"Having surveyed the case law of our peer circuits, we find the following nonexhaustive list of factors useful to consider when determining whether a plan is a bonus payment plan: [1] whether the plan contemplates universal employee participation or imposes heightened eligibility requirements, [2] whether the plan is funded with money that would otherwise be immediately payable to the employee, [3] whether the plan is actually funded or involves phantom investments, [4] whether employees can unilaterally postpone payments until termination or beyond, [5] whether the plan is presented as a vehicle for obtaining retirement income, and [6] whether firm performance impacts plan payments.... We are convinced that the WealthChoice Award program comfortably qualifies as a bonus payment plan.... [We] affirm the district court's order granting summary judgment to Merrill Lynch because the WealthChoice Awards program does not fall within the protections of ERISA." [Milligan v. Merrill Lynch, No. 25-1385 (4th Cir. Apr. 17, 2026)]  MORE >>