Nonqualified Deferred Compensation Plan Deferral Election Form


Summary

This election template is designed for participants in a nonqualified deferred compensation plan (NQDC plan) to designate the compensation whose payment will be deferred under the plan and the form and time of payment of deferred amounts. This template contains practical guidance, drafting notes, and optional and alternate clauses. The contents of a deferral election form will vary significantly based on the design and features of the underlying NQDC plan. It is important that the deferral election template and NQDC plan are consistent with each other and compliant in form and operation with the requirements of I.R.C. § 409A (Section 409A). This template is designed to work with the template Nonqualified Deferred Compensation Plan, but can be adapted to other plan designs. It covers separate elections to defer a portion of base salary and a portion of both performance-based and non-performance-based bonus compensation as well as distribution elections for the time and form of payment ...