A deferred compensation plan agreement is one that is entered into between an employer and the employees for payment of compensation after a deferred date. This plan is one in which the employer and the employees mutually agree to get payment of compensation for present services at a future date which is often on retirement or termination of services. The primary objective of the agreement is to obtain tax exemption for the employee and defer a cash flow for the employer.
The agreement sets forth the terms and conditions to the deferred compensation plan which are mutually agreed by both the employer and the employees. The contents of the agreement are percentage of contribution made by the employer each month, basic salary stipulation for employees, employment status of employees, date of remittance of deferred compensation, deferred compensation remittance authority, date of actual payment of deferred compensation, mode of payment of deferred compensation, termination of deferred contribution by employer etc.
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