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Which of the following statement is not correct? Employers use nonqualified plans to provide additional financial benefits that are not, or cannot be, provided in

  1. Which of the following statement is not correct?
    1. Employers use nonqualified plans to provide additional financial benefits that are not, or cannot be, provided in qualified retirement plans.
    2. Nonqualified plans can reward employees (usually key executives) on a more selective basis than qualified retirement plans that require broad participation, coverage, and nondiscrimination.
    3. Nonqualified plans can be only used for high-level employees.

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