A key part of the compensation package for some college and university presidents is money that they do not receive in their paychecks. Formally known as deferred compensation, such payments can take many forms, including supplemental retirement pay, severance pay, or even bonuses. With large institutions leading the way, deferred compensation has fast become a common feature of presidential pay packages. Deferred compensation--particularly when accrued over several years--is often the reason behind a hefty spike in presidential pay. Thaddeus J. Lewkowicz, an employee-and-benefits tax attorney with Bond, Schoeneck & King PLLC, in Syracuse, N.Y., has extensive experience in helping institutions understand the rules that govern deferred-compensation agreements and other related issues. This article presents an interview with Lewkowicz wherein he spoke about nonqualified deferred compensation arrangements and explained why colleges are using them.