Easily Replace Mandatory Field into the Deferred Compensation Plan

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How to Replace Mandatory Field into the Deferred Compensation Plan

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good morning everybody it is Jeanie Fisher a certified financial planner and senior foreign key adviser with our key and I talked a lot about qualified plans ERISA plans but today were going to talk about the non-qualified deferred compensation plan now this is not an ERISA plan and because of that it is not subject to ERISA standards and that really carries two primary benefits for the employer they are now allowed to actually discriminate on who they offer the plan to so they dont have to necessarily provide it to every employee on the employee side the IRC contribution limits are not there so you can actually defer a much larger portion of your income so lets walk through how this works for lets say an executive youre earning $300,000 a year you know you need to save money for retirement or long term goals you max out your 401k or your qualified plan but youve hit that limit pretty quickly right the 19,000 or the 25,000 if youre over the age 50 but in order for you to meet yo

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What is a rabbi trust and how does it work?

A Rabbi Trust is an irrevocable trust established and maintained by employers to set aside funds for their employees benefit. The trust aims to provide security to employees by setting aside funds from the employers general assets for their benefit.

How do I set up a nonqualified deferred compensation plan?

To set up a NQDC plan, youll have to: Put the plan in writing: Think of it as a contract with your employee. Be sure to include the deferred amount and when your business will pay it. Decide on the timing: Youll need to choose the events that trigger when your business will pay an employees deferred income.

What type of benefit plan is a rabbi trust?

The Rabbi Trust is a non-qualified deferred compensation plan in which funds are invested in an irrevocable trust and held for the benefit of employees for retirement purposes.

What are the disadvantages of non qualified deferred compensation plans?

The biggest disadvantage of NQDC plans for participants is that deferred compensation is subject to the claims of the employers creditors and could be lost in the event of bankruptcy or insolvency.

Why is a rabbi trust called a rabbi trust?

A rabbi trust is so called because the first such trust was established by a Jewish congregation for its rabbi. The congregation applied for and obtained a private letter ruling (PLR) from the Internal Revenue Service (IRS) which clarified the tax consequences of the establishment of the trust to the rabbi.

Why use Rabbi trust?

Rabbi Trust Protection A rabbi trust protects employees from a company that is experiencing financial hardship and wants to remove some of the trusts assets to meet its other obligations. For example, an employer cannot withdraw $50,000 from a rabbi trust to pay employee wages.

What is a funded nonqualified deferred compensation plan?

A non-qualified deferred compensation plan is a binding contract between an employer and an employee where the employer agrees to pay the employee at a later time. Specifically, the employer makes an unsecured promise to pay an employees future benefits, subject to the specific terms of the contract.

What is the difference between a secular trust and a rabbi trust?

A docHub feature of the secular trust is that participants generally have a nonforfeitable and exclusive right to the contributions made to the trust and to the earnings on those contributions. This stands in contrast to the rabbi trust, where trust assets remain subject to the claims of your general creditors.

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