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Bucket approach

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.