Deferred Compensation Agreement Template For Independent Contractors In Riverside
Category:
State:
Multi-State
County:
Riverside
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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â–¡ I am a new participant in the County of Riverside 457 Deferred Compensation Plan Note: Only use this form if you have established an account in the Plan. The City provides all benefited employees the opportunity to participate in a Section 457b Deferred Compensation plan.Sample Independent Contractor Agreement. Future benefits from the 457(b) Plan will reflect the amount of a participant's voluntary salary deferral contributions plus earnings. Vesting is immediate. Yes, the employer could allow independent contractors to participate in a 457b plan, but they are not required to do so. All new employees in the Fire Unit shall be regarded as electing to receive holiday compensation in the form of time off with pay.