A director’s retirement plan agreement is a document framed between a company and the various directors who are part of the decision making body of the company. It should specify the most important factors affecting a retirement which include the age of retirement, the kind of pension scheme that the director shall be given post retirement, the year of retirement, and the benefits and perks that will be provided to him and so on. The terms and the conditions which will govern his retirement must also be specifically mentioned.
A director’s retirement plan agreement must be comprehensive, taking into account all possibilities. For example, the pension benefits that will be provided to a retired director’s spouse after his or her death must be mentioned, as well as the conditions of VRS or voluntary retirement service which will be different from those of normal retirement. All these factors must be kept in mind while preparing the concerned document.
Director’s Retirement Plan Agreement
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