Kings New York Retirement Plan for Outside Directors

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Kings
• Control #: US-CC-21-135B
• Format: Word; Rich Text

Description

This sample form, a detailed Retirement Plan for Outside Directors document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. Kings New York Retirement Plan for Outside Directors is a comprehensive retirement package designed exclusively for external directors of the company. This retirement plan offers valuable financial benefits and security to directors who serve on the board of Kings New York. With this plan, outside directors can enjoy a comfortable and worry-free retirement, ensuring their commitment and dedication to the company are adequately rewarded. The Kings New York Retirement Plan for Outside Directors offers multiple options to cater to individual needs and preferences. It includes various types of retirement plans, such as defined contribution plans, defined benefit plans, and non-qualified deferred compensation plans. 1. Defined Contribution Plan: This type of retirement plan allows directors to contribute a specific amount from their salary or compensation towards their retirement fund. The company may also contribute to this plan, matching a portion of the director's contribution. The accumulated funds in the plan are typically invested in a variety of investment options, such as stocks, bonds, and mutual funds, providing potential growth over time. 2. Defined Benefit Plan: Unlike a defined contribution plan, a defined benefit plan guarantees a specific retirement income to the director based on predetermined factors such as salary, years of service, and other relevant variables. The company assumes the responsibility for managing the investment and assumes the risk associated with the plan. This type of plan provides a fixed and secure income stream during retirement, ensuring financial stability for the director. 3. Non-Qualified Deferred Compensation Plan: This plan allows outside directors to defer a portion of their compensation until a later point in time, often retirement. The deferred compensation is typically invested and grows on a tax-deferred basis. Upon retirement, directors receive the accumulated funds, which can supplement their other retirement income sources and help them maintain their desired lifestyle. The Kings New York Retirement Plan for Outside Directors aims to attract experienced and highly qualified individuals to serve on the company's board. It provides an added incentive for potential directors to commit to the organization, knowing that their long-term financial security is taken care of. This retirement plan highlights Kings New York's commitment to recognizing the contributions and value that outside directors bring to the company, ensuring their lasting well-being and satisfaction while serving on the board. In summary, the Kings New York Retirement Plan for Outside Directors offers a variety of retirement options, including defined contribution, defined benefit, and non-qualified deferred compensation plans. It serves as a powerful tool to attract and retain talented individuals to serve on the board, demonstrating the company's dedication to its outside directors' financial security and rewarding their commitment to the organization.

Kings New York Retirement Plan for Outside Directors is a comprehensive retirement package designed exclusively for external directors of the company. This retirement plan offers valuable financial benefits and security to directors who serve on the board of Kings New York. With this plan, outside directors can enjoy a comfortable and worry-free retirement, ensuring their commitment and dedication to the company are adequately rewarded. The Kings New York Retirement Plan for Outside Directors offers multiple options to cater to individual needs and preferences. It includes various types of retirement plans, such as defined contribution plans, defined benefit plans, and non-qualified deferred compensation plans. 1. Defined Contribution Plan: This type of retirement plan allows directors to contribute a specific amount from their salary or compensation towards their retirement fund. The company may also contribute to this plan, matching a portion of the director's contribution. The accumulated funds in the plan are typically invested in a variety of investment options, such as stocks, bonds, and mutual funds, providing potential growth over time. 2. Defined Benefit Plan: Unlike a defined contribution plan, a defined benefit plan guarantees a specific retirement income to the director based on predetermined factors such as salary, years of service, and other relevant variables. The company assumes the responsibility for managing the investment and assumes the risk associated with the plan. This type of plan provides a fixed and secure income stream during retirement, ensuring financial stability for the director. 3. Non-Qualified Deferred Compensation Plan: This plan allows outside directors to defer a portion of their compensation until a later point in time, often retirement. The deferred compensation is typically invested and grows on a tax-deferred basis. Upon retirement, directors receive the accumulated funds, which can supplement their other retirement income sources and help them maintain their desired lifestyle. The Kings New York Retirement Plan for Outside Directors aims to attract experienced and highly qualified individuals to serve on the company's board. It provides an added incentive for potential directors to commit to the organization, knowing that their long-term financial security is taken care of. This retirement plan highlights Kings New York's commitment to recognizing the contributions and value that outside directors bring to the company, ensuring their lasting well-being and satisfaction while serving on the board. In summary, the Kings New York Retirement Plan for Outside Directors offers a variety of retirement options, including defined contribution, defined benefit, and non-qualified deferred compensation plans. It serves as a powerful tool to attract and retain talented individuals to serve on the board, demonstrating the company's dedication to its outside directors' financial security and rewarding their commitment to the organization.