Arizona Supplemental Executive Retirement Plan - SERP
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FAQ
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.
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.
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.
SERP stands for ?Supplementary Employee Retirement Plan?.
A supplemental executive retirement plan (SERP) can be a highly effective way to provide additional compensation for a handful of key employees and persuade them to remain with the company longer.
The funds can be withdrawn, without penalty, before you turn 59½, nor do you need to begin required minimum distributions at age 73.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.
The SERP benefit is intended to bring the employee's LAPP/ATRF and SiPP pensions to a full 2.0 per cent, multiplied by the employee's entire highest average earnings, multiplied by post-SERP entry service.
Risk of forfeiture. Forfeiture can occur if the employee has not met the requirements to ?earn? or ?vest? in the future SERP payout. This usually occurs when the employee leaves the company prior to retirement. This also can happen when leaving the company prior to vesting or not achieving performance thresholds.
Supplemental Employee Retirement Plans Instead of being limited by the ceilings set in the tax legislation, the employee will receive a pension at the time of retirement based on his total remuneration. A SERP also offers the employer great flexibility in designing the plan.
The SSP is an optional savings plan that allows you to dedicate a portion of every paycheck to a 457(b) deferred compensation plan administered by Voya Financial, a national leader in retirement security for millions of Americans.
