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
Illinois Supplemental Retirement Plan
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FAQ
ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit.
Eligibility and Registration Employers who have fewer than 5 employees, have been in business for less than two years, or who already offer an employer-sponsored retirement plan are exempt from facilitating the program.
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
Newly mandated business with five or more employees are required to register by the end of the calendar year in which they became subject to the mandate (e.g. due to employing more than five employees or because they ceased to sponsor a retirement plan).
Under the Illinois Secure Choice Savings Program Act, Illinois employers with at leave five (5) employees, that have been in business for two or more years, and that do not offer a qualified retirement plan must either begin offering a qualified plan or automatically enroll their employees into the Illinois Secure ...
A SERP is a non-qualified retirement plan offered to executives as a long term incentive. Unlike in a 401(k) or other qualified plan, SERPs offer no immediate tax advantages to the company or the executive. When the benefits are paid, the company deducts them as a business expense.
Under the Illinois Secure Choice Savings Program Act, Illinois employers with at leave five (5) employees, that have been in business for two or more years, and that do not offer a qualified retirement plan must either begin offering a qualified plan or automatically enroll their employees into the Illinois Secure ...
The SSP is designed to supplement your existing TRS pension - not replace it. As an SSP member, when you retire and start receiving your monthly pension, you also will be able to draw on the money you've saved in your SSP account as you see fit.
