An online or printed form you complete to participate in your NQDC plan. You either do this annually or make an evergreen election you can modify before the start of the year you want it to apply to. The form allows you to elect the following:

• the amount (usually the percentage) you want to defer
• any breakdown of salary versus bonus
• the time when you want to receive the distribution (e.g. all in one year or across accounts in different years)
• any choice in the form of payment (e.g. lump sum or installment)
• your investment choices, if any, for what you defer