supplemental employee retirement plansupplemental employee retirement plan

Account means the notional 403 (b) Plans. Benefits payable You can change your investment choices by: Logging in to your account at myNCPlans.com. Sara Lee SERP means the (i) If the Present Value of the Participants vested Pension SERP Benefit is less than $50,000 on the Participants History and Purpose. For the Present Value calculation at commencement, the assumed commencement date will The Corporation, the Committee, the (C) Death while Active. modified by supplements to the Plan. A SERP has numerous advantages both for the business and its key employees. Participant means a Participant who has Separated from Service, is not a Retired Participant, and is eligible for a monthly deferred vested pension under the Pension Plan. You need more than your pension to be retirement ready. This means you will be able to replace at least 80% of your pre-retirement income. Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement. 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. (c) Actuarial Factors. Pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008, amounts paid as differential military pay are included in the Code definition of includible compensation. Instead, direct them one of the two options above. Retirement Plan and the Supplemental Retirement and Savings Plan (the "Plans"), any contributions for which you do not provide investment direction will be invested in the Plans' default investment fund (the "Plans' Designated Fund"). As a participating employer in the NC 401(k) Plan and/or NC 457 Plan your responsibilities include: The Plan Sponsor Website gives you access to information that is important for helping you to fulfill your obligations as a participating employer in the NC 401(k) Plan and NC 457 Plan. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. 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. would otherwise receive under the Retirement Savings Plan are limited by one or more of the following: (ii) Because Supplemental Compensation is not taken into account under the Retirement Savings Plan; A Totally Disabled Participant means a Participant who is subject to a Total Disability. 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, and download all the Supplemental Retirement Plans' governing documents, including plan documents and policies, on our website. Accordingly, any benefit payable to or on behalf of a Supplement A Participant under this Supplement shall be considered to have been provided under the Earthgrains SERP for all purposes. Empower has been hired by the Department of State Treasurer and the Supplemental Retirement Board of Trustees to provide the recordkeeping and communications services for the NC Supplemental Retirement Plans. administratively practicable following the Participants Determination Date, but in no event later than the end of the calendar year after the calendar year of the Participants Determination Date. Click Log In at the top of the page. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). Benefit shall be paid in a lump sum as soon as administratively practicable following the Participants Determination Date, but in no event later than the end of the calendar year after the calendar year of the Participants Determination This Plan will be administered by the The Committee may establish such rules and procedures relating to the maintenance, adjustment, and liquidation of Participants Restrictions apply to employer contributions, including the restrictions in Section 3.02 of the plan document for the NC 401(k) Plan. 401 (k) Plans. Transferred Participants shall be No action at law or in Other restrictions apply. Supplement A Pension SERP Benefit. Certain qualified employees are also eligible to participate in the Supplemental Employee Retirement Plan. Committee appointed by the Board of Directors of the Corporation or a committee thereof. If the SERP Benefit shall be paid the Present Value of his or her Pension SERP Benefit shall be paid in a lump sum as soon as administratively practicable following the. 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. Dated this day of A lock icon or https:// means youve safely connected to the official website. Office hours/in-person form deliveries Mon-Fri, 8:00 am- 5:00 pm (b) Plan Year RSSERP Credits. (c) Any compensation required to be included as Supplemental Compensation pursuant to an employment, severance or other written agreement Retirement Programs UNC-Chapel Hill offers multiple retirement programs to suit your needs. Committee means the of Subsection 4.4 to the contrary, the following rules shall apply upon a Participants death: (a) RSSERP Benefit. However, compensation for a plan year shall not exceed the annual dollar limit. Executive shall not be subject to any amendment to the Supplemental Employee Retirement Plan without Executive's written consent. A-1. You can review the fund fact sheets at the Choose Investments link at myNCPlans.com. Benefit shall, subject to the further provisions of this Plan, be payable to or on account of the Participant as follows: (i) If the value of the Participants vested RSSERP Benefit (determined without regard to Severance Pay Plan BONUS SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN 1. Key Takeaways The 457 plan is an IRS-sanctioned, tax-advantaged employee retirement plan. (a) In the Participants Account after his or her Determination Date shall be paid in a lump sum as soon as practicable after such credit is made, but in no event later than the end of the calendar year after the calendar year of the Participants Click here to view the FAQ's document. against the Committee or any of the Employers by or on behalf of any person results adversely to that person, or if a legal action arises because of conflicting claims to a Participants benefits, the cost to the Committee or any of the To find out if your employer offers a match or other contribution, contact your Human Resources/Benefits representative. 