnel Management provides policy leadership and expertise on a variety of Governmentwide pay programs for Federal employees.