Executive groups often face challenges.

Limitations frequently restrict benefits for executives, making it difficult for them to reach their Financial Independence objectives.

Attracting, Rewarding, and Retaining strategies should be designed with these challenges in mind. 

We provide high-level, close interaction with executives along with comprehensive plan design and funding strategies so that executives can adequately save.

Long-Term Executive Benefit Plans we offer:

Nonqualified Deferred Compensation

Our approach to Long-Term Incentive Plans is to design a custom plan that supports the Shareholder Win, Corporate Win, and Key-Leader Win (The 3 Wins). Our plans are designed to build “owner-mindedness” and participant retention. These plans are designed to reward executives in a tax-advantaged environment made possible by 409A regulation. Contributions can be made on behalf of eligible participants. Plan design often includes the attainment of financial targets to qualify for contributions. Vesting requirements create a strong retention effect for the company. The key to the design process is to determine the company’s objectives.

Nonqualified plans are put in place to recruit, retain, motivate, and/or reward key employees, and they work to compliment an employee’s qualified retirement account as an additional source reservoir for retirement savings.

Examples of our nonqualified plans include:

  • Salary and basic bonus deferral plans
  • Performance & Profitability benchmark-based bonus plans
  • Phantom Stock Plans
  • Stock Appreciation Rights (SARS)

 

Ancillary Executive Benefit Plans we offer:

Supplemental Executive Retirement Plans

A Supplemental Executive Retirement Plan (SERP) is for a selective group of top-hat participants that can restore frozen pension plan benefits. These plans often supplement the employee's qualified plan and Social Security benefits.

Disability Income Protection Solutions

Long Term Disability plans are often created for all employees, but typically only cover a percentage of base salary. Variable compensation is often excluded from coverage, and various limitations can result in benefits that are far less than expected. Our designs incorporate a combination of group and non-experience rated contracts to better protect employees.

Executive Life Insurance

Permanent life insurance provides employees high-value supplemental coverage and can provide benefits that are not typically available in group plans. The Legacy process strives to provide a better mix of coverage to reduce the shortfalls of experience-rated group plans while reducing the company’s premium risk.

There are several variations of these examples that could be chosen by a company, and designing the plan correctly the first time is vital. Therefore, we use our Assessment phase to help find the best option to fit your goals.

When a plan design is based on the ability of the leadership/executive team to improve their collaboration, we will come alongside the team and walk them through our teambuilding/collaboration workshops based on The Great 8 Virtues.

To get started, schedule a call with us today!