A supplemental retirement plan is a saving plan under section 403(b) in which the individual can contribute to a saving fund aimed at accumulating money or his or her retirement. It is non-qualified tax deferred compensation plan which is completely voluntary on part of the individual to increase his corpus for retirement.
The amount of investment is also decided by the prospect and all the assets are invested and held under group or individual contract under the custody of the investment agency. The corpus accumulated by the individual is distributed in event of death or disability of the individual or if individual retires or leaves from his organization. Another precaution to be taken in case of subscription the supplemental retirement plan is that individual should appoint a beneficiary who gets the funds in case of mishap. An individual during the course of his service may also opt to avail loans against this corpus from the organization and these are securitized by the funds invested in the plan.
Supplemental retirement plan
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