Supplemental Retirement Plans

A supplemental executive retirement plan serp is a set of benefits that may be made available to top level employees in addition to those covered in the company s standard retirement savings plan. The nc 401 k plan is a tax qualified defined contribution plan under section 401 k of the internal revenue code. A supplemental retirement plan may be offered to a broad range of employees.

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Supplemental Executive Retirement Plan Serp Definition

Qualified retirement plans including a 401 k have annual contribution limits.

Supplemental retirement plans. Employees can enroll at any time of the year and contributions can be changed stopped or re started throughout the year. Some employers provide a supplemental executive retirement plan to select employees. A serp may be used by companies to help attract and retain key officials such as high level executives and. 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.

A serp is a non qualified deferred compensation plan offered to a company s key employees including ceos cfos and high ranking officials. Employees may make paycheck contributions before and or after taxes. A supplemental executive retirement plan is a form of deferred compensation plan used to reward and retain key executives. A supplemental executive retirement plan is a non qualified deferred compensation plan that a company offers only to select employees such as executives and other key hces.

These plans are a great way to make sure that your retirement income will support the retirement lifestyle you imagine. Employers contribute with their own dollars and can choose either funded plans or unfunded plans. The nc total retirement plans 401 k nc 457 and nc 403 b offer diverse investment options at very competitive costs and benefit from the strong continual oversight of the supplemental retirement board of trustees. As the employer you ll have the flexibility to choose either a fixed dollar benefit amount or a formula based benefit amount for your employees based on participant compensation and or years of service.

The supplemental retirement program includes 403 b and 457 b plans. What retirement plans are available from the north carolina supplemental retirement plans. Supplemental executive retirement plans serps can act as the sole retirement plan for executive employees or act as a supplement to a more typical qualified plan such as a pension. But supplemental executive retirement plans serps are reserved for the company s elite.

The north carolina supplemental retirement plans consist of the nc 401 k plan the nc 457 plan and the nc 403 b program.

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