SFS SERP definition
Examples of SFS SERP in a sentence
The death benefit under the Associated DC SERP (and the balance maintained in or transferred from the SFS SERP) is equal to the account balance.
Executive acknowledges and agrees that the Bank shall have complete and total discretion with respect to if, when and how the Bank will integrate the SFS SERP benefits with the Associated DC SERP benefits and what steps shall be taken with respect to either plan.
Distribution options, with respect to the portion transferred to Executive, will be no less favorable to Executive than the SFS SERP, subject to any changes Bank deems necessary to conform to Internal Revenue Code section 409A.
Executive understands that neither he nor any beneficiary has any right to the policy on his life owned by the SFS SERP or to the proceeds of such policy.
The Bank shall also have the right to modify or amend any part of the SFS SERP or the Associated DC SERP as necessary to comply with Internal Revenue Code section 409A or related guidance.
After the date of this Agreement, Executive will no longer be eligible for any other death benefits under the SFS SERP.
In addition, the parties agree to cooperate in amending the SFS SERP prior to the Effective Time in order to establish a rabbi trust, with it being understood that such trust shall not result in any increase in the amount of benefits payable under the SFS SERP.
Provided, no other benefits shall be accrued for any employee under the SFS SERP following the Effective Time.
It is the intent of the parties that no duplication of benefits will occur under the Devon SERP and the SFS SERP.
In no event shall a former SFS employee's aggregate benefits under the Devon SERP and SFS SERP be less than his accrued benefit under the SFS SERP at the Effective Time.