Author Archives: Matt Schiff

Time is the only asset that cannot be replaced. In the world of high-level finance, whether you are running a regional bank or a multi-state corporation, you know that a missed opportunity today translates into a massive liability tomorrow. You’ve worked hard to build your organization, to hire the right people, and to protect your bottom line. But often, the very tools designed to safeguard your future, Corporate Owned Life Insurance (COLI) and Bank Owned Life Insurance (BOLI), become stagnant because of a "set it and forget it" mentality.

Are you absolutely certain your current portfolio is actually working for you, or is it just sitting there? Does your executive benefits strategy still align with the goals you set five years ago?

At Schiff Executive Benefits, we believe in a "reverse engineering" approach. We don't start with a product; we start with your desired outcome. Whether you’re looking to offset benefit costs, secure "golden handcuffs" for key talent, or fund a buy/sell arrangement, your portfolio needs to be precise.

Here are the 7 most common mistakes we see in COLI and BOLI portfolios and, more importantly, how you can fix them.

1. Treating Your Portfolio as a "Static" Asset

The market moves. Regulations shift. Tax codes evolve. Yet, many corporations and banks treat their life insurance portfolios like a dusty file in a cabinet. A common misperception is that BOLI or COLI is illiquid or unchangeable. In reality, these are dynamic financial instruments.

If you haven't reviewed your portfolio in the last 24 months, you are likely missing out on repricing opportunities or better-performing crediting rates. Market conditions change, and a portfolio requires periodic review to identify upgrade opportunities. Just as you wouldn't ignore your equity portfolio or your loan book, you cannot ignore your COLI/BOLI holdings.

2. Neglecting 101(j) and 409A Compliance

Compliance isn't just a box to check; it’s the foundation of your tax-advantaged status. Under IRC Section 101(j), if you don’t follow specific notice and consent requirements before the policy is issued, the death benefit, which should be tax-free, could suddenly become taxable income.

Similarly, for corporations using nonqualified deferred compensation (NQDC) plans, the shadow of Section 409A is always present. A single mistake in how your plan is structured or how the COLI informally funds it can lead to immediate taxation and 20% penalties for your key executives.

The Fix: Conduct a comprehensive audit of your documentation. Do you have the signed consents? Is your plan document 409A compliant? If you're unsure, it’s time to bring in our team to look under the hood.

3. Ignoring Credit Quality and Concentration Risk

We’ve all seen what happens when an organization puts too many eggs in one basket. In a BOLI environment, credit quality is paramount. Many providers pass along data from insurance carriers without truly validating it. Are you monitoring the financial health of the carrier? Are you diversified across multiple carriers to mitigate risk?

A healthy portfolio requires in-depth insurance carrier analysis. At Schiff Executive Benefits, we help you look beyond the marketing materials to the actual solvency and commitment of the carrier to the BOLI/COLI market.

Suggested prompt: A professional, high-end close-up of a hand reviewing a financial spread sheet with a glass of water on a polished wooden desk, warm natural lighting.

4. Failing to Link the Portfolio to Executive Retention

Why do you have these policies in the first place? For many of our clients, the goal is "Full Cost Recovery" of executive benefit plans. However, if your executive retention strategies are disconnected from your portfolio performance, you aren’t maximizing your "Ownership Feel."

Are you using Split Dollar arrangements? Are you leveraging the portfolio to create a "Golden Handcuff" effect that makes it impossible for your competitors to poach your top talent? If your portfolio is just a line item on the balance sheet and not a tool for talent management, you’re missing half the value.

5. Underestimating the Power of ESOP Integration

For partnerships and private corporations, Employee Stock Ownership Plans (ESOPs) are a powerful way to align employee interests with company growth. However, ESOPs create unique liquidity needs, especially when it comes to repurchase obligations.

Mistake number five is failing to use COLI to "sprinkle in" liquidity for these obligations. By reverse-engineering your future cash flow needs, we can structure a COLI portfolio that grows tax-deferred, providing the cash exactly when the company needs to buy back shares from retiring employees.

