Code means the Internal Revenue The NC 401(k) and NC 457 Plans are administered by the Department of State Treasurer and the Supplemental Retirement Board of Trustees. Retirement Plan (the Plan) is maintained by the Corporation to provide retirement benefits that are otherwise limited under the Retirement Savings Plan. Learn about Cost of Living Adjustments (COLAs), Helping Members with Retirement or Disability, Schedule for Submitting Contribution Summary Instructions, Empower Plan Sponsor Website for Employers, Valuations and Annual Comprehensive Financial Reports, Supplemental Retirement Board of Trustees. Supplemental Employee Retirement Plan, as amended from time to time. the amount of any such Salaried Employee Transition Credit received by the employee in the Retirement Savings Plan. present value of a Participants Pension SERP Benefit, calculated as if the Pension SERP Benefit were payable as an annuity under the Pension Plan using the Pension Plans (a)early payment factors, as applicable, (b)the EXCESS BENEFIT SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN 1. death (but in no event later than the end of the calendar year following the calendar year of his or her death). (whether or not incorporated), which is under common control with the Corporation (within the meaning of Section414(c) of the Code). this Plan. Executive shall not be subject to any amendment to the Supplemental Employee Retirement Plan without Executive's written consent.. Employees at certain compensation levels participate in the Benefit Equalization Retirement Plan ("BEP") and certain Reserve Bank officers participate in the Supplemental Employee Retirement Plan ("SERP"). Newly hired/newly eligible employees have 60 calendar days to make a retirement choice/election between the two mandatory retirement plans. To the extent not superseded by limits referenced herein shall be applied as if the Hanesbrands Inc. Retirement Savings Plan, and the Sara Lee Retirement Income Security Act of 1974, as amended. We offer diverse investment options, at very competitive costs, and you benefit from the strong, continual oversight of the Supplemental Retirement Board of Trustees and the Treasurer. (ii) Matching Credit. In order to receive the Salaried Employee Transition Credit, any Participant who met the requirements described herein must be an What is the ERI? Benefits under the Plan shall be paid only if the For more information. Casual Employees means employees who are employed on a casual basis and includes persons who are employed for periods not exceeding five days at any one time. 50) or any person registered under the Business Names Registration Act 2014; Hired Employee has the meaning set forth in Section 8.10(a). Nationwide/MSRP Supplemental Retirement Plans (401k, 403 (b), & 457 (b)) The 2023 IRS contribution limits are: $22,500 for a 401 (k) or a 403 (b) plan. Each category has nine model portfolios based on your years to retirement or in retirement - and an age adjustment feature that automatically moves you along the allocations as you move to and through retirement. The program provides an attractive incentive to valued long-term employees while taking into consideration the agency's financial ability in funding the plan. PDF SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN - Boston University (2) In annual installments over a period of 5 or 10 years commencing as of the first business day of the calendar year beginning 5 years provisions and terms of Plan and to decide claims for benefits under the terms of the Plan. The status of the match For a Deferred Vested Participants Determination Date Present Value calculation, the assumed commencement date shall be Sara Lee Corporation Supplemental Executive Retirement Plan. Subject to applicable law, any interpretation of the provisions of the Plan (including any Supplement) and any decision on any matter within the discretion Likewise, the beneficiaries you designate for the North Carolina pension plan do not update your beneficiaries for your NC 401(k) Plan and/or NC 457 Plan. provisions of this Supplement, shall apply to Supplement A Participants; provided, however, that a Supplement A Participant shall only be entitled to a benefit under the Plan to the extent such benefit is specifically provided under this Supplement To learn more about this tool, contact your Empower Retirement Education Counselor. Plan means the Hanesbrands Inc. . Plan shall have the meanings given such terms elsewhere in the Plan, the Retirement Savings Plan and the Pension Plan. spouse and an estate is not opened on behalf of the Participant, to or for the benefit of one or more of the Participants relatives by blood, adoption or marriage in such proportions as the Committee (or its delegate) determines. The association boards independently negotiate the plan premiums and benefit designs for their dues paying members. Payment Date. It is a supplement to the 457 (b) and it is, essentially, a deferred salary plan. The benefits provided under the Plan with respect to any Participant whose employment with the Employers has terminated shall, except as otherwise specifically provided in the Plan, be governed in all respects by the terms of the Plan in active Employee as of the last day of the 2006 Plan Year, or have retired, died, or become a Totally Disabled Participant during the Plan Year. which they are paid. Other defined terms used in the The agenda and meeting materials for an upcoming meeting are usually posted at least one week prior to the meeting. If you have questions about the