A supplemental retirement plan is an optional retirement benefit policy that an individual can have other than the basic retirement plans offered by the employer. A supplemental retirement plan helps an individual to put away more savings that will benefit him post his retirement. Another main reason for opting for a supplemental retirement plan is to get tax benefits. A certain amount of money is deducted from the salary of the individual and is transferred to an investment account. The individual gets a reduction in his income tax amount equivalent to the amount deducted. When an individual opts for a supplemental retirement plan, they need to fill up a document which is known as a supplemental retirement plan agreement. The details usually mentioned in the agreement are as follows:
- The amount of money required to be deducted from the salary
- The way the investment will be allocated
- The age and the income option selected
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