A non-qualified retirement plans agreement is an agreement which is made in the case when an employee is retiring from a company and the company promises to provide him with pensions which are not applicable under any tax scheme or does not qualify for any tax treatment.
These agreements are made between the company and the retiring employee and are legally binding for both the involved parties. By ‘legally binding’, we mean that if any of the parties violates any of the terms of the agreement, then it may have to face legal actions or implications.
A non-qualified retirement plans agreement gives details of the employee, the company, the pension plan scheme and also gives in writing the commencement date and the termination date of the agreement to define the effective period of the retirement plan. But the most important part of any such agreement is the part of the terms and conditions.
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