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Adoption of Nonemployee Directors Deferred Compensation Plan with...

Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan

Name: Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (434 reviews)

Category:

Corporations - Public - Directors

State:

Multi-State

Control #:

US-CC-14-175F

Format:

Instant download

Description

This is an Adoption of a Non-Employee Director's Deferred Compensation Plan form, to be used across the United States. It is to be used when the Shareholders or Directors of a corporation feels that there is a need to defer the compensation received by a Director, for a specified reason. This form is to be modified to fit your individual needs.

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FAQ

A non-qualified deferred compensation (NQDC) plan allows a service provider (e.g., an employee) to earn wages, bonuses, or other compensation in one year but receive the earningsand defer the income tax on themin a later year.

To set up a NQDC plan, you'll have to: 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.

"Deferring this income provides one tax advantage: You don't pay federal or state income tax on that portion of your compensation in the year you defer it (you pay only Social Security and Medicare taxes), so it has the potential to grow tax-deferred until you receive it."

In a broad sense, a nonqualified deferred compensation plan refers to compensation that the company promises to pay to its participants in a subsequent plan year. Essentially, workers earn a sum of money in one year and they get paid at some time in the future.

NQDC plans rules impose federal (and generally state) income tax withholding requirements in each year in which employers distribute and include amounts in employee compensation.As an added benefit, any earnings accruing under the plan after the vesting dates will not be subject to payroll taxes.

A nonqualified deferred compensation (NQDC) plan is an elective or non-elective plan, agreement, method, or arrangement between an employer and an employee (or service recipient and service provider) to pay the employee or independent contractor compensation in the future.

A non-qualified plan is a type of tax-deferred, employer-sponsored retirement plan that falls outside of Employee Retirement Income Security Act (ERISA) guidelines.

Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan

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