Post Retirement Tax Rate

Post Retirement Tax Rate. If sixty per cent (60%) of Key Employee's Final Average Earnings at retirement or other termination of employment equals or exceeds $311,950 for 2003 (for each year thereafter, such amount indexed in the same manner as are the federal marginal individual income tax rates), the Post Retirement Tax Rate shall be 40.35%; otherwise the Post Retirement Inclusive Tax Rate shall be 38.47%; provided however, if Key Employee is a resident of a state other than Georgia at the time the Post Retirement Tax... Rate is to be determined, then such rate shall be adjusted as appropriate to reflect the difference between the Georgia state income tax rate of 6% and the highest marginal state and local tax rate applicable to residents of the state in which Key Employee resides. The Committee may appropriately revise such tax rates if the applicable federal, state, or local or Medicare tax rates change. View More