Hennepin Minnesota Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees

State:
Multi-State
County:
Hennepin
Control #:
US-CC-20-162F
Format:
Word; 
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Description

This is a multi-state form covering the subject matter of the title.

Hennepin County, located in Minnesota, offers a Deferred Compensation Agreement exclusively designed for Key Employees in collaboration with First Florida Bank, Inc. This unique agreement aims to provide comprehensive benefits and financial security to eligible individuals working in key positions within the county's administration. The Hennepin Minnesota Deferred Compensation Agreement is specifically tailored to attract and retain outstanding talent within key roles. By offering this agreement through First Florida Bank, Inc., Hennepin County ensures access to a trusted financial institution known for its expertise in retirement planning and investment management. Key Employees who qualify for this agreement gain the opportunity to defer a portion of their compensation, allowing them to supplement their current income while preparing for retirement. The agreement offers various investment options that allow employees to choose from a range of investment vehicles based on their risk appetite and long-term financial goals. One notable advantage of the Hennepin Minnesota Deferred Compensation Agreement is the potential tax benefits it provides. Through pre-tax contributions, participants can reduce their taxable income while contributing to their retirement savings. Moreover, the agreement offers the flexibility to select the timing and frequency of contributions, empowering employees to align their savings strategy with their personal financial needs. Additionally, the Hennepin Minnesota Deferred Compensation Agreement provides key employees with access to expert financial advisory services. First Florida Bank, Inc.'s team of skilled advisors can guide employees in making informed investment decisions and assist in creating a personalized retirement plan based on individual circumstances and goals. While the above description encompasses the primary Hennepin Minnesota Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees, it's important to note that there may be other variations or additional programs available. These can include tailored agreements for specific departments, employee levels, or specialized roles within the county administration. To obtain detailed information regarding the specific options available, eligible employees should consult their Human Resources department or reach out directly to First Florida Bank, Inc. In conclusion, the Hennepin Minnesota Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees is a comprehensive retirement savings program tailored to meet the unique needs of eligible employees within Hennepin County. By providing flexible investment options, potential tax advantages, and access to financial advisory services, this agreement aims to support key employees' long-term financial security and help ensure a comfortable retirement.

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FAQ

Deferred compensation plans can be a great savings vehicle, especially for employees who are maximizing their 401(k) contributions and have additional savings for investment, but they also come with lots of strings attached.

Unlike a 401k with contributions housed in a trust and protected from the employer's (and the employee's) creditors, a deferred compensation plan (generally) offers no such protections. Instead, the employee only has a claim under the plan for the deferred compensation.

For example, the Internal Revenue Code (IRC) allows for 401(k) withdrawals to begin penalty-free after age 59½but the IRC also requires that you start taking distributions at age 72. By contrast, there are no IRC age restrictions on distributions from a deferred compensation plan.

Unlike a 401(k), your deferred compensation account is not yours; it is the property of your employer and is subject to potential loss. If the company goes bankrupt or is unable to pay its bills, you may lose the compensation you deferred.

To help manage the risk, Mr. Reeves suggested limiting deferred compensation to no more than 10 percent of overall assets, including other retirement accounts, taxable investments and even emergency cash funds. Typically, employees must choose how much to defer and when they would like to receive the payout.

A deferred compensation plan allows a portion of an employee's compensation to be paid at a later date, usually to reduce income taxes. Because taxes on this income are deferred until it is paid out, these plans can be attractive to high earners.

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.

A deferred compensation plan allows a portion of an employee's compensation to be paid at a later date, usually to reduce income taxes. Because taxes on this income are deferred until it is paid out, these plans can be attractive to high earners.

You can take the distribution in a lump sum or regular installments, paying tax when you receive the income. You can also arrange to withdraw some of it when you anticipate a need, such as paying for your kids' college tuition. While the IRS has few restrictions, your employer will probably have their own rules.

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During fiscal 2014, we completed 10 remodels, primarily in our Western stores acquired in the merger with Nash. Finch. , which we refer to as SkyWater Florida.Learn about our retirement plan design and document services. And the TCF Omnibus Employees Deferred Compensation Plan. List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest compensated employees;. A11010218, and to be filed in the Office of the Registrar of Titles of Hennepin County,. The EAW Guidelines provide additional detail and resources for completing the EAW form. 19-Form of Deferred Compensation Agreement between the Company and each.

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Hennepin Minnesota Deferred Compensation Agreement by First Florida Bank, Inc. for Key Employees