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question about SERP

T

TranceNation

Platinum Member

the company that I work for has this SERP plan, I'm assuming most companies have something similar.
my question is can I withdraw money from it? I think there may be tax consequences but how much will it be?
Let's say I have 10k in it, I'm assuming my taxes would be around 40%??
 
Generally, no you cannot withdraw from it until you retire. I take it you're an executive or your company doesn't use a standard 401K plan.

In any case, call your benefits department and ask them what the rules are to the plan.

My job actually involves monitoring a SERP plan at our company (only 3 highly paid executives are covered under it) and no withdrawals are allowed.
 
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