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Meaning of nonqualified

non•qual•i•fied

Pronunciation: (non-kwol'u-fīd"), [key]
— adj.
  1. unqualified (def. 1).
  2. not meeting the requirements in the pertinent provisions of the applicable regulations, as for tax or pension plan considerations.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.