US Legal Forms
Deferred Compensation Agreement - Long Form

457 Deferred Compensation Plan Withdrawals Nyc In Miami-Dade

Q: What is the difference between the Florida retirement system pension and investment?

The FRS Pension Plan You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. The FRS Investment Plan You receive the balance of your investment account; based on how well the plan performed.

Category:

Employment - Compensation

State:

Multi-State

County:

Miami-Dade

Control #:

US-00418BG

Format:

Instant download

Description

The Deferred Compensation Agreement between Employer and Employee serves as a crucial document for establishing a 457 deferred compensation plan withdrawal in Miami-Dade. This agreement outlines the financial obligations and benefits provided by the employer to the employee upon retirement or in specific circumstances such as illness or death. Key features include the provision of monthly payments to the employee or designated beneficiaries, the calculation of benefits based on the National Consumer Price Index, and conditions under which payments may be terminated. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to ensure compliance with local laws and regulations, clearly define employee entitlements, and address potential disputes through mandatory arbitration provisions. The form must be filled out carefully, requiring precise information related to employment terms, payment amounts, and beneficiary designations. Editing instructions include ensuring that all parties understand the implications of noncompetition clauses and the importance of maintaining written records of any modifications to the agreement. This document serves as a vital tool for professionals involved in managing employee compensation and benefits in the legal landscape of Miami-Dade.

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Form popularity

FAQ

Miami Dade County has an overall rating of 3.9 out of 5, based on over 487 reviews left anonymously by employees. 84% of employees would recommend working at Miami Dade County to a friend and 70% have a positive outlook for the business. This rating has improved by 1% over the last 12 months.

The Florida Deferred Compensation Plan is an excellent way to increase retirement security. Contributions can be 457b Pre-Tax and/or 457b Roth (post-tax), and Participants benefit from exceptional investment options. The Florida Deferred Compensation Plan is offered to all State of Florida Government Employees.

Distribution of earnings from the Roth 457 and 401(k) Plan before age 59½ or for a period shorter than five taxable years are subject to all applicable income taxes (Roth 401(k) distribution is also subject to penalties).

Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). The FRS is qualified under Section 401(a) of the Internal Revenue Code and provides a defined benefit (FRS Pension Plan) and a defined contribution plan (FRS Investment Plan) option.

The FRS Pension Plan – You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. The FRS Investment Plan – You receive the balance of your investment account; based on how well the plan performed.

The FRS Investment Plan is similar to a 401(k) plan. Members own all employer contributions and earnings in their Investment Plan account after completing 1 year of service. Employee contributions are immediately vested.

You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.