Top Hat Plan
Definition of "Top hat plan"
Non qualified deferred compensation plan for highly compensated employees or select group of personnel. The reporting and disclosure requirements of the employee retirement INCOME SECURITY ACT OF 1974 (ERISA) and the INTERNAL REVENUE CODE require only the following information: name of the employer, number of employees in the plan, and a statement from the employer that the plan is maintained and funded strictly to provide non qualified deferred compensation to select number of personnel.
Popular Insurance Terms
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