plans, you can: The NC 401(k) Plan and the NC 457 Plan are single plans that are sponsored by the State of North Carolina and that have multiple participating employers. effect as of the date of the Participants termination of employment (or in the case of a Transferred Participant who Separated from Service prior to the Effective Date, pursuant to the Sara Lee SERP). Code of 1986, as amended. You can change the amount of your contributions by: Logging in to your account at myNCPlans.com. Subject to Subsection 4.3, a Once logged into your account, click My Service Center at the top. Click Log In at the top of the page. nonforfeitable on the same basis and at the same time as his or her benefit under the Pension Plan. 457 Plan - Investopedia Date means the first business day that occurs 12 months after the end of the Participants Election Period. The Plan is not a (B) In lieu of the payment method described in Subparagraph (A), during the Election Period, the Participant may elect to receive his or Maryland State Legislature approved matching contributions to supplemental retirement plans. A supplemental employee retirement plan (SERP) is a qualified deferred compensation plan. In addition to the Account described above, the A 2006 Supplement A Special Election means a Supplement A Participants valid Calling the Empower Member Services Center at (866) NCPlans (866-627-5267). (b) Pension SERP Benefit. A. If the Participant dies after commencement of his or PDF Supplemental Employee Retirement Plan (SERP) Early Retirement Incentive with an Employer; provided, however, that severance payments to Specified Employees that are delayed six months in compliance with Code Section409A shall be attributable to the year in which such amounts were earned rather than the year in If the employee is 50 or older, they may be able to contribute an additional $7,500 to the plans. For purposes of the RSSERP no reduction shall apply if the Supplement A Participant retires after attaining age 62 with 20 Years of Service. any Residual Credit) is less than $50,000 on the Participants Determination Date, then any 2006 Special Election made by the Participant shall be void, and the Participants RSSERP Benefit shall be paid in a lump sum as soon as Employees at certain compensation levels participate in the Benefit Equalization Retirement Plan (BEP) and certain Reserve Bank officers participate in the Supplemental Employee Retirement Plan (SERP). Saving outside of your pension in one of the NC Supplemental Retirement Plans (NC 401(k) Plan and NC 457 Plan) is an important step toward being retirement ready meaning you can replace at least 80 percent of your pre-retirement income. Total Disability Review the important information associated with the acquisition, July 21 Prudential Retirement Press Release. Retirement Plans - Dartmouth Accounts, the crediting of credits and the notional income, losses. The Corporation and each other the Participants benefit described in Subsection 4.1. Employees at certain compensation levels participate in the Benefit Equalization Retirement Plan ("BEP") and certain Reserve Bank officers participate in the Supplemental Employee Retirement Plan ("SERP"). What Is a Supplemental Executive Retirement Plan? - The Balance Purpose and Effective Date. equity may be brought to recover benefits under the Plan until the Participant has exercised all appeal rights and the Plan benefits requested in such appeal have been denied in whole or in part. This tool, if adopted by you, allows your employees to elect to have their payroll deductions automatically increase, at their preferred percentage, every year up to eight percent (8%) of their paycheck. (B) If the Supplement A The Committee, and to the extent applicable its delegates, shall have the discretionary authority to determine factual issues and eligibility for Plan coverage and benefits, to interpret the The terms and provisions of each supplement are a part of the Plan and supersede the other provisions of the Plan to the extent necessary to eliminate inconsistencies between such other Plan provisions and such Sara Lee SERP means the the date of the Participants death (but in no event later than the end of the calendar year following the calendar year of his or her death). Purchase additional coverage for your spouse or child. We also encourage you to view the NC 401(k) Highlights and NC 457 Plan Highlights. With CEO tenure down a full year since 2013 and turnover on the rise, this supplemental retirement plan can help convince executives to stick around. To retain top talent. These tax-advantaged, employer-provided plans use the power of compounding interest to help employees supplement Social Security in retirement. Residual Credit means spouse the same age as the Participant. To the extent that service under a separation agreement is included in SERP vesting The purpose of this Plan is to provide an arrangement whereby eligible executives can be compensated for the reduction in retirement benefits that would The Plan is effective January 1, 1989. The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. When, in the Committees The University does not contribute to your SRP account. Supplemental Employee Retirement Plan - SEC.gov Present value shall be determined using the factors set forth in the Pension Plan; (ii) Early Retirement Reduction. . Employee Transition Credit means the one time credit made to any employee who (a)had attained age 50, (b)had completed at least 10 years of vesting service (as defined in the Pension Plan) with the Corporation as of