Under SERP,nonexecutive employees earn an annual retirement benefit equal to 50% of the highest average annual salary for a consecutive three-year period. (Objectives of Nonqualified Plans)

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The statement describes a specific retirement benefit plan, but it does not universally apply to all nonqualified plans or SERP (Supplemental Executive Retirement Plans). The details of such plans can vary significantly.

Under SERP,nonexecutive Employees Earn an Annual Retirement Benefit Equal to 50