Serp/coli

Cheddars

2 questions. My company offers a SERP/COLI program as a bonus to our pension plans to keep some of the better employees on board. Recently with the down turn in the marketplace and our industry, I have concerns that if the company goes out, we have nothing which is the way it works I guess as far as the SERP. My question is having been told I am in the program, the last 4 years, I have never received any confirmation of what monies are involved or what the fund holds. Is the company required to give me that information? I was under the impression and I think according to the IRS, they have to supply the members of the fund with some type of yearly accounting. Right now, all its been is promises to keep many still with the company. 2nd question is late last year, I was told I had to go for a blood test for an insurance policy which the company would pay and it would be part of the SERP program. I asked to see the paperwork for the policy and it shows the company as the beneficiary. I asked why not my wife and was told the company uses the money if something happens to me to fund the SERP program and they will take care of my family. Does this sound right? Thanks very much for the help.

dunstonh

SERPS was abolished some years back and replaced with the second state pension. Very similar but calculations slightly different. I'm not sure what a COLI program is. I am guessing the first bit stands for contracted out (seeing as you could contract out of SERPS).

Actually, another read of your post suggests that you are not from the UK. IRS is American. This is a UK site. You are best asking your question on a site that deals with the US.