What doesd benefit serp mean?
<answer> A defined benefit SERP allows an employer to provide defined benefit payments to a key employee at a predetermined age of retirement and/or years of service. <context> How this plan works. A defined benefit SERP allows an employer to provide defined benefit payments to a key employee at a predetermined age of retirement and/or years of service. Instead of funding the employee account on an annual basis, the employer simply books the expense and liability for the benefit annually, to be recognized in the future.