Key Employee Benefits:


 In this space, finding ways to motivate and reward high quality employees can be challenging. Below are some of the more popular ways employers can single out and reward and tie down, key employees to the house. 


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Several of these can best be described as “Golden Handcuff” plans.  By way of locking a key employee to a desk for any number of years or vesting schedules one can dream up.  Having a key employee walk away from dollars he or she is being vested in can make that $5-$10-$20-$40 hour raise something that is not so easy to take, while locking down there services for any number of years you wish.

If you have a employee that is KEY to your organization, one that you would gladly pay $5,000/10,000 or even $20,000 more to them if they threatened to leave it could be said you are crazy for not having something like this for them.  Losing a key employee to a competitor can cost hundreds of thousands of dollars is lost contracts and relationships.

Exploring Key Employee Benefits can protect your company from major loses that can be easily death with, but usually only in advance.

Life Insurance

Life insurance can be so much more than a death benefit. In addition to protecting your business by compensating you at the loss of a key employee, it can be used to fund supplemental retirement plans and salary continuation plans – appealing benefits to employees or prospective employees. Because these benefits are funded through an insurance package, they are tax-advantaged, which benefits all parties. We can help you design a plan that is suitable for everyone.

Disability Insurance

Key employees need to know that they will be taken care of should they become disabled. For most employees, the immediate risk of disability is even greater than the risk of death. Through well-designed disability plans, we can help mitigate the loss of business growth as the result of losing a key employee to a disability, while ensuring that the employee and his or her family are protected.

Deferred Compensation

If you’re looking to retain key employees and eventually reward them for years of dedicated service, setting aside additional compensation for a future date is a great benefit. We tailor deferred compensation plans that target your employee’s interests and help to ensure you have the money to pay them when the time comes. The promise of tax-deferred supplemental benefits can be a key to ensuring that your most valued employees stay with you for the long haul.

Long-Term Care Insurance

One of the most flexible employee benefits — long-term care insurance — can be offered to a select group of your employees allowing you, in some cases, to deduct the entire cost of the premium. By providing financial assistance to fund expenses for assisted living, nursing care or home healthcare, this benefit can help protect against the need to use the employee’s assets – funds which may be depleted by the cost of healthcare when faced with a chronic health condition.

Nonqualified plans are those that are not eligible for tax-deferral benefits under ERISA. Consequently, deducted contributions for nonqualified plans are taxed when the income is recognized. In other words, the employee will pay taxes on the funds before they are contributed to the plan.