Dallas Texas Supplemental Executive Retirement Plan - SERP

Name: Dallas Texas Supplemental Executive Retirement Plan - SERP
Brand: US Legal Forms
Rating: 4.74 (276 reviews)

Category:

Corporations - Public - Disclosure and Notices

State:

Multi-State

County:

Dallas

Control #:

US-CC-24-260

Format:

Instant download

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.

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How to fill out Dallas Texas Supplemental Executive Retirement Plan - SERP?

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FAQ

A SERP is an employer paid deferred compensation agreement that provides supplemental retirement income to a participant, based on the employee meeting certain vesting or other specified conditions.

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.

Unlike a 401(k), a SERP doesn't have a contribution limit or rules that all employees can use the account. SERPs are not subject to the same rules as qualified plans, says Stewart Darrell, president of Harris Financial Advisors in Torrance, California.

Distributions from SERPs are taxed at ordinary income rates, but tax is deferred until the employee starts taking withdrawals. SERP holders therefore benefit from the accumulation of funds without any tax erosion.

This plan is for select executives of tax-exempt organizations and has loose contribution limits. It is in contrast to plans like 457(b) or 401(k) which cap contributions. While both employer and employee can contribute to a 457(f), in practice the employer normally makes 100% of the contributions.

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.

There are a variety of possible SERP designs. Most commonly, they are designed either as defined benefit or defined contribution plans. A defined benefit SERP provides a benefit in the form of an annuity at retirement.

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.

Disadvantages of a SERP When funding a SERP, the company does not receive an immediate tax deduction. The funds that accumulate for a SERP inside a life insurance policy are not protected from creditor claims against the company in case of the company's insolvency.

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An executive retirement plan, sometimes called a supplemental executive retirement plan or SERP, is a legal plan between a company and its executives. Our SERP Insurance Program.

Dallas Texas Supplemental Executive Retirement Plan - SERP

Description

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How to fill out Dallas Texas Supplemental Executive Retirement Plan - SERP?

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FAQ

Is SERP deferred compensation?

How are SERP benefits taxed?

Is a SERP considered earned income?

Can employees contribute to a SERP?

Is SERP income taxable?

Is a SERP a 457 plan?

How is a SERP paid out?

Is SERP a defined benefit plan?

What type of plan is a SERP?

Are SERP contributions tax deductible?

Interesting Questions

What is the Dallas Supplemental Executive Retirement Plan (SERP587358)?

Who is eligible for the Dallas SERP587358?

How does the Dallas SERP587358 differ from a regular retirement plan?

What are the key features of the Dallas SERP587358?

Are contributions to the Dallas SERP587358 tax-deductible?

Is participation in the Dallas SERP587358 optional?

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