21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Supplemental Retirement Plan
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US-CC-21-104
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FAQ
A supplemental executive retirement plan (SERP) is an employer-sponsored non-qualified deferred compensation plan. It allows employers to provide highly compensated key employees with additional retirement benefits beyond those provided by qualified plans (401(k), IRA, etc.).
Key Takeaways. A Supplemental Executive Retirement Plan is a non-qualified deferred compensation plan that a company offers only to select employees such as executives and other key HCEs. Employers contribute with their own dollars and can choose either funded plans or unfunded plans.
Supplemental benefits products are insurance policies that provide financial protection against expenses associated with accidents or illnesses not covered by major medical insurance.
The purpose of the Supplemental 401(k) Plan (the Plan) is to provide a select group of management or highly compensated employees who are officers and key employees of Travelers Express Company, Inc. (the Company), and its subsidiaries or affiliates with an opportunity to accumulate pre-tax savings for retirement.
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.
Also, 401(k) money is protected from creditors in the event you had to file for personal bankruptcy, and by cashing it out, you will lose this protection. 1feff You will also be eroding your nest egg and would be better off using an IRA rollover or making a transfer to a new 401(k) plan instead of cashing in this money.
Step 1: Start with your goals. Your retirement plan should be based on your specific needs and goals. Step 2: See where you stand. Step 3: Decide how you'll save and invest. Step 4: Check and update your plan, regularly.
The Basic Retirement Plan is a defined contribution retirement plan. Contributions to the plan are tax-deferred.Section 401(a) is a qualified retirement plan that both for-profit and non-profit employers may offer. All retirement savings plan contributions and earnings are vested immediately.
401(k). Solo 401(k). 403(b). 457(b). IRA. Roth IRA. Self-directed IRA. SIMPLE IRA.