Summit Financial Advisors logo

Jamie Letcher

VP, Wealth Management

 

Summit Financial Advisors

Located at Summit Credit Union

401 S. Yellowstone Drive

Madison, WI 53719

 

Phone:  608-271-1012

 

Email: james.letcher@lpl.com

July/August 2024

2023 NQDC Survey Report

Survey Vector Illustration Set. People Giving Feedback, Choosing Answer, Making Decision and Research. Collection of Online Survey, Customer Review, Voting, Checklist, Client Feedback for Web Design

Here are some of the key findings from the 2023 survey of non-qualified defined contribution (NQDC) plan sponsors.


  • 80% of respondents stated they offer a NQDC plan to make their benefits package more competitive when recruiting key employees.

  • 63% of eligible employees participate in the NQDC plan, deferring an average of 10% of base pay and 30% of bonus pay.

  • 75% of employers make contributions to the NQDC plan—most commonly a “restoration match” (48.4% of plans), designed to fill the gap from the match excluded from the 401(k) plan due to IRS limits.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Summit Credit Union and Summit Financial Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Summit Financial Advsiors, and may also be employees of Summit Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Summit Credit Union or Summit Financial Advisors. Securities and insurance offered through LPL or its affiliates are:

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