Non-Qualified Plan Clause Samples
A Non-Qualified Plan clause defines an employee benefit plan that does not meet the requirements set by the Internal Revenue Code for favorable tax treatment. Such plans are typically used to provide deferred compensation or supplemental retirement benefits to select employees, often executives, and are not subject to the same contribution limits or nondiscrimination rules as qualified plans like 401(k)s. The core function of this clause is to clarify the nature and tax implications of the plan, ensuring both employer and employee understand that the plan is not eligible for certain tax advantages and may carry different risks and reporting requirements.
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Non-Qualified Plan. Non-Qualified Plan shall mean the United Bankshares, Inc. Non-Qualified Retirement and Savings Plan, as it may be amended from time to time.
Non-Qualified Plan. Executive shall be entitled to participate in the ChoicePoint Inc. Deferred Compensation Plan ("Deferred Compensation Plan") which may include one or more of the following: (i) voluntary deferrals of salary or bonus, (ii) Employer contributions otherwise limited under the Employer's qualified retirement plans on account of limits imposed by the Internal Revenue Code ("Code"), and (iii) a supplemental retirement contribution, as set forth in Exhibit B.
Non-Qualified Plan. 18 4.1 Deferred Compensation Plan.....................................................................18
Non-Qualified Plan. After the date hereof, Tality Employees shall no longer be eligible to contribute to or receive contributions under the Cadence 1994 Deferred Compensation Plan and the 1996 Deferred Compensation Venture Investment Plan; PROVIDED, HOWEVER, that amounts credited to the accounts of Tality Employees shall continue to be credited with gains and losses in accordance with the terms of such plans until such accounts are distributed. Neither the Separation nor Independence of Tality or the Partnership shall of itself constitute a termination of employment or otherwise constitute an event of distribution under either plan. Cadence shall amend the plans as necessary to achieve the effects and results contemplated by this Article IV.
Non-Qualified Plan. 17 4.1 Deferred Compensation Plan.........................................................................17 ARTICLE V HEALTH AND WELFARE PLANS...................................................................................18
Non-Qualified Plan. 17 4.1 Deferred Compensation Plan........................................... 17 ARTICLE V HEALTH AND WELFARE PLANS............................................ 18 5.1 Health Plans as of the Distribution Date............................. 18 5.2 Health Plans from the Separation Date through the Distribution Date.. 19 TABLE OF CONTENTS (Continued)
Non-Qualified Plan. In addition to permitting the Executive to participate in such employee benefit pension plan or plans as are generally made available to employees of the Employer from time to time, the Company shall establish and maintain an unfunded nonqualified deferred compensation plan, which shall constitute a “top-hat plan” under the Employee Retirement Income Security Act of 1974, as amended, under which the Executive shall be permitted to elect to defer compensation and to receive payment of such deferred compensation and notional earnings attributable thereto at a future date selected by the Executive (the “NQDC Plan”). In addition to the Executive’s elective deferrals under the NQDC Plan, the Company will make the following annual contributions to the NQDC Plan on the Executive’s behalf: (i) 20.5% of the amount by which the Executive’s Base Salary exceeds the then applicable annual limit on pensionable compensation established pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, and (ii) 20.5% of the bonus, if any, awarded to Executive under the Company’s Cash Incentive Plan.
Non-Qualified Plan