6. Overlooking Buy/Sell and Succession Funding

What keeps you up at night? For many business owners, it’s the question of what happens to the firm if a partner passes away or becomes disabled. Many Buy/Sell arrangements are funded with outdated policies that don't account for the current valuation of the business.

If your business has grown (and we hope it has!), your 10-year-old policy is likely insufficient. You are essentially leaving your legacy to chance. We use a technical lens to ensure your Buy/Sell funding matches your current "dream value," ensuring a smooth transition for the remaining partners and the family of the deceased.

7. Lacking a "Team of Advisors" Approach

The most dangerous phrase in business is "I’ve got it covered." Managing a COLI/BOLI portfolio requires a blend of legal, tax, accounting, and insurance expertise. If your insurance agent doesn't understand the nuances of FASB accounting or the specific regulatory hurdles faced by banks, they aren't helping you, they're creating risk.

At Schiff Executive Benefits, we don't work in a vacuum. We collaborate with your existing CPAs and legal counsel to ensure that your Perfect Plan® is airtight from every angle.

The Path Forward: Reverse Engineering Your Success

The national debt is rising, market volatility is the new constant, and the "war for talent" is only getting more intense. In this environment, you cannot afford a mediocre portfolio. You need a strategy that is as sophisticated as the organization you’ve built.

Are you realizing the maximum after-tax yield on your assets? Is your plan structured to recover every dollar of cost, including the opportunity cost of the money?

If these questions give you pause, it’s okay. Most of our clients felt the same way before we began the "reverse engineering" process with them. They were looking for security and a guarantee that their hard work would translate into a lasting legacy.

We invite you to stop guessing and start knowing. Your professional legacy is too important to leave to "standard" industry practices. You deserve a plan that is built your way, with your goals as the blueprint.

Sit back, grab your coffee, and let’s have a conversation. Whether you want to dive deep into the technicalities of a 409A plan or just want a second set of eyes on your BOLI holdings, we are here to guide you through the uncertainty.

Come join us at Schiff Executive Benefits. Let’s make sure your portfolio is doing exactly what it was meant to do: protect your business and reward your people.

To hear more about our philosophy and see these strategies in action, check out The Perfect Plan® Podcast where we break down complex financial structures into actionable executive advice.

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Schiff Executive Benefits provides specialized consulting. For specific legal or tax advice, please consult with your professional advisors. You can find our full disclosure here.

Success breeds complexity. It is a universal truth in the lifecycle of a private enterprise that the very tools used to fuel growth: chiefly, equity compensation: eventually attract the magnifying glass of federal regulators. For years, the threshold for "enhanced disclosure" under SEC Rule 701 stood at $5 million. It was a manageable hurdle for many mid-market firms.

However, as of March 6, 2026, the landscape has shifted. The SEC has officially raised that threshold to $10 million. On the surface, this looks like regulatory relief. In practice, it is a new boundary line that, if crossed without technical precision, can jeopardize your entire equity incentive program.

If you are a CFO, General Counsel, or Founder of a high-growth private company, you are likely asking: What if our success outpaces our compliance infrastructure? At Schiff Executive Benefits, we focus on Restoring Alignment and Retention. When the rules of the game change, your strategy must evolve instantly to protect your most valuable asset: your people.

The $10 Million Threshold: A Double-Edged Sword

Rule 701 is the primary safe harbor that allows private companies to offer equity to employees, officers, and consultants without the soul-crushing expense of a full SEC registration. It is what makes "ownership feel" possible in the private sector.

The new 2026 guidance mandates that if the aggregate sales price or amount of securities sold during any consecutive 12-month period exceeds $10 million, the company must provide "enhanced disclosures" to all recipients.

The anxiety here isn't just about the number; it’s about the calculation. The $10 million isn't a "per-grant" limit. It is a rolling aggregate. Are you tracking the exercise price of options granted alongside the grant-date value of Restricted Stock Units (RSUs)? If the sum of these parts crosses the $10 million mark at 11:59 PM on a Tuesday, every grant made in the preceding 12 months is suddenly subject to a higher standard of transparency.

