Series 24: Non-qualified Plans

Taken from our Series 24 Online Guide

Non-qualified Plans

Non-tax-qualified plans do not meet ERISA requirements. Non-qualified plans are often used to give special retirement benefits to key employees. The contributions to non-qualified plans are usually made with after-tax dollars, and because taxes have already been paid on these contributions, any withdrawals of contributions are not taxed. When earnings are withdrawn, however, they are taxed at the participant’s ordinary income level. Non-qualified plans do not allow employers to deduct their contributions from their income.

Employers often choose non-qualified plans because they do not have to make them available to every employee, so they offer more flexibility than qualified plans. Other advantages to non-qualified plans are that they are easy to set up, require alm

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Between September 18 and December 3, I took exams for the Series 62, 63, 6 and 24. I studied for everything with Solomon, and passed them all on the first try. Solomon’s interactive/Ask the Professor teaching method was extremely helpful in grasping the necessary concepts. What a relief to be done. Thanks, Karen!

Karen H, Dalkeith Group, High Falls, NY

I took my Series 24 on July 28 and passed!! I had not passed 2 prior Series 24 exams and was down to my last attempt. A fellow principal on my team who had not passed his Series 24 his first time told me about the Solomon practice tests and how they helped him. It was such a big help for me passing exam as the questions were structured more like the real exam than any other practice tests I’ve taken. I have since gone to other employees at my firm for other tests, such as the Series 7, SIE among others and have told them about the Solomon test materials and some of them are now purchasing Solomon as well.

Thadius Beavers, Prospera Financial. Dallas, TX.

After trying numerous study materials, Solomon was the key to pass my Series 24. The live class was a perfect complement. Thank you Karen for your assistance!

Marie, Miami, FL

I stuck to the outline day by day and it really helped me with sticking to a routine and curriculum. I passed the Series 24 on my 1st try! Would definitely recommend this to anyone in the Securities Industry.

Rima Mehta, PNC Investments, Charlotte, NC

3rd time is a charm and it took Solomon to do it. None of the other materials in my first two attempts were strong enough to enable me to reason my way to the correct answers. Solomon's angle on this material was closest to the actual test and was the reason I got there.

As an aside, the ongoing personal help was very surprising and commendable. Thank you, Solomon!

Jason Bowen, Southington, CT

I was very apprehensive about the Series 24 exam prior to taking it. Everyone I knew who had taken it informed me that it was an incredibly difficult test, with questions that were meant to trick you. After following Solomon's six week study outline and making flashcards for my weakest areas, I was averaging in the high 80s on the Solomon practice exams. That gave me the confidence I needed to walk into the test center feeling prepared, and the knowledge I needed to walk out of the test center having scored an 88. I am now recommending the Solomon Series 24 materials to everyone at the office!

Janie Richards, Austin, TX