Agreement For Salary Deduction In Suffolk
Category:
State:
Multi-State
County:
Suffolk
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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Payroll voluntary deductions are an easy way for University employees to make gifts directly and automatically from a paycheck. Pre-authorized means that there must be a written agreement between the employer and employee before the deduction is made.Written authorization notices must:. §7.11 Payment of Salary. (a) The "lag payroll" instituted in the 1982-85 Agreement shall remain in effect. If you agree to participate, please complete the spaces provided under the employer section on the front of this form. AGREEMENT made and entered into as of the first day of January 2004 incorporating the terms of the. Compulsory Interest Arbitration Award dated December 9,. A wage deduction authorization agreement is an agreement between an employer and their employee where the employee authorizes the employer to deduct wages.