What "Enhanced Disclosure" Actually Means

Once you cross the $10 million rubicon, you aren't just sending out a summary plan description. You are stepping into the realm of "mini-IPO" disclosures. Under Rule 701(e), you must provide:

1. A summary of the material terms of the plan.


2. Information about the risks associated with investment in the securities.


3. Financial statements as of a date no more than 180 days before the sale. These must be prepared in accordance with GAAP.

For many private companies, the requirement to share GAAP-compliant financial statements with a broad group of employees is a non-starter. It creates a massive "what if" scenario: What if our internal financial data leaks to competitors because we wanted to give our VP of Sales a few more options?

This is where technical expertise meets strategic intent. We often see companies struggle to balance the need for retaining key people with the desire for financial privacy.

The Penalty: A Regulatory "Point of No Return"

The SEC is not known for its leniency regarding Rule 701. If you exceed the $10 million threshold and fail to deliver the required disclosures within a "reasonable period of time" before the sale, you lose the exemption entirely.

Not just for the grant that pushed you over the limit: but for the entire offering during that 12-month period.

Imagine the fallout: Your equity grants could be deemed "unregistered securities offerings" in violation of Section 5 of the Securities Act. This creates a rescission right for employees, potential fines, and a massive red flag for any future M&A due diligence or IPO aspirations. It is the definition of a "nightmare scenario" that keeps founders up at night.

Navigating Technical Nuances: RSUs, Repricing, and M&A

The March 2026 guidance clarified several "gray areas" that previously led to compliance drift:

• The RSU Trap: For RSUs, the "sale" occurs at the time of the grant, not the vesting or settlement date. If you grant $11 million in RSUs today, you must have provided the enhanced disclosure yesterday. There is no retrofitting compliance.


• The Repricing Calculation: If you reprice underwater options to boost retention: a common move in volatile markets: both the original value and the new repriced value may count toward your $10 million threshold if they occur within the same 12-month window.


• The M&A Multiplier: If you acquire a company, their Rule 701 grants for the year now count toward your $10 million limit. We've seen deals nearly collapse because the acquirer didn't realize the target’s equity plan would trigger a disclosure requirement for the entire parent company.

Restoring Alignment: The Schiff Perspective

At Schiff Executive Benefits, we often ask our clients one of our core "What If" questions: What if your top talent leaves because your equity plan is too complex or legally compromised?

If the $10 million Rule 701 threshold creates too much friction or exposure, it may be time to look at non-equity alternatives that provide the same "ownership feel" without the SEC headache. This is where The Perfect Plan® comes into play.

By integrating strategies like Phantom Stock or Executive NQDC (Non-Qualified Deferred Compensation) plans, you can mirror the economic upside of equity without triggering the same level of federal securities disclosure. When funded correctly: often through high-level Corporate Owned Life Insurance (COLI): these plans provide a secure, tax-efficient way to reward the C-Suite.

Immediate Action Items for the C-Suite

You cannot manage what you do not measure. In light of the March 2026 update, your internal "Team of Advisors" (CFO, HR, Legal, and Benefit Consultants) should take the following steps:

1. Conduct a 12-Month Rolling Audit: Track every grant, exercise, and RSU award from the last year. How close are you to $10 million?


2. Forecast the "Grant Burn": Look at your hiring plan for the remainder of 2026. Will those new hires push you over the limit?


3. Evaluate Disclosure Readiness: If you must cross the limit, are your GAAP financials ready for "prime time"? Are you prepared for the administrative burden of distributing these to every option holder?


4. Consider the "Mirror" Strategy: If the $10 million limit is a hard ceiling for your privacy concerns, explore NQDC and 409A plans that provide long-term incentive value without the Rule 701 baggage.

Building It Your Way

The national debt is rising, market trends are volatile, and the SEC is sharpening its tools. In this "unstable" environment, your job is to create a fortress of stability for your key executives.

Whether you are navigating the complexities of Rule 701 or looking to retain your key people through innovative benefit design, the goal is always the same: Restoring Alignment and Retention.

