Implement a flexible, tax-deferred retirement plan
Nonqualified plans are designed to meet the retirement needs of key executives and other select employees. Employers can offer this option in addition to 401(k)s and other qualified plans. This exclusive benefit allows executives to increase their retirement savings with some tax advantages and no limit on benefit amounts.
Nonqualified plans allow employers to recruit and retain top executive talent. These plans also offer plan sponsors tax advantages and more flexibility, along with these additional benefits:
- Not subject to nondiscrimination rules
- Unlimited tax-deductible contributions
- Virtually no government paperwork
Note: Deduction on the contribution is taken the year the income becomes taxable to the employee.
Nonqualified plans allow key employees to increase their savings beyond the limits of your retirement plan.
Participant advantages include:
- No annual contributions limits
- No taxation on employer contributions until distributions are taken
- Deferred taxation on earnings
Note: Benefits are not secured. Employees must rely on the employer's promise to pay the deferred compensation in the future.
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Services and products featured herein may include some offered by affiliated companies of BB&T Wealth. The fees for those services and products are in addition to the fees charged by BB&T Wealth. As a result, BB&T Corporation, as a whole, receives more compensation than would otherwise be received if a non-affiliated service or product was used. When we offer any service or product to a client, we use the same process to offer both affiliated and non-affiliated services and products. When we have authority to select any service or product on behalf of a client, if our process shows affiliated services and products to be competitive with corresponding non-affiliated services and products, then we may select affiliated products and services. BB&T Wealth expresses no opinion on the use of BB&T affiliated services and products when the client selects such services and products in a client-directed account.
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Securities and advisory products or services are:
NOT A DEPOSIT • NOT FDIC-INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY GO DOWN IN VALUE • NOT GUARANTEED BY THE BANK
The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.