Hawaii 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. The Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a structured financial arrangement aimed at providing key employees of the bank with additional compensation options and retirement benefits. This agreement allows eligible employees to defer a portion of their salary or bonus until a later date, typically after they retire. The Hawaii Deferred Compensation Agreement offers a range of benefits and features tailored to meet the needs of key employees. It allows them to make pre-tax contributions, which can potentially lower their current taxable income and increase their take-home pay. These contributions are then invested in a selection of investment options offered by First Florida Bank. One notable feature of this agreement is the ability to choose from a variety of investment vehicles, such as mutual funds, stocks, bonds, and other financial instruments, based on the employee's risk tolerance and investment goals. Key employees can allocate their contributions across these investment options, allowing for diversification and potential growth of their deferred compensation. Another key aspect of the Hawaii Deferred Compensation Agreement is the employer match or contribution. First Florida Bank may offer a matching contribution based on a predetermined formula, thereby further enhancing the retirement savings of participating employees. The agreement also provides flexibility in terms of distribution options. Upon retirement, key employees can elect to receive their deferred compensation balance in a lump sum or through periodic payments over a specified period. This flexibility empowers employees to align their desired income stream and manage their financial obligations effectively during retirement. It's important to note that while this description offers a general overview of the Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees, there may be different variations or options within this agreement. These variations could include features like vesting schedules, early withdrawal penalties, or different match formulas, which are specific to individual employees or employee groups. In summary, the Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a comprehensive retirement benefit program designed to reward and incentivize key employees by empowering them to build a robust retirement nest egg through pre-tax contributions, potential employer matches, diversified investment options, and flexible distribution choices.

The Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a structured financial arrangement aimed at providing key employees of the bank with additional compensation options and retirement benefits. This agreement allows eligible employees to defer a portion of their salary or bonus until a later date, typically after they retire. The Hawaii Deferred Compensation Agreement offers a range of benefits and features tailored to meet the needs of key employees. It allows them to make pre-tax contributions, which can potentially lower their current taxable income and increase their take-home pay. These contributions are then invested in a selection of investment options offered by First Florida Bank. One notable feature of this agreement is the ability to choose from a variety of investment vehicles, such as mutual funds, stocks, bonds, and other financial instruments, based on the employee's risk tolerance and investment goals. Key employees can allocate their contributions across these investment options, allowing for diversification and potential growth of their deferred compensation. Another key aspect of the Hawaii Deferred Compensation Agreement is the employer match or contribution. First Florida Bank may offer a matching contribution based on a predetermined formula, thereby further enhancing the retirement savings of participating employees. The agreement also provides flexibility in terms of distribution options. Upon retirement, key employees can elect to receive their deferred compensation balance in a lump sum or through periodic payments over a specified period. This flexibility empowers employees to align their desired income stream and manage their financial obligations effectively during retirement. It's important to note that while this description offers a general overview of the Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees, there may be different variations or options within this agreement. These variations could include features like vesting schedules, early withdrawal penalties, or different match formulas, which are specific to individual employees or employee groups. In summary, the Hawaii Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a comprehensive retirement benefit program designed to reward and incentivize key employees by empowering them to build a robust retirement nest egg through pre-tax contributions, potential employer matches, diversified investment options, and flexible distribution choices.