EXECUTIVE BENEFIT PACKAGES – PROVIDE THE BEST TO YOUR BEST!
Author: BenefitConsultants.com
It is well known that the Key to success for companies is hiring and retaining the best talent for their organization.
Does your company have a strategy in place to facilitate attracting the most talented and success driven employees? Is it recognized in your organization that ordinary compensation packages typically do not provide sufficient benefits to adequately compensate valued employees.
Executive Benefit Plans are provided by many corporations to their key employees. The package may include salary continuation plans, deferred compensation plans and other benefit packages. The brightest men and women at these corporations understand that it is not a matter of “can the company afford this benefit” but rather it is a matter of “can the company afford not to offer this benefit”.
There are a wide range of Executive Benefit Plans that your organization may consider including the following:
- Executive Bonus Plan: A bonus plan is often included in an Executive Benefits Package. This is a fantastic way to compensate select employees, regardless of their income or position, by paying a cash bonus to the employee or by purchasing an investment on behalf of the employee. While this cash bonus is a taxable compensation to the employee it is a tax-deductible expense to the company.
- Non Qualified Deferred Compensation Plan: This plan allows the company to set aside funds to benefit a select group of highly paid management. This plan may provide employee pretax salary deferral, employer contributions or both. The company can also specify when the benefit is to be paid. This may be at retirement or after a certain number of years have passed.
- Executive Life Insurance: Highly compensated key executives often have unique life insurance requirements. In order to protect their families it is imperative to replace their salary in the event of an untimely death.
Executive Benefits are not restricted to retirement income and life insurance. Consider the following:
- Executive Relocation Policy
- Company provided automobile
- Club Membership
- First-Class Air Travel
- Supplemental life Insurance
- Executive Medical
- Executive Financial Planning
- Executive Vacation Policy
- Sabbaticals
- Long-term care insurance
In order to ensure the unique needs of your business are being met with a high quality, competitively priced Executive Benefit Package talk to a qualified Benefit Consultant TODAY!
About The Author: We invite you to BenefitConsultants.com where you will find informative articles about Employee Benefit Plans as well as Industry leading professionals to assist you.
Disclaimer: Information contained in pages and articles on this site provide general information only. Readers should not act upon this information without seeking professional advice.
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