Recruiting, Rewarding & Retaining Key Employees
Many businesses want to provide additional benefits to their key employees as a means to recruit, retain, and reward these highly compensated employees. Unlike qualified plans that are subject to ERISA rules and contribution limits, Non-Qualified Benefits can generally be offered to a select group of highly compensated employees, and can be used as an additional incentive. Life insurance is a popular and common funding vehicle in the non-qualified benefit space.
There are several types of non-qualified deferred compensation arrangements that a company can create, they include the following:
- Executive Bonus Plans
- Restrictive Executive Bonus Arrangements (REBA)
- Salary Deferral Plans
- Supplemental Executive Retirement Plans (SERP)