An employee enrolled in the Supplemental Retirement Plan (SRP) is required to make contributions to the Plan through payroll deduction. Deductions are taken at a rate of 5% on gross compensation in excess of $6,000 but limited to the maximum set by the employee's bargaining unit or personnel policy. The amount of SRP contribution required for employees is specified in their bargaining agreement or personnel policy.

 

Contributions are deducted from each paycheck on a pretax basis and deposited in the Plan. The contributions are subject to Social Security tax, so the participant's future Social Security benefits are not reduced by participation in the Plan.