TeamHealth Benefits | TeamHealth

Supplemental Executive Retirement Plan (SERP)

In addition to the 401(k), TeamHealth offers the "Supplemental Executive Retirement Plan." Like the 401(k), Non-Qualified Plans allow participants to tax defer compensation until distribution. Unlike the 401(k), Non-Qualified Plans are not protected and are not “qualified” under IRS code. This has two implications: 1) these funds may not be rolled into another qualified plan and will be distributed as taxable income, according to participant distribution election, upon termination 2) the contributions are considered assets of TeamHealth until distribution, and are subject to TeamHealth creditors.

The SERP is designed to supplement deferred compensation for employees who are defined by the IRS as Highly Compensated. The Plan is a 401(k) look alike plan and is administered by USI Consulting. Eleven mutual fund investment elections are available. To view a list of those options, click here. The 2007 maximum contribution is $15,500. Eligible participants are identified on an annual basis and enrollment/changes are allowed once per year in January. Please review the Plan Highlights.