Beat cream cheese and butter in a medium bowl at medium speed with an electric mixer until creamy. Add powdered sugar and next 3 ingredients; beat until light and smooth.
In a small bowl, beat whipping cream at medium speed with an electric mixer until stiff peaks form. Fold into cream cheese mixture until combined.
Note: The chocolate-pecan layer in this dessert will not firm up in the refrigerator; just make sure that it's well chilled before slicing.
Southern Living Cook-Off Cookbook