Executive benefits

executive benefits plans

Serving Chicago and the Chicagoland area | Rewarding top talent for helping build your business

about executive benefits

Also referred to as golden handcuffs are non-qualified plans used to retain and attract top talent. Generally these Benefits are based on performance or profitability and can range from stock to cash depending on the size of the company. Many employers use a vesting schedule for each year’s reward so if an executive should leave after a specific year they may lose out of a large portion of that specific year’s extra compensation.

Executive benefit plans are a critical component of any corporate benefits strategy

An executive benefit plan is a contractual commitment by an employer to a select group of employees to provide supplemental retirement benefits at a future date. Because there are no coverage, eligibility or participation requirements, an employer can decide to provide nonqualified deferred compensation benefits only to a select group of executive or highly compensated employees. This allows the employer to provide rewards and incentives based on an employee-by-employee approach, offering maximum design flexibility.
Your key executives are responsible for driving the success of your organization. Is your retention plan compelling enough to keep them in place? Are you working to motivate them and to recruit the next generation of leadership? The advantages of cultivating a high-performing executive team are many: keeping institutional knowledge in-house, avoiding operational disruptions, advancing strategic priorities, and more. A robust executive benefits program is a powerful tool to attract the best talent, retain top executives, and motivate your current leadership.
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Executive benefit plans offer various benefits:

 

  • Provide replacement income at retirement based on total (non-limited) compensation
  • Reward, attract and retain key executives
  • Replace benefits lost due to IRS limits on qualified plans
  • Provide benefits in addition to those under qualified plans
  • Defer compensation
  • Provide enhanced benefits in the event of an acquisition or other change of control
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