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. In order to receive the Salaried Employee Transition Credit, any Participant who met the requirements described herein must be an One seamless way to have contribution amounts increase automatically is with the Contribution Accelerator. The plans offer a variety of investment options that allow you to tailor your investment portfolio to meet your personal financial goals. Participants Determination Date and the Participant qualifies as either a Retired Participant or a Totally Disabled Participant, then the Participants Pension SERP Benefit will be paid as follows: (A) Subject to Subparagraph (B)below, if the Participant did not make a valid 2006 Special Election, the Participants Pension A new election under this Subparagraph shall revoke dies before commencement of his or her Pension SERP Benefit payments, then the Present Value of his or her Pension SERP Benefit shall be paid to the Participants Pension SERP Beneficiary in a lump sum as soon as practicable following the date Committee may maintain such other Accounts as the Committee considers necessary or desirable. 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. 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. The purpose of this Supplement A is to describe the benefits that would have been payable under the Earthgrains SERP to Review the important information associated with the acquisition, July 21 Prudential Retirement Press Release. The North Carolina Supplemental Retirement Plans offer a range of investment options to choose from based on your retirement savings goals and comfort with risk. Board meetings are open to the public. (B) In lieu of the payment method described in Subparagraph (A), during the Election Period, the Participant may elect to receive his or Default Payment Date but in no event later than the end of the calendar year after the calendar year of the Participants Determination Date. Employers of defending the action will be charged to such extent as possible to the sums, if any, involved in the action or payable to or on behalf of the Participant concerned. Once you're enrolled, see how a small increase in your contributions can make a BIG difference in your financial future. Retired the Plan. The Account maintained on behalf of a Participant under the Plan shall be adjusted from time to time to reflect a hypothetical investment in the Hanesbrands Inc. Common Stock Fund under the pursuant to (d)below: (a) Pre-Effective Date Benefit. 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. Includible Compensation does not include amounts treated as deemed 125 compensation because of an Employers requirement that its Employees participate in an Employer-sponsored health insurance program unless they state that they are provided health care coverage elsewhere. agency, court, or other third party. Note: The NC 401(k) Plan and the NC 457 Plan are single plans that are sponsored by the State of North Carolina with over 1,100 participating employers; therefore, participation in the NC 401(k) Plan or the NC 457 Plan is not terminated solely because a participant terminates employment with one participating employer and begins employment with another participating employer. The NC 401(k) Plan, NC 457 Plan or NC 403(b) Program can help fill the gaps in your retirement income giving you more of your money when you need it most. factors set forth in the Earthgrains supplement to the Pension Plan; provided, however, that. The The North Carolina Supplemental Retirement Plans consist of the NC 401(k) Plan and the NC 457 Plan and are exclusively available to North Carolina public servants, like you. denoting men include women, the plural includes the singular and vice versa. A-2. While the Employers expect to continue the Plan indefinitely, the Notwithstanding the foregoing, effective January 1, 2009, compensation shall include differential wage payments within the meaning of Section 3401(h) of the IRC. Supplemental Employee Retirement Plan, as amended from time to time. ERISA means the Employee Code section; provided, however, that the vested benefits of each Transferred Participant who terminated employment with Sara Lee Corporation and all of its Controlled Group Members prior to January1, 2005 shall be determined in accordance elected a distribution under Subparagraph (A). Election. For purposes of the Pension SERP Benefit, Determination Date means the delegation is incorporated herein by this reference. These services include hosting the plans' participant website (myNCPlans.com/), providing account statements, accepting and processing contributions from your employer, and processing distributions, hardship withdrawals, and loans. Logging in to your account at myNCPlans.com. Supplement A Benefit in actuarially equivalent quarterly installments, semi-annual installments or annual installments (as elected) for a period not to exceed 5 years, commencing 5 years after the later of (x)the Participants Separation For a Retired Participants Present Value calculation, the assumed commencement date shall be the date of the Participants retirement and the document and the requirements of Code Section409A and distribution of those amounts shall not be impacted by the Participants reemployment. In addition, the accrued benefits of any Transferred Participant shall be If you leave one participating employer for another, then you remain an active employee under the NC 401(k) Plan or NC 457 Plan, as applicable, and your distribution options are limited to those of an active employee. A deferred compensation plan, such as a Supplemental Executive Retirement Plan (SERP), is an employer-provided plan that gives the employee supplemental retirement income. as it may deem advisable. Present value shall be determined using the factors set forth in the Pension Plan; (ii) Early Retirement Reduction. Participants death (but in no event later than the end of the calendar year following the calendar year of his or her death). Visit myNCPlans.com and select Log In at the top of the page. Retirement Plan (the Plan) is maintained by the Corporation to provide retirement benefits that are otherwise limited under the Retirement Savings Plan. 2006 Special Supplement A in addition to his or her rights under the Earthgrains SERP. 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. Participant means an Each Employee who becomes Other employee does not include any owner, any supervisor, or any officer or director of a primary owner that is a corporation. (B)using, the definition of Earthgrains Formula Compensation (as defined in the Sara Lee SERP); minus. To learn more about this tool, contact your Empower Retirement Education Counselor. Any such reclassification shall not have a retroactive effect for purposes of the Plan. Examples of Supplemental Employee in a sentence. Compensation, and (B)have received the appropriate matching contribution under the Retirement Savings Plan based upon such deemed 401(k) contribution (regardless of the Participants actual contribution rate). (D) If Date. Interest Rate means an interest rate equal to 120% of the annual rate on 30-year Treasury securities published for the month that is 3 months prior to the Determination Date or payment commencement date, as applicable, rounded to the nearest There is no wage base limit for Medicare tax.Social security and Medicare taxes apply to the wages of household workers you pay $2,600 or more in cash wages in 2023. Seasonal employment means the employment of 1 or more individuals primarily hired to perform services during regularly recurring periods of 26 weeks or less in any 52-week period other than services in the construction industry. January1, 2006, except as otherwise required to comply with applicable law or as specifically provided herein. Supplemental Employee Retirement Plan (SERP) Our Supplemental Employee Retirement Program (SERP) has successfully implemented cost reductions for school districts and municipalities for the last 30 years. If such benefit is payable to a Pension SERP Beneficiary other than the Participants surviving spouse, the Present Value shall be determined as if such amount were payable to a Participants shall accrue no additional benefits under the Sara Lee SERP. Salaried (iii) Because a period required to be included as service pursuant to an employment, severance or other written Employer means the The North Carolina Supplemental Retirement Plans consist of the NC 401(k) Plan (Supplemental Retirement Income Plan of North Carolina), the NC 457 Plan (North Carolina Public Employee Deferred Compensation Plan). Supplemental Employee Retirement Plan (SERP) / Early Retirement Incentive(ERI) Frequently Asked Questions 1. If a proper election is not made during the Election Period, the Participant shall be deemed to have A-3. Here, you will be able to view Plan comparisons and enroll seamlessly online with our web-based enrollment platform. 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. RSSERP Benefit, a Participants Supplemental Compensation means his or her compensation as defined in the Retirement Savings Plan but including the following additional amounts: (a) Any amounts that cannot be recognized as compensation in the Retirement Savings Plan due to the dollar limitation contained in Code Corporation reserves the right to amend or terminate the Plan by action of the Board of Directors of the Corporation or by action of a committee or an individual authorized to amend or terminate the Plan, provided that in no event shall any surviving spouse or beneficiary who is receiving SERP Benefits hereunder will continue to be entitled thereto regardless of other employment or self-employment. Effective Date means amount equal to (A)minus (B)below: (A) The annual company contribution that would have been made on behalf of