TeamHealth Benefits | TeamHealth

Physician Non-Qualified Plan

In addition to the 401(k), TeamHealth offers the "Physician Non-Qualified Deferred Compensation Plan.” Like the 401(k), Non-Qualified Plans allow participants to tax defer compensation until distribution. Unlike the 401(k), Non-Qualified Plans are not protected and are not “qualified” under IRS code. This has two implications: 1) these funds may not be rolled into another qualified plan and will be distributed as taxable income, according to participant distribution election, upon termination 2) the contributions are considered assets of TeamHealth until distribution, and are subject to TeamHealth creditors.

The Non-Qualified Plan is designed to supplement deferred compensation for TeamHealth Physicians. The plan is administered by TeamHealth. The interest rate is the five year Treasury Bill +1% compounded quarterly. The maximum contribution to the NQ Plan is $20,000. Participants are allowed to enroll as new employees. After that, enrollment is conducted on an annual basis. Enrollment/changes are allowed once per year in January. Please review the Frequently Asked Questions and Plan Highlights for more information.