If it's anything like the program my employer offers, you get the money as a lump sum when you leave the company. Since it's a non-qualified plan there's no option to roll it over to an IRA at that point. Accumulate too much in the account and that's a pretty big tax bill in your last year. You've hit on the other big risk, that the money is mingled with general corporate funds until it gets to your bank account. What this means is that as long as your employer has a pretty significant cash cushion on their balance sheet you're reasonably safe leaving it where it is. However you need to be prepared to exit at the first side of trouble, as you do not want to be fighting with general creditors over scraps in a bankruptcy when your retirement is on the line.