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Executive Benefits Can be Customized for Your Company

Understanding Wealth® Blog

Executive Benefits

Executive benefit plans can be used to provide specific benefits to business owners, executives, and key employees. Executive benefit plans assist owners and employees in accumulating and protecting wealth while deferring income taxes until retirement. Once in retirement, you may be able to withdraw your funds at a lower tax rate, or even tax-free. Most of our executive benefit plans can be customized for your organization and will work alongside your company’s current benefit programs!

Using Executive Benefits

In today’s ultra-competitive market, recruiting and retaining key employees is an important part of building a competitive organization. In such an environment, losing any key team member can be a devastating loss to your company. Whether you’re an owner or HR director, the top performers in your company and those you seek to recruit into the company are looking for you to recognize their value to the organization. Rewarding your joint successes with lucrative executive benefits is a great way to say ”you’re on my team!” Customized plans are often used with employee agreements to create golden handcuff arrangements needed to retain key employees with the company. Executive benefits can also be tax deductible for the employer and partially or fully taxable to the employee.

Types of Executive Benefits

Sometimes referred to as “non-qualified plans”, executive benefits are generally exempt from Department of Labor (DOL) discrimination rules and top heavy testing to which qualified plans are subject. In addition to uses as a recruiting and retention tool, executive benefits can be used in buy-sell agreements; succession planning or for pre-funding buyouts.

Executive Benefits Plan Types Include:

  • Leveraged premium plans
  • Section 162 executive bonus plans
  • Split dollar plans
  • Buy-sell purchase agreement plans
  • Key person insurance
  • Deferred compensation plans / SERP

If you’d like to learn more about the details of executive benefits, download the PDF booklet to the right. If you are ready to discuss how executive benefit plans can be used inside your organization, please contact Business Planning Group for a free consultation.

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This Website is for informational purposes only and does not constitute a complete description of our services or product offerings. This website is in no way a solicitation or an offer to sell securities, investment advisory services, annuities, qualified plans, non-qualified plans or insurance except, where applicable, in states where we are licensed and registered. Information throughout this site, whether statements regarding products or services, taxes, the market or other financial information, is obtained from sources which we and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing in this website should be interpreted to state or imply that past results of any investment or policy are an indication of future performance. Neither we nor our information providers shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness, or for any delay or interruption in the transmission thereof to the user. THERE ARE NO WARRANTIES EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY "LINKED WEBSITE." "Understanding Wealth", "Executive Wealth Builder" and "Final Gift" are registered trademarks of Business Planning Group.