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Simple English definitions for legal terms

top-hat pension plan

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A quick definition of top-hat pension plan:

A top-hat pension plan is a special type of retirement plan that is set up by an employer for a select group of high-level employees. This plan is designed to provide deferred compensation to these employees after they retire. Unlike other pension plans, top-hat plans are not subject to the same rules and regulations as they are meant for a specific group of people.

A more thorough explanation:

A top-hat pension plan is a type of pension plan that is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of managers or highly paid employees. It is an unfunded pension plan, which means that the employer does not set aside funds to pay for the benefits promised to the employees.

Top-hat plans are generally not subject to the broad remedial provisions of the Employee Retirement Income Security Act (ERISA) because Congress recognized that certain individuals, by virtue of position or compensation level, can substantially influence the design or operation of their deferred-compensation plans.

For example, a company may offer a top-hat pension plan to its top executives as a way to provide additional retirement benefits beyond what is offered to other employees. The plan may promise specific benefits to each executive and may be funded through the company's general assets rather than through a separate trust fund.

Another example of a top-hat plan is a deferred-compensation plan that allows highly paid employees to defer a portion of their income until retirement. The plan may be designed to provide tax benefits for the employees and may be subject to certain restrictions on contributions and withdrawals.

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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
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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