Deferred Compensation Agreement Template For Small Business In San Bernardino
Category:
State:
Multi-State
County:
San Bernardino
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
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 County of San Bernardino (the 'employer') has established a Section 457(b) Deferred Compensation Plan (the 'Plan') for the benefit of its employees. Statement of Investment Policies and Guidelines for the San Bernardino County 457(b) Deferred Compensation Plan, 401(k).This deferred compensation agreement template has 3 pages and is a MS Word file type listed under our human resources documents. Business and Advanced Solutions provides sample agreements to support the business solutions listed below. Your monthly payment from the retirement system is called your "retirement benefit. " Retirees can be paid only in the form of monthly payments, not a lump-sum. A deferred compensation agreement is an agreement between a company and an employee that withholds paying some of the employee's salary. A deferred compensation plan is any plan that withholds a portion of an employee's pay until the end of the deferral period.