TeamHealth is committed to providing you with options to build your retirement savings
In addition to the 401(k), TeamHealth offers the "Supplemental Executive Retirement Plan" (SERP). 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 SCHWAB.
The maximum annual contribution is 85% of your income. Eligible participants are identified on an annual basis and enrollment/changes are allowed once per year in November for a January start date.
Information and how to enroll in the Plan can be found in the enrollment guide below.
Take a few minutes to learn more about your retirement plan and the features available with a Schwab Retirement Plan Services, Inc. workshop. Visit the recorded virtual session at any time. Click HERE, insert the required information, and click Register.