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
Washington Supplemental Retirement Plan
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US-CC-21-104
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FAQ
A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It's similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts.
Participants will receive a WSURP supplemental retirement plan benefit payment if the calculated Goal Income is greater than the amount of the calculated Assumed Income. The payment is reduced by 0.5% per month for each month prior to age 65, unless the retirement was due to disability.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
Supplemental contributions Type of limit2023403b under age 50$22,500403b age 50 and over$30,000Compensation limit (employer's matched retirement contributions are limited to matches made on this amount of salary)$330,000
Public Employees' Retirement System (PERS) Plan 3 has two parts: pension and investment. Your employer contributes to your pension, and you contribute to the investment account. When you meet plan requirements and retire, you are guaranteed a monthly benefit for the rest of your life from the employer-funded pension.
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. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.