Keep In Mind

Benefits

You can use the Plan to defer future compensation. That means you pay no state or federal taxes on your deferred compensation until you take a distribution.
Your deferrals have the opportunity to grow tax–deferred as they would in the 401(k) Plan.
You pay no federal or state taxes on any potential earnings on deferred compensation until it is distributed.

Other advantages

Distribution elections. You can select a different distribution option for each year’s deferrals. You can receive your distribution either as a lump sum or as annual installments paid over two to 15 years.
Investment options. A broad range of investment options is available.
Deferral periods. Each year’s deferrals can be treated differently. For example, if you defer your 2025 compensation and decide to have it paid in a specific year before you leave the company, the next year, you can defer your 2026 compensation and have it paid out when you leave the company. This flexibility allows you to plan ahead for other forms of income, such as proceeds from stock.

Elections are irrevocable

Once the annual open enrollment window is closed, your deferral elections for 2025 cannot be changed until the next annual open enrollment window.
You may want to consult with your personal tax advisor or financial planner prior to enrolling in the Plan.