A non-qualified retirement plan is a type of retirement savings plan that is not subject to the same regulatory requirements as qualified plans, such as 401(k) or IRA plans. These plans are typically offered by employers to top executives or highly compensated employees as a means of supplementing their retirement income beyond the limits of a qualified plan.
Because non-qualified plans are not subject to the same tax rules and regulations as qualified plans, they offer greater flexibility in terms of contribution limits and distribution options. However, they also carry more risk for participants because they are not insured by the federal government and are subject to the financial health of the employer.
Common types of non-qualified retirement plans include deferred compensation plans, executive bonus plans, and excess benefit plans. These plans often offer benefits such as deferred taxation, investment options, and employer matching contributions and may be customized to meet the needs of the employer and participants.
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