North Dakota Proposed Additional Compensation Plan with copy of plan

State:
Multi-State
Control #:
US-CC-15-147I
Format:
Word; 
Rich Text
Instant download

Description

This is a Proposed Additional Compensation Plan, to be used across the United States. This plan seeks to have an additional, or extra, payment plan for Employees of a corporation. It is to be used as a model, and should be amended to fit your particular needs.
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  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan
  • Preview Proposed Additional Compensation Plan with copy of plan

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FAQ

Your contributions help fund the pension plan, guaranteeing monthly benefits for you and other retired teachers in the future. To qualify for this pension plan, you must first meet the following requirements: Age 65 with five years of service. Rule of 90 (your age and service years must add up to 90)

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

Like many states, North Dakota has no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves.

Put the plan in writing: Think of it as a contract with your employee. Be sure to include the deferred amount and when your business will pay it. Decide on the timing: You'll need to choose the events that trigger when your business will pay an employee's deferred income.

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North Dakota Proposed Additional Compensation Plan with copy of plan