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Connecticut Executive Benefit Planning
There are different types of Executive Benefits designed to help you compensate executives and encourage them to remain with your company for many years:
- Nonqualified Deferred Compensation Plan. A nonqualified deferred compensation plan lets you allocate funds to benefit a select group of highly compensated managers. You can design a deferred compensation plan for employee pretax salary deferral, employer contributions, or both. You can also specify when benefits are to be paid (e.g., after the passage of a certain number of years or at retirement).
- Executive Bonus Plan. An executive bonus plan is a way to compensate select employees – regardless of their income and position – by paying a cash bonus to the employee or by directly purchasing an investment on the employee's behalf. The bonus is a tax-deductible expense to the employer and taxable compensation for the employee.
- Executive Life Insurance. Key executives who are highly compensated often have unique life insurance needs. To protect their families, they need a way to replace their compensation in the event of premature death.
- Supplemental Employee Retirement Plans. This plan provides the additional benefits desired by executives, and they allow you as the employer to maintain control. By implementing a plan that imposes restrictions that can reduce or even cause the loss of benefits for the executive if they leave your firm, you ensure a cost-effective method of rewarding and retaining talented management.
- Split Dollar Plans. This plan lets you buy the full amount of life insurance coverage you need without paying the premiums personally; the business pays them instead. Your cost is the economic benefit value of the life insurance protection. The business is able to recover the greater of the premiums it pays, or the policy’s cash value from the policy death benefit upon your death.
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