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  1. katieinny
    One of the owners is retiring. The company has decided to pay him $50,000 per year over the next 10 years. It's not deferred comp because he's not delaying any of his compensation. He'll just continue to receive compensation for 10 more years, but won't be going to work. If he dies during the 10 year period, the payments would continue to his spouse for the remaining time. The accountant says it will be taxable income, but not subject to FICA or FUTA. I did some reading on Supplemental Executive Retirement Plans, but one article said that SERP income is subject to employment taxes. That doesn't make sense to me, but I suppose it could be true. So, if it's not a SERP, what is it? I assume there would have to be a written agreement to this arrangement.
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