Deferred Compensation Agreement Template For Professional Services In Massachusetts
Category:
State:
Multi-State
Control #:
US-00417BG
Format:
Word;
Rich Text
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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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You request a ruling concerning the Massachusetts income tax status of deferred compensation of employees participating in the Plan. A deferred compensation agreement is an agreement between a company and an employee that withholds paying some of the employee's salary.TRUST AGREEMENT, dated as of the first day of October 2003, between ANALOG DEVICES, INC. You won't pay any current federal or state income tax on your Plan savings. The amount you save in your deferred compensation. Massachusetts Deferred Compensation SMART Plan. 9896601. Participant Information. Deferral agreements must be entered into prior to the first day of the month that the deferral will be made. Participant Signature. Date. You may only designate one primary and one contingent beneficiary on this form.