What is a restoration account?

Restoration Plan Account means the account established for a Participant under Section 5. … A Restoration Plan Account may have such sub-accounts as the Committee determines to be necessary or convenient.

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In this manner, what is the HCA restoration plan?

HCA Inc. (“Company”) hereby adopts this Restoration Plan (the “Plan”) effective January 1, 2001. The Plan is an unfunded deferred compensation arrangement for a select group of management or highly compensated employees.

Beside above, what is DC restoration plan? A restoration plan is a nonqualified plan that restores benefits lost under qualified plan limitations imposed by the IRC. Restoration plans can be designed to supplement either a DB or a DC plan.

Likewise, what is a golden handcuff plan?

Golden handcuffs are a collection of financial incentives that are intended to encourage employees to remain with a company for a stipulated period of time. Golden handcuffs are offered by employers to existing key employees as a means of holding onto them as well as to increase employee retention rates.

Is a restoration plan qualified?

Retirement and Savings Restoration Plan is a non-qualified deferred compensation plan established and maintained solely for the purpose of providing a select group of highly-compensated and management employees with matching contributions that they are precluded from receiving under the Genworth Financial, Inc.

What is an executive deferred compensation plan?

An executive deferred compensation plan gives the employer a way of putting off a guaranteed supplemental amount of the executive’s earnings for a later date, normally after retirement. Most NQDCs also include the provision of paying benefits early, such as when the executive becomes disabled or dies prematurely.

Does HCA have a pension plan?

The HCA 401(k) Plan combines contributions from your facility with your own contributions to help you save for the future. Your facility provides a 100% annual match on your contribution* (from 3% to 9% of pay). … HCA Healthcare offers a 100% match on your 401(k) contributions, up to 9% of pay based on years of service.

How does a nonqualified deferred compensation plan work?

NQDC plans allow corporate executives to defer a much larger portion of their compensation, and to defer taxes on the money until the deferral is paid. You should consider contributing to a corporate NQDC plan only if you are maxing out your qualified plan options, such as a 401(k).

What is one disadvantage to having a defined benefit plan?

The main disadvantage of a defined benefit plan is that the employer will often require a minimum amount of service. … Defined benefit plan payouts have become less popular as a private-sector tool for attracting and retaining employees.

What is a 401 a retirement plan?

A 401(a) plan is an employer-sponsored money-purchase retirement plan that allows dollar or percentage-based contributions from the employer, the employee, or both. The sponsoring employer establishes eligibility and the vesting schedule.

What type of plan is a pension?

A pension plan is a type of retirement plan where employers promise to pay a defined benefit to employees for life after they retire. It’s different from a defined contribution plan, like a 401(k), where employees put their own money in an employer-sponsored investment program.

Who is the owner in an executive bonus plan?

The employee is the owner of the policy, and gets to determine the beneficiaries and manage the funds within the policy. The employer covers the cost of the policy by periodically giving the employee a bonus big enough to pay the policy premiums. The employee then pays the premiums to the insurance carrier.

Are golden handcuffs taxable?

Unless the policy is a modified endowment contract, this shouldn’t generate any taxable income for the corporation that has bought the policy. Golden handcuffs arrangements are commonly unsecured. This means that if a company goes belly-up, the arrangement may amount to an empty promise.

What does golden handshake mean?

A golden handshake is a stipulation in an employment agreement which states that the employer will provide a significant severance package if the employee loses their job. It is usually provided to top executives in the event that they lose employment because of retirement, layoffs, or for negligence.

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