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Frequently Asked Question
UPDATES! At year-end 2023, when I am deciding on salary deferrals into my nonqualified plan for 2024, what should be the top issues in my decision-making?

In NQDC plans, the fourth quarter is the most common period for electing salary deferrals in the year ahead. One ongoing issue for deferral planning is the need to consider the tax increases of recent years, including the additional Medicare taxes for high earners.

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More FAQs
Can I borrow money from my NQDC account?
If I am an outside director or consultant, is the income at deferral and distribution reported on a 1099-MISC?
What appears on my W-2 for the year of income deferral?
Can my company use part of the amount I deferred to pay the FICA (Social Security and Medicare) taxes?
When and how are Social Security and Medicare taxes (FICA) paid when I defer my income?
Can I elect to trigger my distribution upon certain events, such as death, disability, or job loss, rather than just at a specific date in the future?
Will there be some type of enrollment form?
Do I need to elect the percentage I defer, the year when it will be distributed, and the form of payment when it is distributed?
How soon after becoming eligible do I need to enroll in the NQDC plan?
At a minimum, what do I usually need to decide when I enroll?

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