An Elective Deferred Compensation Plan Agreement is one that is a contribution made by the employees towards a deferred compensation plan. Unlike other deferred compensation plans this elective compensation plan has only the employee’s contribution and employers do not contribute any amount. Employees of an organization take up this elective deferred compensation plan in order to defer payment of tax earned on the present earned income. The payment gets accumulated and is taxed when the lump sum amount is withdrawn by the employee or on termination of employment whichever occurs earlier.
Some of the elements covered in the Elective Deferred Compensation Plan Agreement are the name of the employee, designation of the employee, years of service of the employee, name of the company where employee is serving, address of the employment company, salary range of the employee, compensation limit of the employee for tax calculation, percentage of salary that employee contributes to the deferred compensation plan, type of deferred plan opted by the employee, date of contribution made by the employee etc.
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