Supplemental employee retirement plan (SERP)

{
  "id": "MLC-T-INS-003242",
  "term": "Supplemental employee retirement plan (SERP)",
  "field": "Insurance and risk management",
  "definition": "A nonqualified deferred compensation plan that provides retirement benefits to key executives beyond the limits of qualified plans like a 401(k). A supplemental employee retirement plan (SERP) is an agreement between the company and an executive to pay a specified level of benefits upon retirement. Unlike qualified plans, SERPs are not subject to Employee Retirement Income Security Act (ERISA) funding and vesting rules, and the assets remain part of the company's general assets.",
  "abbreviation": "SERP",
  "url": "https://mlchart.com/terminology/insurance/supplemental-employee-retirement-plan-serp/"
}