Connecticut Supplemental Executive Retirement Plan - SERP

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US-CC-24-260
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This sample form, a detailed Supplemental Executive Retirement Plan (SERP) document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

Connecticut Supplemental Executive Retirement Plan (SERP) is a type of retirement benefit program designed to provide additional financial security and incentives for executives in Connecticut-based companies. It serves as a supplement to the main retirement plan and aims to reward and retain top-level executives for their long-term commitment and contributions to the organization. A SERP is a non-qualified deferred compensation plan, which means it is not subject to the same limitations and rules as traditional qualified retirement plans like 401(k) or pension plans. It is typically offered to a select group of highly compensated executives and is customized to fit the individual needs and goals of each executive. Keywords: Connecticut SERP, Supplemental Executive Retirement Plan, retirement benefit program, financial security, incentives, executives, Connecticut-based companies, retirement plan, non-qualified deferred compensation plan, qualified retirement plans, 401(k), pension plans, highly compensated executives, individual needs and goals. Types of Connecticut Supplemental Executive Retirement Plans (SERPs): 1. Defined Benefit SERP: This type of SERP promises a specific monthly benefit to executives, based on a predetermined formula that considers factors like years of service, salary, and position. It provides a fixed income stream during retirement, which is calculated separately from other retirement plans. 2. Defined Contribution SERP: Unlike the defined benefit SERP, this plan does not guarantee a specific benefit amount. Instead, it allows executives to contribute a percentage of their salary to the plan, often matched by the employer. The accumulated funds are invested, and the executive's retirement benefits depend on the investment performance. 3. SERP with Supplemental Savings: Under this type of SERP, executives can contribute additional savings to their retirement plan, which will be matched by the employer up to a certain limit. This allows executives to further enhance their retirement benefits and accumulate additional funds. 4. Cash Balance SERP: This SERP combines features of both defined benefit and defined contribution plans. It offers a guaranteed rate of return on the executive's cash balance account, and the account grows based on a predetermined formula. The executive can receive the accumulated balance as a lump sum or choose to receive it as an annuity during retirement. 5. SERP with Disability/Life Insurance Benefits: Some SERPs offer disability or life insurance benefits to executives as an added layer of financial protection. These benefits ensure that the executive or their beneficiaries receive certain payouts in case of disability or death. Keywords for different types of SERPs: Defined Benefit SERP, Defined Contribution SERP, SERP with Supplemental Savings, Cash Balance SERP, disability insurance benefits, life insurance benefits, retirement benefits, retirement income.

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A supplemental executive retirement plan (SERP) is a set of benefits that may be made available to top-level employees in addition to those covered in the company's standard retirement savings plan. A SERP is a form of a deferred-compensation plan. It is not a qualified plan.

In general, a Nonqualified Deferred Compensation Plan refers to a plan in which the executive is deferring his own compensation and a SERP is a plan in which the employer is allocating contributions to the executive. Many plans have a combination of executive and employer contributions.

Risk of forfeiture. Forfeiture can occur if the employee has not met the requirements to ?earn? or ?vest? in the future SERP payout. This usually occurs when the employee leaves the company prior to retirement. This also can happen when leaving the company prior to vesting or not achieving performance thresholds. Supplemental Executive Retirement Plan: The Ultimate Guide to SERPs emparion.com ? supplemental-executive-reti... emparion.com ? supplemental-executive-reti...

SERPs are paid out as either one lump sum or as a series of set payments from an annuity, with different tax implications for each method, so choose carefully. Should You Have a Supplemental Executive Retirement Plan (SERP)? investopedia.com ? articles ? should-you-ha... investopedia.com ? articles ? should-you-ha...

Key Takeaways. A SERP is a non-qualified retirement plan offered to executives as a long term incentive. Unlike in a 401(k) or other qualified plan, SERPs offer no immediate tax advantages to the company or the executive. When the benefits are paid, the company deducts them as a business expense. Supplemental Executive Retirement Plan (SERP) Pros & Cons Investopedia ? terms ? serp Investopedia ? terms ? serp

Although SERPs could be paid out of cash flows or investment funds, most are funded through a cash value life insurance plan. The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Supplemental Executive Retirement Plans | The Hartford The Hartford ? strategy ? serp The Hartford ? strategy ? serp

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A supplemental executive retirement plan is a form of deferred-compensation plan used to reward and retain key executives. When paid, the benefits become taxable to the executive as income and tax-deductible to the company. How do Supplemental Executive Retirement Plans Work?ARTICLE 1. INTRODUCTION. Eversource Energy (the “Company”) has established the Eversource Supplemental Executive Retirement Program (the “SERP Program”) which ... Jan 19, 2023 — This Investment Policy Statement (“IPS”) sets forth the general standards that govern the investment of the State of Connecticut Retirement ... • Paying for Supplemental Executive Retirement Plans (SERP) that are deemed overly generous, based on an analysis by the CRPTF's proxy voting service and ... Under general accounting principles, organizations need to account for NQDC benefits such as SERPs as a liability on their balance sheet. Typically, ... a supplemental executive retirement plan (SERP). A SERP is a nonqualified ... Under these arrangements, the PEOs generally file Forms W-2 in their names and ... Feb 4, 2023 — A SERP is a non-qualified deferred compensation plan offered to a company's key employees, including CEOs, CFOs and high-ranking officials. They ... AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT. This Agreement, made this 15 th day of November 2017 by and between THE CONNECTICUT WATER ... May 18, 2023 — It's a very real possibility, thanks to some generous tax-advantaged retirement savings options available to them — but not to rank-and-file ...

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Connecticut Supplemental Executive Retirement Plan - SERP