supplemental executive retirement plan

A supplemental executive retirement plan is plainly a non-qualified deferred compensation plan designated for retirement. A deferred payment such as this reduces taxes on the individual and the employer immediately. However, when the plan is made active during retirement, taxes will be higher. When creating such a plan through one's employer, there are no restrictions or requirements. This makes each person's plan individualized for his or her desires. This is also helpful for employers in that they choose the employees who they would like to make such a plan with.

Fast Facts

If the employer the plan was created with has a financial downfall, the values of such plans are liable to be taken by creditors.
If the plan has not been paid out in full at the time of death, the remainder is given to the plan owner's family.

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