Executive Nonqualified ”Excess” Plan
A non-qualified excess plan is a non-qualified deferred compensation plan that allows executives to defer pre-tax income in “excess” of qualified plan limits – potentially up to 100% of compensation. These plans are based on a contractual agreement between the employer and the executive(s) that results in the executive foregoing current compensation in exchange for a future benefit.
Executive Nonqualified Defined Benefit Plan
A nonqualified defined benefit plan is a deferred compensation plan where the employer promises to provide a supplemental retirement benefit for a select group of management or highly compensated employees. The company can choose to informally finance the future obligation or leave the obligation unfinanced.
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