Retirement benefits are an important part of most employee compensation packages. To comprehend the value of the position being offered to you, it is imperative that you have a full understanding of the retirement benefits being provided, as well.
For executives and other high-level managers, this can be challenging. In the modern business world, retirement benefits are often structured in complex ways. Increasingly, companies are relying on deferred compensation packages to hire and retain top executives.
You have legal options if your SERP or executive deferred compensation claim is denied.
Unfortunately, when it comes time to make a claim for your deferred compensation, some employers are not always willing to pay up. At The Garner Firm, our Philadelphia SERP attorney Adam H. Garner can help. Mr. Garner provides skilled, aggressive legal representation to employees making SERP and other executive deferred compensation claims.
What is a Supplemental Executive Retirement Plan (SERP)?
A supplemental executive retirement plan (SERP) is a type of nonqualified retirement plan that can be offered by companies to executive-level employees. This type of plan provides benefits beyond a standard defined benefit pension, IRA, or 401(k). For example, through SERP, executives might be offered:
- A plan tailored specifically to fit their unique individual needs;
- The ability to maximize tax-deferred compensation; and
- Key benefits for their beneficiaries.
Notably, however, these types of plans are exempt from many of the regulations included within the Employee Retirement Income Security Act (ERISA). This can sometimes lead to problems when it comes time to make a claim. Unlike other ERISA-regulated plans, the proceeds to pay out a SERP claim do not have to be kept in a trust. If a company becomes insolvent or is sold to another party before executive deferred compensation benefits are claimed, the company’s new operators may try to find an excuse not to pay the claim. In the unfortunate event that your SERP or other executive deferred compensation claim is denied, you have legal options available. You should contact a qualified attorney immediately who can review your case and take action to protect your rights.
Contact Our Philadelphia Executive Benefits Attorneys Today
At The Garner Firm, we handle SERP and other executive deferred compensation claims. If your claim was denied, for any reason, please do not hesitate to contact us today. Initial consultations are always confidential and free of charge. From our office in the heart of Philadelphia, we represent clients throughout Pennsylvania, New Jersey, and Maryland.