Don't let a technicality in the securities code dismantle a decade of hard work. The difference between a successful exit and a regulatory quagmire often comes down to the advisors you have in your corner.

Are you ready to stress-test your equity strategy against the new 2026 standards?

Sit back, grab your coffee, and let’s look at your plan together. We’ve helped countless firms navigate these waters, ensuring that their executive benefits are a source of strength, not a liability.

Come join us for a consultation. Let’s make sure your "Perfect Plan" stays that way.

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To learn more about how we help private companies and financial institutions navigate complex regulatory environments, visit our blog or listen to The Perfect Plan® Podcast.

They say that a society grows great when old men plant trees in whose shade they shall never sit. In the world of business ownership, we call that a legacy.

If you’ve followed our series this week, you’ve seen the evolution. We’ve talked about the scrappy startup days, the high-octane growth phase, and the steady hand required during maturity. Now, we arrive at the summit: Scaling Your Legacy.

This is the stage where the conversation shifts from "How do I make this work?" to "How does this work without me?" It’s the moment you realize that your business is no longer just a job or an investment, it is a living, breathing entity with its own culture, its own impact, and its own future. But here’s the cold, hard truth: without a structured plan, that legacy is fragile.

At Schiff Executive Benefits, we specialize in Restoring Alignment and Retention during these critical transitions. When you scale a legacy, you aren't just looking at the balance sheet; you are looking at the next twenty years.

The Gravity of the "What Ifs"

Succession planning isn't just a legal checkbox. It’s an emotional and financial gauntlet. As you move into this final stage of ownership, two of our core "What If" questions become the primary drivers of your strategy:

1. What if you end up in business with a widow? (Succession Alignment)


2. What if a partner needs a buy-out? (Liquidity and Continuity)

Imagine the business you’ve spent thirty years building. Now imagine your partner’s spouse: who has never spent a day in the office: suddenly owning 50% of the voting stock because of an outdated or unfunded buy-sell agreement. It happens more often than you’d think. It’s messy, it’s stressful, and it’s entirely preventable.

Scaling a legacy requires ensuring that the transition of power is as seamless as the transition of capital. This is where specialized benefits move from "perks" to "structural necessities."

Buy-Sell Agreements: The Foundation of Continuity

Most business owners have a buy-sell agreement tucked away in a drawer from 1998. The problem? The business is worth ten times what it was then, and the funding mechanism (if there even is one) is woefully inadequate.

To scale your legacy, your buy-sell agreement must be a living document. We help owners utilize Corporate Owned Life Insurance (COLI) to fund these transitions. Why COLI? Because it provides the immediate liquidity needed to buy out a deceased or disabled partner’s interest without gutting the company’s operating capital.

It ensures that the remaining owners keep control and the departing family receives fair value. That is how you preserve a legacy. You can learn more about how we structure these arrangements on our Our Services page.

Protecting the "Secret Sauce": Executive Retention

As you step back to look at the "big picture," who is actually running the day-to-day? It’s your key leadership team. If they leave the moment you start talking about retirement, your legacy value plummets.

At this stage, we often implement The Perfect Plan®. This isn't just another benefit package; it’s a strategic alignment tool. By using Nonqualified Deferred Compensation (NQDC) or Executive Split Dollar arrangements, we create a "Golden Handshake" for your top tier.

• Split Dollar Plans: These allow the corporation to help a key executive secure significant life insurance protection and retirement income while the company eventually recovers its costs. It’s a win-win that anchors your best people to the firm’s long-term success.


• 409A Compliance: This is where the "IRS technical vibe" comes in. Any time you promise to pay an executive in the future, you are dancing with Internal Revenue Code Section 409A. The penalties for non-compliance are draconian: immediate taxation and a 20% penalty to the executive. Part of scaling your legacy is ensuring you aren't leaving a tax time bomb for your successors.

The Technical Guardrails: 101j and Beyond

Scaling a legacy means doing things the right way, especially when the IRS is watching. When we implement COLI to fund legacy benefits or succession plans, we have to be meticulous about Section 101j.

