Virginia Supplemental Executive Retirement Plan - SERP
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How to fill out Supplemental Executive Retirement Plan - SERP?
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FAQ
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 Basic Benefit is a monthly benefit in retirement based on your age, total years of service credit and average final compensation . The unreduced benefit is calculated using a percentage of your average final compensation multiplied by your total years of service credit.
VRS Plan 1 is a defined benefit plan. Under this plan, the retirement benefit is based on age, service credit and average final compensation at retirement using a formula. View list of participating employers.
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.
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.
Account Withdrawal You may withdraw from your account only when you meet one of these conditions: Terminate employment from the employer that offers the plan. Use your plan account to purchase VRS service credit, if approved. Experience an unforeseeable emergency that is approved by the Plan Administrator.
The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation. VRS members may also participate in the Virginia Deferred Compensation Plan. Additional information can be found at .varetire.org.
If you leave employment with your employer, you may roll over your account balance into an eligible retirement plan such as a 401(a), 401(k), 403(b), 457(b) or traditional IRA.
