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NQDC plan design in which you allocate your deferred amounts into specific categories (called “buckets”), each having its own goal, such as retirement savings, college funding, or the purchase of a vacation home. You elect to place a deferral of compensation in one or several of the buckets. Each bucket has its own distribution election relating to payment dates, payment form, and asset allocation. Compare to class-year approach.
The plan that is better for you depends on various factors, as explained in another FAQ.