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insurance company's "annual contributions based on an agent's
earnings from original and renewal fees for insurance policies."
Id. at 204.
Petitioner performed services for State Farm for 33 years.
During his service he received commissions, service compensation,
and renewal commissions. The record does not show that he was
entitled to more compensation than he received once the
termination payments were made. The Agreement contains no
provisions to accumulate funds for termination payments. The
language of Section IV of the Agreement indicates that the
parties intended to create a payment scheme separate and distinct
from compensation for services rendered.
Other distinctions between the termination payments and the
ordinary deferred compensation plan are apparent. Deferred
compensation which becomes payable after the recipient's
retirement takes into account his overall earnings and years of
service. The amount ultimately to be paid to the individual is a
vested property right when earned which usually cannot be cut off
arbitrarily. See Phillips v. Alaska Hotel and Restaurant
Employees Pension Fund, 944 F.2d 509, 516 (9th Cir. 1991).
In those respects petitioner's termination payments differed
from the ordinary deferred compensation plan. Under the
Agreement, the amount of termination payments was not dependent
upon the amount petitioner earned over his career. As long as he
had at least 2 years of service prior to the termination, it made
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