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Executive & Director Deferred Compensation Plan

  • Each executive has the ability to defer a percentage of his or her salary or a flat dollar amount annually. Directors can defer board meeting fees and retainer fees.
  • Interest that is credited on each executive & director’s deferral account is adjusted annually (i.e. prime rate), a crediting rate is typically designed with a floor and ceiling rate.
  • Each executive and director is 100% vested in his or her account balance.
  • The accumulated account balance will be paid out to the executive or director upon retirement from the bank over a 5, 10, or 15-year period (with interest), or in a lump sum, at the discretion of each participant.