Connecticut Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-162F
• Format: Word; Rich Text

Description

This is a multi-state form covering the subject matter of the title. Connecticut Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a specialized compensation plan designed to provide key employees of the bank with deferred income benefits. This unique agreement is tailored for residents of Connecticut and aims to help key employees save for their future financial needs. It allows eligible employees to defer a portion of their current compensation to be received at a later date, typically during retirement or any agreed-upon time frame. Through the Connecticut Deferred Compensation Agreement, First Florida Bank, Inc. offers various options to key employees, enabling them to choose the contribution amount and investment options that suit their individual circumstances and financial goals. Some different types of Connecticut Deferred Compensation Agreements available for key employees may include: 1. Defined Contribution Plan: This plan offers employees the flexibility to contribute a certain percentage of their salary or a fixed dollar amount to their deferred compensation account. Contributions made by the employees are then invested according to their preferences from the provided investment options. 2. Matching Plan: Under this plan, the bank may offer to match a portion of the employee's deferred compensation contributions. This incentive encourages employees to save more for their future while also maximizing the benefits provided by the bank. 3. Stock Option Plan: In certain cases, First Florida Bank, Inc. may provide key employees with the option to receive company stock instead of cash for their deferred compensation. This plan offers the potential for additional growth and wealth accumulation based on the performance and success of the bank. 4. Vesting Schedule: Some Connecticut Deferred Compensation Agreements may have vesting schedules in place, determining when and how much of the deferred compensation is owned by the employee. This ensures that the employee remains committed to the bank and rewards long-term loyalty. 5. Early Withdrawal Options: While the primary purpose of deferred compensation is to provide funds for retirement, some plans may allow employees to make early withdrawals in case of emergency situations, subject to specific terms and conditions. Overall, the Connecticut Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides a valuable opportunity for eligible employees to save for their future financial security. It allows them to defer a portion of their current income and enjoy potential tax benefits, while also offering various investment options to suit their risk appetite and investment objectives.

Connecticut Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a specialized compensation plan designed to provide key employees of the bank with deferred income benefits. This unique agreement is tailored for residents of Connecticut and aims to help key employees save for their future financial needs. It allows eligible employees to defer a portion of their current compensation to be received at a later date, typically during retirement or any agreed-upon time frame. Through the Connecticut Deferred Compensation Agreement, First Florida Bank, Inc. offers various options to key employees, enabling them to choose the contribution amount and investment options that suit their individual circumstances and financial goals. Some different types of Connecticut Deferred Compensation Agreements available for key employees may include: 1. Defined Contribution Plan: This plan offers employees the flexibility to contribute a certain percentage of their salary or a fixed dollar amount to their deferred compensation account. Contributions made by the employees are then invested according to their preferences from the provided investment options. 2. Matching Plan: Under this plan, the bank may offer to match a portion of the employee's deferred compensation contributions. This incentive encourages employees to save more for their future while also maximizing the benefits provided by the bank. 3. Stock Option Plan: In certain cases, First Florida Bank, Inc. may provide key employees with the option to receive company stock instead of cash for their deferred compensation. This plan offers the potential for additional growth and wealth accumulation based on the performance and success of the bank. 4. Vesting Schedule: Some Connecticut Deferred Compensation Agreements may have vesting schedules in place, determining when and how much of the deferred compensation is owned by the employee. This ensures that the employee remains committed to the bank and rewards long-term loyalty. 5. Early Withdrawal Options: While the primary purpose of deferred compensation is to provide funds for retirement, some plans may allow employees to make early withdrawals in case of emergency situations, subject to specific terms and conditions. Overall, the Connecticut Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees provides a valuable opportunity for eligible employees to save for their future financial security. It allows them to defer a portion of their current income and enjoy potential tax benefits, while also offering various investment options to suit their risk appetite and investment objectives.