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Simple English definitions for legal terms

nonqualified pension plan

Read a random definition: Takeover

A quick definition of nonqualified pension plan:

A nonqualified pension plan is a type of retirement savings plan where an executive or highly paid employee can contribute additional funds to increase their retirement benefits. This plan is not subject to the same federal laws as qualified pension plans, which offer tax benefits for contributions and investment growth. Nonqualified pension plans are typically offered to a select group of employees and are not funded by employee contributions.

A more thorough explanation:

A nonqualified pension plan is a type of deferred-compensation plan that allows executives to increase their retirement benefits by making additional contributions to the company's basic plan. This plan is not subject to the same federal laws as qualified pension plans, such as the Employee Retirement Income Security Act (ERISA), and does not offer the same tax benefits.

For example, a CEO may have a nonqualified pension plan that allows them to contribute an additional $50,000 per year to their retirement benefits. This plan is not available to all employees and is only offered to a select group of executives.

Nonqualified pension plans are often used as a way to attract and retain top talent in a company. However, they are not as secure as qualified pension plans and may be at risk if the company experiences financial difficulties.

nonqualified deferred-compensation plan | nonqualified stock option

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manifestmoreadmissions
10:18
for those of you wondering if admissions offices are working today i got an email from an adcomm today responding to something i sent earlier in the week
GoodUnbecomingMacaque
11:30
What does an interview for a transfer student at george mason mean?
trees1234567
12:02
JB was here yesterday dang it!!
LegalUsername
12:05
Are law schools open today or do they also have another day off considering it's sandwiched between July 4th and the weekend?
lawnfire2896
12:57
they're open
AboardCloisteredAvatar
14:09
is wash u open
menherachan
14:32
@HangingAboriginalLeopard: my lsat is a 168, but i got the fordham wl this cycle. i applied to it as a safety, so im kinda surprised about the wl
lawnfire2896
14:46
washu is open
amlaw
14:57
vanderbilt clearly is
AboardCloisteredAvatar
15:14
Why clearly lol
amlaw
15:17
two acceptances today
AboardCloisteredAvatar
15:19
what !! Crazy
manifestmoreadmissions
15:32
oh congrats to the vandy admits!!!
TacitSplendidShrew
17:08
Hi everybody, I am applying to schools this August. I could use some brief help with optics for my personal statement, as I am a first-gen student in every regard--even at the high school graduate level.
trees1234567
17:17
what help are you looking for!
trees1234567
17:17
happy to give advice if helpful
darthaifos33
22:42
Hey Everyone, I am also applying this cycle and have a question about my personal statement. I want to become a lawyer because of a personal trauma I experienced in the past. Is this too sensitive of a topic to mention in a PS? I won't go into detail and only mention it as it relates to my inspiration to be a lawyer.
[] ararara
23:18
Yo! LSD has an AI consultant named Molly to help detect for red flags and trauma dumping in personal statements. You can try it at no charge by signing up for a free trial of LSD+. Think it gives you like two weeks for free or something though so be mindful of how advanced you are in PS drafts. Might want to time it so you have access when it’s most important.
[] ararara
23:20
@darthaifos33: this is just my opinion but I think it’s important to try and keep things positive if you can because it will reflect well on you if you can. I’ve been fortunate to read a lot of PSs as an lsat tutor and I’ve gotta say there is a lot of darkness in the world. It’s cliche but that’s the perfect time for your heart to shine through! Also, always keep in mind you’re applying to a professional school so there has to be that relevance I think.
[] ararara
23:22
Even though it’s impossible try to imagine a bunch of candidates who have had it way harder than what you’re saying but are also big about it. That’s why I think it looks better to be positive if you can about trauma even though it can be hard af.
darthaifos33
23:53
Of course! I plan to positvely weave it through my narrative and relevant professional experience in a way that isn't too dark or anything like that. I just wasn't sure if it was a big taboo or anything like that
[] ararara
0:00
@TacitSplendidShrew: @darthaifos33 https://drive.google.com/drive/mobile/folders/1jsyd1Mq8RlyMVqli_BW9z1uxY2SzNtFK?sort=13&direction=a definitely try molly and check this link out as well! The only thing about molly is some apps ask if you used AI to write your statement so be mindful of what they’re asking/what you’re using molly for!
manifestmoreadmissions
9:44
is LSDs AI assistant being named molly on purpose
KimchiQueen
10:25
@manifestmoreadmissions: OMG LOL
KimchiQueen
10:26
@manifestmoreadmissions: OMG LOL
LegalUsername
10:26
lol
darthaifos33
14:23
am I considered KJD if I am applying the summer right after May graduation?
KnowledgeableRitzyWasp
15:25
no because you’ll have a full year before you start school
AboardCloisteredAvatar
15:27
Omg lol who cares
Dkkm11
17:09
In my opinion thats close enough @darthaifos33
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