Before a policy is even issued, there are strict notice and consent requirements. If you miss a signature or fail to file the proper annual reporting forms, the death benefit: which is normally tax-free: could become fully taxable. When you are dealing with multi-million dollar legacy transitions, that's an unforced error you cannot afford.

We act as the "technical navigators" through these waters. Whether it’s ensuring your 409A plan documents are airtight or managing the ongoing compliance of your insurance portfolio, our goal is to provide the security that allows you to sleep at night.

Alternative Exits: ESOPs and Wealth Transfer

For some owners, scaling a legacy means giving the business to the people who helped build it. An Employee Stock Ownership Plan (ESOP) can be a powerful tool for succession. It provides a ready market for your shares, offers significant tax advantages, and ensures the company culture remains intact.

However, ESOPs are complex. They require a team of advisors working in concert. We often work alongside valuation experts and ERISA attorneys to ensure that the executive benefits remain aligned with the new employee-owned structure.

Is your current retirement strategy sufficient to carry you through a 30-year "permanent vacation"? Or are you worried about running out of retirement money (What If #5)? Scaling your legacy isn't just about the business; it’s about ensuring your personal "Perfect Plan" is funded and protected.

The Cultural Intent: Why We Do This

The technicalities of COLI, 409A, and 101j are the "how," but the "why" is much simpler. You built something. It stands for something. You want it to continue.

When we sit down with a client at this stage, we often ask: If you weren't here tomorrow, what would happen to the thirty families that depend on this company for their mortgage payments?

That question usually clarifies things pretty quickly.

Scaling your legacy is an act of stewardship. It’s about moving from owner to founder, from manager to mentor. It requires a level of planning that looks past the next quarter and into the next generation.

Your Next Steps in the Journey

You’ve spent a lifetime building your business. Don't leave the final chapter to chance. Whether you are looking to update a buy-sell agreement, secure your top talent for the next decade, or ensure your estate plan is as efficient as possible, we are here to help.

The transition from growth to legacy is the most significant move you will ever make as a business owner. It’s the "point of no return." But you don't have to navigate it alone. Our team at Schiff Executive Benefits has been guiding owners through these stages for decades.

Take a moment to look at our Frequently Asked Questions or reach out to us directly.

So, sit back, grab your coffee, and let’s talk about what you want your legacy to look like. You’ve done the hard work of building it; now let's make sure it lasts.

Restoring Alignment and Retention. It’s more than a tagline; it’s our mission for your business’s future.

Come join us and let’s start building your Perfect Plan®.

They say a rising tide lifts all boats, but in the world of executive benefits, the tide often hits a sea wall just as things are getting interesting.

If you’ve spent your career building a business, a partnership, or a bank, you know that your most valuable asset doesn’t show up on a balance sheet: it walks out the door every evening at 5:00 PM. Keeping that talent happy, motivated, and, most importantly, stationary is the secret sauce to long-term success. But as we head into 2026, many of your top performers are hitting a "contribution ceiling" that is quietly eroding their ability to retire on their own terms.

You see, the traditional 401(k) is a fantastic tool for the broad employee base. It’s the "Old Reliable" of the retirement world. But for your high-earners: the C-suite, the rainmakers, and the key partners: it’s often woefully inadequate.

Are you asking your top people to settle for a retirement plan that covers only a fraction of their income? Or are you looking for a way to let them save in a way that actually mirrors their value to the firm?

Let’s look at the fork in the road and decide which path is right for your team in 2026.

The Problem: The 401(k) Glass Ceiling

The universal truth of qualified plans is that they are built for the "average," not the "exceptional." As an executive or a high-compensated employee (HCE), the IRS places strict limits on how much you can squirrel away.

For 2026, the elective deferral limit is hovering around $24,500. While that sounds like a decent chunk of change, consider someone earning $400,000 or $500,000 a year. That $24,500 represents a tiny percentage of their total compensation. When they retire, they are going to face a massive "income gap" because they couldn't defer enough of their salary during their peak earning years to maintain their lifestyle later.

