Non-Qualified Executive Benefit Plans

Nonqualified plans are retirement savings plans. They are called nonqualified because unlike qualified plans they do not adhere to Employee Retirement Income Security Act (ERISA) guidelines. Nonqualified plans are generally used to provide high-paid executives with an additional retirement savings option.

More specific plans include, but not limited as below.

Deferred Compensation Plan:

Employers withhold or set aside a portion of employees’ compensations and pay out later. Normally for high income employees who would like to defer taxes to retirement when tax brackets might be lower.

Executive Bonus Plan:

The plan is for employers who would like to offer additional benefits to key employees as bonus.

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