In corporate transactions, it is often not clear whether nonqualified deferred compensation (NQDC) can be or must be distributed to employees, especially when the NQDC plan requires payments upon a participant’s separation from service.
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The employer or trustee is not required to hold the assets until we issue a favorable determination letter but usually will do so to ensure that plan distributions will receive the favorable tax treatment given to distributions from qualified plans. Generally, you should take specific actions when you terminate a plan, including providing required notices to plan participants, amending the plan document, distributing assets and, if you wish, filing a Form 5310 with the IRS.
See Terminating a Retirement Plan for more information.
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