So there's a nonprofit that has an individual who has worked there for eight years (and founded the nonprofit). Over the years this individual took no money but there was an oral agreement with the board that she was owed a deferred salary of 20K per year, which will be paid the year after the individual's departure (at a rate of no less than 20K per year). This individual is about ready to depart the organization and only now wants to in writing. Obviously, since this is a nonprofit and deals with deferred compensation, this seems like it would fall under a 457 plan. Could it be considered a top hat plan (obviously not a highly-compensated person, but considered a member of a select group of management)? 457(b) or 457(f)? Any help would be appreciated.
