nonqualified pension planglossary / nonqualified pension plan A deferred-compensation plan in which an executive increases retirement benefits by annual additional contributions to the company’s basic plan. [Cases: Pensions 28. C.J.S. Pensions and Retirement Plans and Benefits ¡ì¡ì 11¨C15.] Contributor Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.