Most people are familiar with having access to a 401(k) at work. Employees defer a portion of their paycheck to the 401(k) plan, choose their investments from a selection of mutual funds offered, and then often forget about it. If theyโre fortunate, employees also receive an employer matching contribution, further growing their retirement nest egg. 401(k)s are considered a qualified retirement plan.
Nonqualified retirement plans allow employers to provide additional benefits or incentives to key employees or highly compensated employees to maintain competitive compensation or tie an employee to the company for a certain number of years. Since these plans fall outside the tax codes that govern plans like 401(k)s, nonqualified plans are not required to be offered universally to all employees.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.