Kansas Supplemental Executive Retirement Plan - SERP

• Category: Corporations - Public - Disclosure and Notices
• State: Multi-State
• Control #: US-CC-24-260
• Format: Word; Rich Text

Description

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. The Kansas Supplemental Executive Retirement Plan (SERP) is a specialized retirement benefit program offered to key executives and high-ranking employees in the state of Kansas. This plan is designed to provide additional financial security and incentive to these individuals beyond the traditional pension benefits they receive. SERP is a form of nonqualified deferred compensation plan that allows eligible employees to defer a portion of their salary, bonuses, or other compensation towards retirement, usually on a tax-deferred basis. This deferred amount, along with any applicable employer contributions, will accumulate over time and be made available to the executive upon retirement or under specified triggering events outlined in the plan. The Kansas SERP program aims to attract and retain top talent by offering a competitive retirement benefit package. It is specifically tailored for executives who may have compensation amounts that exceed the limits imposed by qualified pension plans, such as the Kansas Public Employees Retirement System (KP ERS). There are several types of SERP plans available within Kansas, each with its unique features and eligibility criteria. Some notable variations include: 1. Basic SERP: This plan provides a pre-determined retirement benefit, typically based on a percentage of an executive's average final compensation. The benefit amount may increase annually to account for inflation or other factors. 2. Performance-Based SERP: This type of SERP rewards executives based on their individual or company performance, such as meeting predetermined financial targets or achieving specific goals. The retirement benefit is linked to the executive's performance and can vary accordingly. 3. Deferred Compensation SERP: This plan allows executives to defer a portion of their compensation until retirement, typically in the form of salary or bonuses. The deferred amount gains tax advantages and earns interest over time, resulting in a potentially larger retirement benefit. 4. Supplemental SERP: This plan is an additional benefit on top of other retirement plans available to an executive. It serves as an extra layer of financial security and can bridge the gap between the regular retirement benefits and an executive's desired lifestyle during retirement. The Kansas SERP is a voluntary program, allowing eligible executives to choose their desired level of participation. Factors such as the executive's salary, years of service, contributions, and age determine the final retirement benefit amount. By offering these personalized retirement benefits, Kansas aims to attract and retain executives who can contribute significantly to the overall growth and success of the state's public sector organizations.

The Kansas Supplemental Executive Retirement Plan (SERP) is a specialized retirement benefit program offered to key executives and high-ranking employees in the state of Kansas. This plan is designed to provide additional financial security and incentive to these individuals beyond the traditional pension benefits they receive. SERP is a form of nonqualified deferred compensation plan that allows eligible employees to defer a portion of their salary, bonuses, or other compensation towards retirement, usually on a tax-deferred basis. This deferred amount, along with any applicable employer contributions, will accumulate over time and be made available to the executive upon retirement or under specified triggering events outlined in the plan. The Kansas SERP program aims to attract and retain top talent by offering a competitive retirement benefit package. It is specifically tailored for executives who may have compensation amounts that exceed the limits imposed by qualified pension plans, such as the Kansas Public Employees Retirement System (KP ERS). There are several types of SERP plans available within Kansas, each with its unique features and eligibility criteria. Some notable variations include: 1. Basic SERP: This plan provides a pre-determined retirement benefit, typically based on a percentage of an executive's average final compensation. The benefit amount may increase annually to account for inflation or other factors. 2. Performance-Based SERP: This type of SERP rewards executives based on their individual or company performance, such as meeting predetermined financial targets or achieving specific goals. The retirement benefit is linked to the executive's performance and can vary accordingly. 3. Deferred Compensation SERP: This plan allows executives to defer a portion of their compensation until retirement, typically in the form of salary or bonuses. The deferred amount gains tax advantages and earns interest over time, resulting in a potentially larger retirement benefit. 4. Supplemental SERP: This plan is an additional benefit on top of other retirement plans available to an executive. It serves as an extra layer of financial security and can bridge the gap between the regular retirement benefits and an executive's desired lifestyle during retirement. The Kansas SERP is a voluntary program, allowing eligible executives to choose their desired level of participation. Factors such as the executive's salary, years of service, contributions, and age determine the final retirement benefit amount. By offering these personalized retirement benefits, Kansas aims to attract and retain executives who can contribute significantly to the overall growth and success of the state's public sector organizations.