A Deferred Compensation Plan is a financial arrangement in which a portion of an executive's current earnings is deferred until retirement or a specified future date.
A secular trust is a variation of an irrevocable trust primarily used in nonqualified deferred compensation plans for executives, offering greater security as its assets are not subject to the claims of creditors.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.