Non-Qualified Retirement Plans
Due to legislative restrictions, many business owners and key employees often retire on an income significantly lower, as a percentage of compensation, than rank and file employees. Highly paid executives, because of statutory yearly limits on tax-deferred contributions imposed by the Internal Revenue Service, face 401(k) discrimination and have contribution limits placed against them toward their 401(k) accounts. In 2006, or thereafter, that limit is $15,000 -- not much in the way of retirement contributions for a highly compensated executive.
This can have a devastating impact on the efforts of a financial institution to recruit and retain the best in executive talent. However, there is a benefit package that overshadows the shortcomings of a 401(k) plan.
To offset this situation, many companies establish Non-Qualified Retirement Plans. Finlan Asset Management can help you decide which plan design is best for your organization. Several plan design options are available:
401(k) Excess Plans
Executive Bonus Plans
Salary Continuation Plans
Life Insurance Plans
Long Term Care Insurance Plans
The plan design alternatives for employee benefit plans are virtually limitless. A company can fund all the benefits, or allow employees to defer current income, or a combination of both of these strategies can be used in a non-qualified plan.
Properly structured non-qualified executive benefit plans provide employers with the tools to attract, retain and reward the talent that is necessary to excel. Finlan Asset Management's goal is to enhance a company's benefit competitiveness, while optimizing the plan's cost effectiveness, thereby creating a win for both participants and the owners of the corporation.
We also provide investment education to your plan participants in the form of newsletters, video presentations, self taught courses and meetings. Our advisors are always available to you and your employees.
To find out more about our services please click here.
Our dynamic retirement planning calculators offer interactive calculations, at-a-glance graphs and fully customizable reports. Use our retirement planning calculators to help develop and fine tune your retirement goals.
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