And then there is the "Top-Heavy" problem. If your lower-level employees don’t participate in the 401(k) at high enough rates, the IRS steps in and actually limits what the HCEs can contribute even further. It’s a frustrating reality: your best people are penalized because of the choices of the broader workforce.

Why 2026 Changes the Math

We are currently standing at a unique financial crossroads. The SECURE Act 2.0 has introduced several shifts that are coming to a head this year. Specifically, for those earning over approximately $145,000, any "catch-up" contributions must now be made on a Roth (after-tax) basis.

For the high-earner who was counting on that extra pre-tax deduction to lower their current tax bill, the IRS just moved the goalposts. This shift toward mandatory Roth treatment for HCE catch-ups is making the traditional 401(k) less attractive for immediate tax planning.

This is where the 401(k) Mirror Plan: formally known as a Nonqualified Deferred Compensation (NQDC) plan: starts to look like a much better vehicle.

Enter the Mirror Plan: Reflection Without the Restrictions

So, what exactly is a 401(k) Mirror Plan? Think of it as a "shadow" version of your existing 401(k), but without the IRS handcuffs.

A Mirror Plan is a type of nonqualified deferred compensation plan designed to allow executives to defer a much larger portion of their compensation: sometimes up to 100% of their base salary and bonus: on a pre-tax basis. It "mirrors" the 401(k) in user experience (you choose your investments, you see a balance, you have a login), but it operates under a completely different set of rules.

The Deferral Advantage

While the 401(k) caps you at $24,500 (plus catch-ups), an NQDC plan allows your top talent to bridge that income gap. If a partner wants to defer $100,000 of their bonus to avoid a massive tax hit this year and let that money grow tax-deferred for a decade, they can. That is simply impossible in a traditional qualified plan.

Side-by-Side: The 2026 Comparison

When we sit down with clients to build out The Perfect Plan®, we look at the numbers. Here is how the two stack up for a high-earner in today’s environment:

• Contribution Limits:
  
  
  • 401(k): Strictly capped by the IRS.
  
  
  • Mirror Plan: Virtually unlimited (determined by the company’s plan design).
  
  
  
  


• Tax Treatment:
  
  
  • 401(k): Pre-tax deferrals, but 2026 catch-ups are now mandatory Roth for HCEs.
  
  
  • Mirror Plan: Remains 100% pre-tax on all deferrals, providing immediate tax relief.
  
  
  
  


• Matching:
  
  
  • 401(k): Limited by Section 401(a)(17) (the "compensation cap").
  
  
  • Mirror Plan: The company can provide "make-whole" matches that exceed the IRS compensation cap.
  
  
  
  


• Vesting & Retention:
  
  
  • 401(k): Standard vesting schedules.
  
  
  • Mirror Plan: Can include customized "Golden Handcuff" provisions to ensure your top people stay for the long haul.
  
  
  
  

The Elephant in the Room: Security

If Mirror Plans are so much better, why doesn't everyone use them for everything? It comes down to one word: Security.

A 401(k) is a "qualified" plan, meaning the money is held in a trust for the employee. Even if the company goes bankrupt, that money is safe. A Mirror Plan, or NQDC plan, is "unfunded" in the eyes of the IRS. It is essentially a promise by the company to pay the executive in the future. The assets technically remain on the company's balance sheet and are subject to the claims of the company’s general creditors.

This is the "what keeps you up at night" factor. Executives often ask, "Matt, what if the bank is sold? What if the company hits a rough patch in ten years?"

This is why we focus so heavily on the funding of these plans. Using tools like Corporate Owned Life Insurance (COLI) or Bank Owned Life Insurance (BOLI), a company can informally fund these obligations. COLI provides a way for the company to offset the cost of the plan while providing a layer of informal security that the funds will be there when the executive retires. You can learn more about how we structure these at our COLI information page.

Why 2026 is the Year to Review Your Design

We are currently in a period of fiscal uncertainty. With the national debt at record highs and tax laws in a state of constant flux, the ability to control when and how you take your income is the ultimate luxury.

