Phone Number For Ohio Deferred Comp In Illinois

• Category: Employment - Compensation
• State: Multi-State
• Control #: US-00418BG
• Format: Word; Rich Text

Description

The document titled 'Deferred Compensation Agreement' is a legal form outlining the terms between an employer and an employee regarding deferred compensation benefits. This agreement serves to retain key employees by offering them post-retirement payments as additional compensation beyond standard pension and insurance plans. For employees, it specifies the retirement age and outlines monthly payments based on specific conditions, including provisions for beneficiaries in the event of the employee's death. Key features include clauses on noncompetition, termination of obligations, and mandatory arbitration for disputes. Filling out this form requires careful attention to the details, such as designating beneficiaries and adhering to the laws of the pertinent state. Attorneys, paralegals, and legal assistants will find this form particularly useful when drafting employment agreements aimed at retaining staff and ensuring compliance with applicable laws. It is crucial for these professionals to provide clear instructions to clients on how to fill out and execute the agreement properly, thus facilitating better understanding and utilization of deferred compensation plans.