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Elective deferral plan

Another name for a nonqualified deferred compensation plan in which you elect to defer compensation, such as salary or a bonus. You receive the compensation, along with any increase from investment choices, in the future. You make the election in a written agreement that specifies the amount of your salary, bonus, commissions, or other income to be deferred, and the time and manner of distributions in the future (e.g. upon retirement).