SERP - 457(f)

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.