Is there such a thing as a top hat severance plan? Specifically, a severance plan that does not meet all three elements of the exemption from ERISA pension plan status under DOL Reg. Section 2510.3-2(B) BUT which is limited to a select group of highly compensated or management employees?

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Well - You can have a top hat welfare plan. See ERISA reg. 2520.104-24. But, this does not change whether the severance plan is a deferred compensation agreement or a welfare plan. From the perspective of the ERISA regs. if you don't meet the conditions to be a severance pay/welfare plan, and you limit benefits to a top hat group, you would be a severance pay/deferred comp. (pension) plan subject to the limited reporting under ERISA Reg. 2520.104-23.