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Key Elements of a Nonqualified Deferred Compensation Plan

Deferred compensation is a term broadly used to describe any agreement between you and your employer to hold back your compensation until a future date or event, such as your retirement. With a nonqualified deferred compensation (NQDC) plan, an employer can offer certain employees the opportunity to defer compensation, without mandated contribution limits. Typically, employers choose to offer an NQDC plan as an added benefit to reward selected executives or key employees. It’s a retirement tool that helps these employees save money on a pretax and tax-deferred basis, often in amounts greater than what could be set aside in a qualified plan such as a 401(k). Here, we provide an overview of ke

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