I am an employee who has a sum invested in an unfunded NQDC plan with my employer. The plan document states distribution triggered by separation will be distributed in 5 annual (yearly) payments. For obvious reasons I would prefer distribution to be extended to smaller annual payment over a greater time period. For example if sum held in NQDC plan balance at separation equals $1M it will be distributed in 5 annual payments of $200K. I would prefer 10 annual payments of $100K or 20 annual payments of $50K.
If in principle both the employee and employer agree to this, can it be done? I am aware of the risks due to the plan being unfunded and extending the time from 5 years to longer.
