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A pension funded by an employer is a Qualified plan.
Qualified deferred compensation plans have a limit.
For example, employees can only defer up to $23,000 to their traditional 401(k) plan in 2024.
Other examples of qualified plans include:
Nonqualified deferred compensation plans have no limit.
Employees can defer as much of their compensation as they would like.
Nonqualified retirement plans are savings vehicles that are not subject to the rules of the Employee Retirement Income Security Act (ERISA).
There are four major types of nonqualified plans:
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