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
Indiana Supplemental Retirement Plan
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US-CC-21-104
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FAQ
A supplemental executive retirement plan is a deferred compensation agreement between the company and the key executive whereby the company agrees to provide supplemental retirement income to the executive and his family if certain pre-agreed eligibility and vesting conditions are met by the executive.
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.
The employee's total elective deferrals to all of these plans combined cannot exceed the annual deferral limit ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021). See How Much Salary Can You Defer if You're Eligible for More Than One Retirement Plan.
Key Takeaways. 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.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
The IU Supplemental Early Retirement Plan (IUSERP) is a section 401(a) Money Purchase Pension Plan. Indiana University makes all contributions to the plan?participants are not required, nor permitted, to make additional contributions.
