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
Kansas Supplemental Retirement Plan
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US-CC-21-104
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KPERS 1: If you are under age 45, a year of service generally costs about 6 percent of your annual salary (or final average salary, whichever is higher). KPERS 2: If you are under age 37, a year of service costs about 6 percent of your salary. After age 35, the actuarial cost increases significantly.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
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.
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
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.
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.
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.
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.
