Executive Benefits
Find and retain the right talent.
Finding and retaining the right talent for your company is the key to success. Your top executives drive your company’s success—make sure they’re rewarded with exclusive benefits that attract, retain, and motivate them. From executive bonus plans to supplemental retirement options, we help you build a competitive benefits package that keeps your leadership team invested in your company’s future.
Split Dollar Plans
Provides life insurance
protection at a
lower out-of-pocket cost
for the employee.
A way for you
to bonus an employee
funded by a life insurance or
annuity policy.
Supplemental Retirement Plans provide executives with additional retirement benefits that are not subject to the government imposed limits on qualified retirement plans.
Long-Term Care
Long-Term Care Insurance provides non-discriminatory benefits to key employees without imputed or regular income taxation. Premium payments made by the corporation are fully tax deductible.
Charitable Giving
Charitable Giving Plans benefit directors and senior executives who wish to support charities. They also contribute to a company’s positive public image.
Executive Bonus Plans
Section 162 Bonus Plans, also known as executive bonus plans, are a type of compensation strategy used by businesses. Here are (3) key facts:
(1) Voluntary Benefit for Key Employees
- Section 162 Bonus Plans are a voluntary benefit offered by employers to key employees, often executives or high-performing individuals. These plans allow employers to provide additional compensation outside of standard salary and benefits packages as a means to attract, retain, and motivate top talent.
(2) Tax Deductibility for Employers
- Under Section 162 of the Internal Revenue Code, businesses can generally deduct the bonus payments made under these plans as a business expense. This provides a tax advantage for employers, making it a cost-effective way to reward and incentivize key employees.
(2) Individual Life Insurance Component
- A common feature of Section 162 Bonus Plans involves the use of individual life insurance policies. The life insurance component adds an additional layer of financial security for the employee and their beneficiaries, and the premiums are typically tax-deductible for the employer.
It’s important for businesses considering Section 162 Bonus Plans to carefully design and communicate the terms of the plan to eligible employees. These plans offer flexibility and tax advantages but require thoughtful implementation to align with business goals and comply with tax regulations. Consulting with a financial advisor or tax professional is recommended for businesses seeking to establish effective Section 162 Bonus Plans.
Reward Your Leaders, Strengthen Your Business
Take the next step—contact us today to explore customized leadership benefits!
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