Top Hat Plan Statement Filing Rules and Procedures

Summary

This practice note addresses the preparation and filing of a top hat plan statement for applicable deferred compensation plans. Top hat plan statements are filed with the Secretary of the Department of Labor (DOL) for certain deferred compensation arrangements to be eligible for the alternative compliance method for reporting and disclosure obligations under the Employee Retirement Income Security Act (ERISA). Part I of Title I of ERISA imposes certain reporting and disclosure requirements on sponsors of employee benefit plans (e.g., Form 5500 annual report filing and furnishing of summary plan descriptions). However, ERISA permits alternative methods for satisfying these requirements for certain kinds of plans.