Rewarding, retaining and attracting key employees is a high priority for successful businesses. The cost to an organization for losing a valuable employee can be substantial. For highly compensated key employees, standard benefits may fall short in meeting their future retirement or other financial needs.
In addition to rewarding employees, enhancing employee benefits can often provide advantages to an employer.
There are a variety of plans that can be utilized to address your organization’s compensation and retention goals. These include:
- Qualified 401 (k) Retirement Plans: Designed to provide qualified employees within an organization a tax deferred retirement vehicle.
- Non-Qualified Executive Benefits Plans: Designed primarily for highly compensated executives and key people, these plans can encourage important individuals to stay at an organization and fill gaps when other benefits fall short.
- 162 Bonus Plans: Designed for key executive and professional staff members, 162 Bonus Plans provide valuable benefits and options to both the associate and the organization.
- Split Dollar Plans: Designed to provide valuable benefits and offer planning flexibility that allow for cost sharing between the employer and the key executive.