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Simple English definitions for legal terms

nonqualified deferred-compensation plan

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A quick definition of nonqualified deferred-compensation plan:

A nonqualified deferred-compensation plan is an agreement between an employer and certain individuals to pay compensation to those individuals at a later date. It is not a qualified plan, which means it does not qualify for favorable tax treatment. This type of plan is often offered to executives and avoids restrictions on qualified plans, such as limits on contributions and benefits and rules against discrimination in favor of highly compensated employees.

A more thorough explanation:

A nonqualified deferred-compensation plan is an arrangement offered to executives that allows them to defer compensation and the recognition of its accompanying taxable income to a later date. This type of plan is not qualified for favorable tax treatment under the Internal Revenue Code. The plan avoids the restrictions on qualified plans, especially the limits on contributions and benefits and rules against discrimination in favor of highly compensated employees.

For example, a company may offer its top executives a nonqualified deferred-compensation plan that allows them to defer a portion of their salary until retirement. The deferred amount is not taxed until it is paid out, which can result in significant tax savings for the executive.

non-purchase-money | nonqualified pension plan

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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