Supplemental Contributions Program Law and Legal Definition
Supplemental contributions program provides for highly compensated employees to defer a portion of their compensation that cannot be deferred under the retirement savings plan due to Code limitations under the federal statute.
The following is an example of the state statute (California) explaining the procedure of the program:
Cal Gov Code § 22970.55 states the procedure of the program:
1. Employee after-tax contributions to the plan shall be made solely at the option of the participant.
2. Employee contributions may be made directly by the participant to the plan on a periodic basis as specified by the board, or may be withheld from the employee's compensation after taxes and submitted by the employer through payroll deduction.
3. The board shall establish the minimum contribution amount.
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