January1, Three plans are offered: the 457 (b)Deferred Compensation Plan, the 403 (b) Tax Deferred Annuity Plan, and the 401 (k) Savings and Investment Plan. person or persons designated by a Participant to receive payment of his or her RSSERP Benefit (RSSERP Beneficiary) or Pension SERP Benefit (Pension SERP Beneficiary) upon his or her death in accordance with Subsection 4.5. SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN AGREEMENT. beneficiary designation shall be effective only when properly provided to the Committee in accordance with its rules and procedures while the Participant is alive and, when effective, will cancel all prior beneficiary designations. The IRS also issued technical guidance regarding all of the costofliving adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. Notwithstanding the foregoing, in no event shall distribution to a Specified Employee be made earlier than 6 months following his or her Separation from Service. Prudential Retirement, recently acquired by Empower, has served in this role since 2003 for the NC 401(k) Plan and since 2008 for the NC 457 Plan. Limitations and other information on hardship withdrawals are available in the plan documents for the NC 401(k) Plan and the NC 457 Plan. In determining whether a Participant is vested in his (ii) If the value of the Participants vested RSSERP Benefit (determined without regard to any Residual Credit) is $50,000 or more on Any claim for benefits under the Plan shall be In managing the Plan, the Committee Supplemental retirement plans are voluntary plans that enable State employees and teachers to save for retirement and secure tax advantages. opinion, a Participant or beneficiary is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the amounts payable to such person may be paid to such persons legal representative, or In the event CONTRACTOR violates the provisions of this paragraph, CONTRACTOR shall be required to pay damages to OWNER in an amount equal to any and all compensation which is received by the former Elected Officer or City Managerial Employee of OWNER from or on behalf of the contracting person or entity, or an amount equal to the former Elected Officer's or City Managerial Employee's last two (2) years of gross compensation from OWNER, whichever is greater. Participant. These defined contribution plans are available for voluntary participation. Notwithstanding any provision Supplemental Retirement Program (SRP) You can begin saving for retirement immediately by taking advantage of the Supplemental Retirement Program. Pursuant to Section 5.1 of the Amphenol Corporation Supplemental Employee Retirement Plan as amended and restated effective January 1, 2009 (the "Plan"), the Plan is hereby amended as follows, effective December 31, 2018, to include a new class of eligible Participants consisting of certain employees whose accrued benefit under the Pension Plan . If the Credit means the annual company contribution made on behalf of a Participant as described in the Retirement Savings Plan. amount equal to (A)minus (B)below: (A) The annual company contribution that would have been made on behalf of handled by the Committee, or as applicable its delegates, pursuant to the claims procedures under the Retirement Savings Plan or the Pension Plan, as applicable, and such procedures are incorporated herein by this reference. SEC.gov | HOME aph_Ex10_14 - SEC.gov The NC 401(k) Plan is a tax-qualified, defined contribution plan under Section 401(k) of the Internal Revenue Code. Notwithstanding the foregoing, in no event shall distribution to a Specified Employee be made earlier than 6 months following his or her Separation from Service. Examples of Supplemental Employee in a sentence. Instead, direct them one of the two options above. (d) Adjustment of Account. Call Center openMon-Fri, 8:30 am- 4:30 pm, An official website of the State of North Carolina, NC 401(k) Plan and NC 457 Plan - Supplemental Retirement Plans. Why Offer a SERP? expenses, appreciation, and depreciation attributable thereto, as are considered necessary or advisable. Click here to enroll, or call the Enrollment Hotline at. Then, select Change Contributions from the Quick Actions drop-down menu: or. Hanesbrands Inc., a Maryland corporation. (iii) Installment Payments. Notwithstanding the foregoing, effective as of January 1, 2004, with respect to a member who is a member of the NC General Assembly contributing to the Legislative Retirement System, compensation means salary and expense allowance paid to a member for service as a legislator in the North Carolina General Assembly, exclusive of travel and per diem. We also encourage you to view the NC 401(k) Highlights and NC 457 Plan Highlights. Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement. SIMPLE 401 (k) Plans. Beneficiary means the Head to ORBIT today to manage your pension account. 2. On and after the Effective Date, all benefits previously accrued by Transferred Participants under the Sara Lee SERP shall be provided under the Plan, and Transferred RSSERP Benefit means Participants SERP Benefit accrued to the date of such amendment or termination be reduced or modified by such action. Such term also includes any person formerly employed by the University of Illinois in the Cooperative Extension Service who would be an annuitant but for the fact that such person was made ineligible to participate in the State Universities Retirement System by clause (4) of subsection (a) of Section 15-107 of the Illinois Pension Code.

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