The Salary Deferral Agreement is commonly used when employees wish to postpone receiving a portion of their compensation for tax planning, retirement savings, or other financial purposes. This document is particularly relevant in the United States where it must comply with IRS regulations, particularly Section 409A, and state-specific employment laws. The agreement typically includes specific details about deferral amounts, timing, investment options (if applicable), and payment terms. It's crucial for both tax planning and ensuring compliance with federal and state regulations governing deferred compensation arrangements.
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1. Parties: Identification of employer and employee
2. Background: Context of employment relationship and reason for deferral
3. Definitions: Key terms used throughout the agreement including Deferred Compensation, Payment Date, and Plan Year
4. Amount of Deferral: Specific amount or percentage of salary to be deferred and mechanism for election
5. Deferral Period: Timeline for the deferral and payment schedule, including vesting provisions if applicable
6. Payment Terms: Conditions and method of payment of deferred amounts, including timing and form of payment
7. Tax Implications: Tax treatment, withholding obligations, and compliance with IRC Section 409A
8. Termination Provisions: Circumstances under which the agreement can be terminated and consequences
1. Investment Options: Details of how deferred amounts will be invested and any associated risks
2. Change of Control Provisions: Impact of company ownership changes on deferred compensation
3. Death Benefits: Treatment of deferred amounts upon death and beneficiary designation
4. Disability Provisions: Treatment of deferred amounts in case of disability
5. Non-Competition and Confidentiality: Restrictions on employee activities and protection of company information
1. Schedule A - Deferral Election Form: Detailed form specifying deferral amounts, timing, and employee elections
2. Schedule B - Payment Schedule: Detailed payment dates, amounts, and distribution schedule
3. Appendix A - Investment Options: List of available investment choices and related terms if applicable
4. Appendix B - Tax Implications: Detailed explanation of tax consequences and compliance requirements
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