Preheat your oven to 325 degrees.
In a large bowl, cream the butter and sugar together until light and fluffy (approximately 5 minutes).
Mix in the vanilla.
Add the eggs one at a time mixing until combined after each addition.
Combine the flour, salt, nutmeg, and baking powder.
Add the flour mixture to the bowl, alternating with the eggnog, beginning and ending with the flour mixture.
Pour the batter into a 12-cup bundt pan prepared with baking spray and smooth the top of the cake.
Bake for 1 hour and 15 minutes or until the cake is golden brown. (Insert a wooden toothpick into the center of the cake. The cake is done when the toothpick comes out clean.)
Allow the cake to cool for 20 minutes before removing it from the pan.
To make the Eggnog glaze:
In a large bowl, add the powdered sugar, vanilla and melted butter.
Mix together while slowly adding the eggnog to the bowl until your desired consistency is reached.
Pour the glaze on your cooled cake as desired.
Then dust the top of the cake with nutmeg (optional).
Once the glaze has set, serve and enjoy!