Compensation Agreement Meaning In North Carolina
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Multi-State
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US-00417BG
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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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I keep hearing conflicting information about the Cooperating Compensation Agreement (Form 220). Can you take me through the best way to use this form?This post discusses the eight most commonly used NC Workers' Comp forms and when to use them. I am just trying to figure out if I need to let my other agents know that they need to be using this form or only in specific situations? Under North Carolina General Statute § 97-31, the North Carolina Legislature has set out the value of almost every body part in the Workers' Compensation Act. Form 24 - This is an Application to Terminate or Suspend Payment of Compensation.