Executive Fringe Benefits
Planning that can be used to retain executive employees by providing them with fringe benefits such as Executive Bonus Plans, Non-Qualified Deferred Compensation (NQDC), and Supplemental Executive Retirement Plans (SERP).
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Deferred compensation serves as an effective strategy for retaining employees within a company. When employees meet specific time of service and other criteria, they can be promised an “unsecured” benefit of designated dollars over several years. Corporations have the option to informally fund this obligation through investments or life insurance. Life insurance is frequently chosen for this purpose due to its unique advantages, including: (1) tax deferred growth of the cash values; (2) tax-advantaged distributions; (3) pre-retirement benefit if the executive passes away before retirement; and (4) cost recovery for the company upon the executive's death, as the death proceeds can offset life insurance premiums and net benefit payment costs. This approach not only supports employee retention but can also offer financial benefits to the organization.