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SERP - 457(f)

In simple terms, a 457(f) plan is a promise made by the Credit Union to the Executive.

In simple terms, a 457(f) plan is a promise made by the Credit Union to the Executive.

Some common highlights of this plan are:

  • A Legal Document is prepared that outlines all of the details agreed upon between the Board and the Executive.

  • Defined Benefit - define fixed dollar amount or a percentage of salary

  • Defined Contribution - benefit indexed to an investment or other type of formula
    Benefits taxed based on substantial risk of forfeiture.