Secular Trusts
Term: Secular Trusts
Definition:A secular trust is a part of a nonqualified deferred compensation plan. In a secular trust, the employer contributes to an irrevocable trust to provide post-employment benefits to the executive. The executive has a nonforfeitable right to the assets of the trust at the time the trust is established, however the employee is not entitled to these assets until an event such as the employee's retirement, death, or termination of employment with the employer.
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