Kansas Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a specialized and advantageous plan offered by First Florida Bank to eligible employees in the state of Kansas. This arrangement allows key employees to defer a portion of their compensation towards retirement, offering them tax advantages and financial security. Under the Kansas Deferred Compensation Agreement, eligible key employees can choose to defer a portion of their salary, bonuses, or other forms of compensation to be paid out at a later date, typically upon retirement. The deferred amount is invested on a tax-deferred basis, meaning that the employee can benefit from potential growth of their investments without immediate taxation. First Florida Bank, Inc. provides various types of Kansas Deferred Compensation Agreements tailored to meet the specific needs of key employees. These different types may include: 1. Traditional Deferred Compensation: This type allows employees to defer a percentage of their current income to be paid out in the future while enjoying potential tax-deferred investment growth. 2. Defined Contribution Plan: This agreement is based on the contribution made by both the employee and the employer. The employee can contribute a portion of their compensation, and the employer may match a certain percentage of the contribution, helping to enhance retirement savings. 3. Executive Bonus Plan: Under this plan, employers have the option to provide additional compensation to key employees, which is then used to fund their deferred compensation arrangement. This plan can be an attractive incentive for key employees while offering them the opportunity to build their retirement savings. Through these tailored Kansas Deferred Compensation Agreements, First Florida Bank, Inc. emphasizes the importance of long-term financial security for key employees in Kansas. By deferring a portion of their compensation, key employees can reduce their immediate tax liability and potentially increase their retirement savings through tax-deferred investments. It is essential for key employees to consult with a financial advisor or human resources representative to fully understand the details and benefits of the Kansas Deferred Compensation Agreement by First Florida Bank, Inc. Different agreements may have specific terms and requirements, providing employees with flexibility in planning their retirement and achieving their long-term financial goals.
Kansas Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees
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The Plan supplements any retirement benefits offered by the Florida Retirement System (FRS) and the Social Security Administration (SSA). Participants may defer a portion of their income, through a payroll deduction each pay period, to be invested and sheltered from taxation until withdrawn after separation of service.
The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...