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How Many Participants Is Too Many for a Top Hat Plan?
Verrill Dana LLP 
Apr. 13, 2022 "[The DOL] interprets the phrase to apply 'select group' and 'management or highly compensated employees' as distinct requirements, both of which must be met to establish the top hat status of a deferred compensation plan.... For the most part, federal courts have found that a 'select group' exists with coverage percentages ranging from about 5% to about 15%, and at least one federal court has declared that a plan covering 18.7% of the employer's workforce could not be considered a top hat plan." MORE >> |
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