Supplemental Executive Retirement Plan (SERP) Design & Implementation
Security in retirement is both an appealing enticement for senior executives and a powerful tool for credit unions looking to retain, recruit, and reward top talent. By establishing a Supplemental Executive Retirement Plan (SERP) for selected executives, D. Hilton Associates can assist your organization in establishing a strong senior management team. This non-qualified deferred compensation agreement can provide retirement income to select credit union executives in return for the attainment of agreed-upon objectives, such as a specified number of years of service until retirement.
What are the advantages of using a SERP?
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Improves retention by rewarding executives retained for a specific number of years or until retirement.
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Enables the organization to follow its succession plan in a timely manner by allowing its executives to retire at appropriate ages.
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Selective and non-qualified plan, allow the financial institution to choose and reward key executives without restrictions on contribution amounts.
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Offers a variety of design options that can be customized around a credit union’s retention and succession objectives.
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