Virginia 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. First Florida Bank, Inc. offers a comprehensive Virginia Deferred Compensation Agreement specifically designed for key employees. This agreement is structured to provide attractive benefits while allowing for tax-deferred growth and enhanced financial security. Key features of the Virginia Deferred Compensation Agreement include: 1. Tax Deferral: The agreement allows key employees to defer a portion of their compensation, thereby reducing their current taxable income. Instead, the deferred amount grows tax-free until the employee chooses to withdraw the funds in the future. 2. Competitive Interest Rates: First Florida Bank, Inc. offers competitive interest rates on the deferred amounts, ensuring that these funds continue to grow over time. 3. Customizable Contribution Options: Key employees can customize their contributions based on their financial goals and preferences. They have the flexibility to adjust the amount (within IRS limits), frequency, and duration of their contributions, empowering them to create a personalized plan. 4. Vesting Schedule: The Virginia Deferred Compensation Agreement typically utilizes a vesting schedule that incentivizes long-term commitment from key employees. This means that employees may have to fulfill a specified period of service before becoming fully vested in the agreement. 5. Diverse Investment Options: First Florida Bank, Inc. offers a range of investment options, allowing key employees to choose how their deferred compensation is invested. These options often include stocks, bonds, mutual funds, and other investment vehicles. 6. Death and Disability Benefits: In the event of an employee's death or disability, the Virginia Deferred Compensation Agreement may include provisions for accelerated vesting or special distribution options. These provisions ensure that the employee's beneficiaries or the employee themselves receive the intended benefits. Different types of Virginia Deferred Compensation Agreement offered by First Florida Bank, Inc. for Key Employees may include: 1. Defined Contribution Plan: This type of agreement allows key employees to contribute a specific percentage of their compensation, and the employer may also make matching contributions. The amount available at retirement depends on the contributions made and the investment performance. 2. Defined Benefit Plan: In this type of agreement, the employer promises to provide a fixed benefit to eligible key employees at retirement, based on a formula that considers factors such as salary, years of service, and age. The investment risk is borne by the employer rather than the employee. 3. Supplemental Executive Retirement Plan (SERP): The SERP is an additional benefit offered to key employees, on top of other retirement plans. It aims to bridge any potential retirement income gaps and provide additional financial security, typically offering a fixed payment or percentage of final salary. By offering these Virginia Deferred Compensation Agreements, First Florida Bank, Inc. supports key employees in planning for their long-term financial well-being. These agreements provide tax advantages, investment opportunities, and a range of options to ensure key employees can enjoy a financially secure retirement.

First Florida Bank, Inc. offers a comprehensive Virginia Deferred Compensation Agreement specifically designed for key employees. This agreement is structured to provide attractive benefits while allowing for tax-deferred growth and enhanced financial security. Key features of the Virginia Deferred Compensation Agreement include: 1. Tax Deferral: The agreement allows key employees to defer a portion of their compensation, thereby reducing their current taxable income. Instead, the deferred amount grows tax-free until the employee chooses to withdraw the funds in the future. 2. Competitive Interest Rates: First Florida Bank, Inc. offers competitive interest rates on the deferred amounts, ensuring that these funds continue to grow over time. 3. Customizable Contribution Options: Key employees can customize their contributions based on their financial goals and preferences. They have the flexibility to adjust the amount (within IRS limits), frequency, and duration of their contributions, empowering them to create a personalized plan. 4. Vesting Schedule: The Virginia Deferred Compensation Agreement typically utilizes a vesting schedule that incentivizes long-term commitment from key employees. This means that employees may have to fulfill a specified period of service before becoming fully vested in the agreement. 5. Diverse Investment Options: First Florida Bank, Inc. offers a range of investment options, allowing key employees to choose how their deferred compensation is invested. These options often include stocks, bonds, mutual funds, and other investment vehicles. 6. Death and Disability Benefits: In the event of an employee's death or disability, the Virginia Deferred Compensation Agreement may include provisions for accelerated vesting or special distribution options. These provisions ensure that the employee's beneficiaries or the employee themselves receive the intended benefits. Different types of Virginia Deferred Compensation Agreement offered by First Florida Bank, Inc. for Key Employees may include: 1. Defined Contribution Plan: This type of agreement allows key employees to contribute a specific percentage of their compensation, and the employer may also make matching contributions. The amount available at retirement depends on the contributions made and the investment performance. 2. Defined Benefit Plan: In this type of agreement, the employer promises to provide a fixed benefit to eligible key employees at retirement, based on a formula that considers factors such as salary, years of service, and age. The investment risk is borne by the employer rather than the employee. 3. Supplemental Executive Retirement Plan (SERP): The SERP is an additional benefit offered to key employees, on top of other retirement plans. It aims to bridge any potential retirement income gaps and provide additional financial security, typically offering a fixed payment or percentage of final salary. By offering these Virginia Deferred Compensation Agreements, First Florida Bank, Inc. supports key employees in planning for their long-term financial well-being. These agreements provide tax advantages, investment opportunities, and a range of options to ensure key employees can enjoy a financially secure retirement.