COVID-19: Impact on Nonqualified Deferred Compensation Plans

The IRS’s guidance on the Coronavirus Aid, Relief and Economic Security (CARES) Act and COVID-19 has largely been focused on tax qualified plans and individual retirement accounts (IRAs), but sponsors of nonqualified deferred compensation (NQDC) plans need to deal with some of the same issues as qualified plan sponsors. These include understanding the current financial needs of participants, the impact of furloughs and leaves, and their own financial difficulties. READ MORE