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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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come in the DAY AFTER SHE GIVES BIRTH
W HER BABY
13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
glovediedthisishismom
13:24
thats definetly horsey on an alt
glovediedthisishismom
13:24
no way any professor did that
13:25
thrifted a vintage burberry suit today and feeling unstoppable
Dkk
13:26
Nice
glovediedthisishismom
13:26
im in the field like a defensive lineman im always in saks 💯
1a2b3c4d26z
13:26
That's awesome
1a2b3c4d26z
13:26
real ones shop at bergdorf
13:28
real ones shop at YMH
triplethread
13:28
i missed another fordham wave
triplethread
13:28
mamas getting denied
JumpySubsequentDolphin
13:29
the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
13:29
it feels like home
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
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?
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