top hat

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top hat

A tall hat once worn typically by men in formal settings. There's nothing more attractive than a man in a tuxedo and a top hat. Elliot, you look so dapper in that top hat!
See also: hat, top
References in periodicals archive ?
Some commentators have suggested that the IRC Section 414(q) qualified plan definition of highly compensated (a 5% or greater owner, or employees with compensation in the previous year of $100,000 in 2007 ($105,000 in 2008, as indexed) should be used for purposes of the Top-Hat exception.
In one such ruling, the DOL stated that an NQDC plan with management participants comprising less than 4% of the employer's active employees qualified as a Top-Hat, while in another ruling it found that a plan which included all members of the employer's executive payroll would not constitute a Top-Hat plan.
Although an NQDC plan that qualifies for the Top-Hat exception is exempt from the majority of ERISA, there are some requirements that do apply, as follows:
The civilian top-hat had been worn by Jewish men in Western countries during the nineteenth century, and in some British synagogues had an afterlife well into the twentieth, in some ceremonial use.
It is interesting to consider as well, for comparison with what is seen elsewhere in this article about tall hats (civil or military), what Hebrew literature could make of social perceptions of the top-hat (11) among immigrant Jews in New York, at the turn of the century.
In Section 6 of Tractate America, there is a comic reference to the top-hat, for which Rosenzweig introduced the term krbl (he must have pronounced it karbol), patterned after the noun krblt (karbolet, Ashkenazic karboyles, "cock's comb").
While the concept of a top-hat plan being unfunded for ERISA purposes generally conforms to the concept of the plan being unfunded for tax purposes (discussed below), which employees constitute a "select group of management or HCEs" is much more vague.
Of the two types of top-hat plans available to tax-exempt associations, those described in Section 457(b) of the tax code provide the more favorable tax treatment.
In addition to these adverse tax consequences, the establishment of a funded deferred compensation plan would defeat the plan's reliance on ERISA's top-hat exemption.
If your association is subject to the Employment Retirement Income Security Act (ERISA)--and all but governmental and church-controlled associations are--you'll want to identify your top-hat employees before you establish any deferred compensation plan.
A top-hat plan is a nonqualified deferred compensation plan that lets highly compensated employees defer taxes on pay and any employer-matching funds.
Although Albertson's does not keep the employer whole, it does at least get the employer close enough to justify using nonqualified deferred compensation as either a top-hat plan or in general as an executive perk.
In addition, the Labor Department has indicated publicly that it will rescind its old advisory opinions describing a top-hat plan because they no longer reflect the department's position.
This way, a SERP for more highly paid or senior executives will not be adversely affected if the plan covering questionable employees does not qualify for top-hat status.
Even if a plan mainly benefits a select group of management or highly compensated employees, it must be unfunded to qualify as a top-hat plan.