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    Dawgtownme's Avatar
    Dawgtownme Posts: 1, Reputation: 1
    New Member

    Oct 12, 2010, 01:00 PM
    Unemployment compensation and Top Hat nonqualified deferred compensation payments
    I'm currently receiving unemployment compensation from the State, my previous employer will begin sending my annual Top Hat nonqualified deferred compensation checks in a few months. They cannot delay this, I've asked. The annual Top Hat check will be equivalent to about 1 years worth of unemployment benefits. Will I lose money from unemployment because of this payment? Is there anyway I can avoid losing the unemployment conpensation checks legally without my previous employer's cooperation? Can the Top Hat money be rolled to a tax sheltered account, or any other account, and thus avoid losing unemployment compensation?
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member

    Oct 12, 2010, 01:11 PM

    You can't have both so decide which one you can live without as the Top Hat money is considered income and would essentially cancel out your UE benefits. You must report this money to UE as income or face fines and penalties from UE once they do find out.

    Also, you need to be looking for employment and hopefully not worrying about UE benefits or Top Hat money.

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