Rhode Island Supplemental Executive Retirement Plan - SERP
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How to fill out Supplemental Executive Retirement Plan - SERP?
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FAQ
In these plans, the employee or the employer (or both) contribute to the employee's individual account under the plan, sometimes at a set rate, such as 5 percent of earnings annually. These contributions generally are invested on the employee's behalf.
How Public Employee Pensions Are Funded. Some people believe that taxpayers fund the total cost of public pensions. This isn't true. The largest contribution comes from CalPERS' investments, with additional funding from employer and employee contributions.
SERP withdrawals are taxed as regular income, but taxes on that income are deferred until you start making withdrawals. Much like other tax-deferred retirement plans, SERP funds grow tax-free until retirement. If you withdraw your SERP funds in a lump sum, you'll pay the taxes at all once.
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.
The funds can be withdrawn, without penalty, before you turn 59½, nor do you need to begin required minimum distributions at age 73. Although most employers require distributions to begin at retirement or when you are no longer employed. SERPs can be designed with many different options or configurations.
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.
Example of a SERP Even if the employee quits, the company still has access to the insurance's cash value. If the employee passes away, the company is a beneficiary of the payout and also gets tax benefits.
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.