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Employment Agreements

Capital Accumulation Plan Agreement

November 23, 2011 by agri in Employment Agreements with 0 Comments
The Capital Accumulation Plan agreement is made by the “Company” and is signed by the employee or executive concerned. The primary aim of a Capital Accumulation Plan agreement is to provide tax planning opportunity and accumulation of different types of supplemental funds to be distributed to the employee in the form of retirement benefit or death benefit.

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Sample Capital Accumulation Plan Agreement

Capital Accumulation Plan Agreement

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This agreement is made between Company and Employee on the effective date of 13th November, 2011.

Company represented by

Mr. James McCormack

CEO

Address: 2815 West 63rd Street, Chicago IL 60629

Contact number: (773) 317-4736

Employee represented by:

Mr. William Redford

Address: 6922 South Rockwell Street, Chicago IL 60629

Contact number: (708) 424-2159

Terms and Conditions:

  • “Compensation” stands for the base salary payable to the employee and includes the bonus earned by the employee of the Company. It is considered as a “wage” for the purpose of federal income tax withholding.
  • The participation of the employee in the Capital Accumulation Plan will be effective only upon notification to the said employee by the Company’s governing committee or board of directors with regards to eligibility for participation, completion as well as submission of the Deferral Commitment by the fifteenth day of the first month preceding immediately the Deferral Period.
  • The company has allotted the maximum compensation percentage deferred to be twenty percent (20%) as a part of each base salary payment and a minimum deferral amount of three percent (3%) of the compensation.
  • If the said employee terminates their employment with the company, for any other reason than death, then the company will pay the employee Capital Accumulation Plan benefits that are equal to the current balance in the employee’s account.
  • In case of death of the employee, the Company will pay benefits to the employee’s Beneficiary and shall be equal to amount of the employee’s vested Account balance.

IN WITNESS WHEREOF, the parties “Company” and “Employee” have executed this Capital Accumulation Plan as on the date set forth which is 11/13/2011 (MM/DD/YY).

SIGNED FOR AND ON BEHALF OF COMPANY BY:

…………………………………………………………….

Name:

SIGNED FOR AND ON BEHALF OF EMPLOYEE BY:

…………………………………………………………….

Name:


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