Ohio Employment Agreement with Nonqualified Retirement Plan Funded with Life Insurance is a legal document that outlines the terms and conditions of employment in the state of Ohio, where an employer provides a nonqualified retirement plan funded by life insurance to its employees. This agreement serves as a contract between the employer and employee, protecting the rights and benefits of both parties. Keywords: Ohio, employment agreement, nonqualified retirement plan, life insurance, employer, employee, terms and conditions, legal document, rights, benefits. There are different types of Ohio Employment Agreements with Nonqualified Retirement Plans Funded with Life Insurance, which include: 1. Defined Contribution Nonqualified Retirement Plan: This type of agreement establishes a retirement plan wherein the employer contributes a specific amount of money to a life insurance policy for each employee. The employee's retirement benefits depend on the contributions and the performance of the insurance policy's underlying investment. 2. Defined Benefit Nonqualified Retirement Plan: This agreement guarantees specific retirement benefits for the employee, irrespective of any investment performance. The employer bears the responsibility for funding the retirement plan according to a predetermined formula. 3. Split-Dollar Nonqualified Retirement Plan: This unique agreement allows the employee and employer to share the costs and benefits of a permanent life insurance policy. The employer pays the premiums necessary for life insurance coverage, while the employee designates beneficiaries and receives retirement benefits upon policy maturity. 4. Executive Bonus Nonqualified Retirement Plan: This type of employment agreement provides additional compensation to high-ranking executives through a nonqualified retirement plan funded by life insurance. The employer agrees to pay the premium costs for a life insurance policy, and the executive receives tax-deferred retirement benefits. Regardless of the specific type of Ohio Employment Agreement with Nonqualified Retirement Plan Funded with Life Insurance, these agreements play a vital role in offering employees additional retirement benefits beyond what is typically provided by traditional plans. Such plans may help attract and retain talented individuals, provide tax advantages, and secure financial stability during retirement.