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
Massachusetts Supplemental Retirement Plan
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FAQ
The basic limit on elective deferrals is $22,500 in 2023, $20,500 in 2022, $19,500 in 2020 and 2021, and $19,000 in 2019, or 100% of the employee's compensation, whichever is less. The elective deferral limit for SIMPLE plans is 100% of compensation or $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021.
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.
The Massachusetts Deferred Compensation 457 SMART Plan is a retirement savings program available for Commonwealth of Massachusetts state and municipal employees. Eligible employees can save and invest before-tax and after-tax dollars through salary deferrals into our wide array of low fee investments options.
If you no longer work for the Commonwealth of Massachusetts or a Massachusetts local government employer, you may leave the assets in your OBRA account; take a lump-sum distribution (payable to you or to your beneficiary upon your death); or roll over your assets into another eligible employer-sponsored plan or ...
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
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.