Waiting until 2027 to fix a top-heavy 401(k) issue is a reactive move. Being proactive in 2026 by implementing a Mirror Plan allows you to:

1. Recruit Top Talent: When a candidate is choosing between two firms, the one offering a way to save $100k pre-tax usually wins.


2. Reward Your "Engine": Show your HCEs that you recognize they are different and deserve a plan that reflects that.


3. Hedge Against Tax Hikes: By deferring income now, executives can potentially take distributions in the future when they are in a lower tax bracket or when they have more control over their financial picture.

Building It Your Way

At Schiff Executive Benefits, we don’t believe in "off-the-shelf" solutions. Every corporation, partnership, and bank has a different culture and a different set of goals. Our mission is to guide you through the "unstable" air of modern finance to find a destination that works for everyone.

Whether you are looking at Buy/Sell arrangements, ESOPs, or complex Nonqualified Deferred Compensation plans, the goal is always the same: The Perfect Plan®.

So, which is better for your high-earners in 2026?

The answer is usually "both." A robust 401(k) for the foundation, and a carefully structured Mirror Plan for the penthouse. One provides the baseline; the other provides the incentive for your most valuable people to stay and build their legacy with you.

Let’s Start the Conversation

If you’re wondering how your current plan stacks up, or if you’re tired of your top people complaining about their 401(k) limits, let’s chat.

There is no pressure and no "hard sell." Just a consultative dialogue about your professional legacy and how to protect it. Grab a coffee, take a look at our team of advisors, and when you're ready, reach out. We’d love to help you realize your dream value.

Come join us. Let's build something that lasts.

Contact Matt Schiff and the team today to review your executive benefit strategy.

A Greek proverb says that a society grows great when old men plant trees whose shade they know they shall never sit in. In the world of business, we call that a succession plan.

But here is the truth that keeps most founders up at night: planting the tree is easy. Ensuring the people you leave behind don’t chop it down for firewood the moment you walk out the door? That is the hard part.

If you own a successful company, you’ve likely reached a crossroads. You want to reward the "A-Team", the loyal lieutenants who helped you build the empire, but you aren’t quite ready to hand over the keys to the kingdom. You want them to feel like owners, to act like owners, and to stay committed for the long haul. Yet, the thought of diluting your equity or dealing with the legal headache of minority shareholders makes you want to crawl under your desk.

Welcome to the "Owner’s Dilemma." Fortunately, there is a way to bridge the gap between your legacy and their loyalty without actually handing over a single share of real stock.

It’s called a Phantom Stock Plan, and it might just be the succession planning gold you’ve been looking for.

What is Phantom Stock? (Ownership Without the Baggage)

Let’s keep this minimalist: Phantom stock is a promise. Specifically, it is a contractual agreement between a company and a key employee that grants the employee the right to receive a cash payment at a future date, keyed to the value of the company’s shares.

It’s "synthetic equity." It looks like stock, smells like stock, and grows like stock, but it isn’t actually stock.

When you grant someone phantom units, you aren't changing your cap table. You aren't giving away voting rights. You aren't inviting a junior VP to your next sensitive board meeting. You are simply saying, "If the company wins, you win."

Think of it as the ultimate executive retention strategy. It aligns the interests of your leadership team with your own. If they drive the company's valuation up, their future payout goes up. It’s clean. It’s efficient. And it’s entirely private.

Why It Is Succession Planning Gold

Succession isn't just about who sits in your chair when you retire. It’s about ensuring the business survives the transition. The biggest risk to any business transition is "Key Person Flight." If your top performers see you moving toward the exit, they might start looking for an exit of their own.

Phantom stock acts as the "golden handcuffs" that keep your team locked in. By using a vesting schedule, say, five to ten years, you ensure that your leadership team has a massive financial incentive to stay through the transition and beyond.

Bridging the Generation Gap

Often, the next generation of leadership doesn't have the liquid capital to buy you out. A phantom stock plan can be designed to "fund" their eventual purchase of the company, or simply to provide them with the liquid wealth necessary to feel secure as they take the reins. It turns "your" business into "our" business in the minds of your successors, without the messiness of a premature legal transfer.

The Technical Details: Getting Under the Hood

To build The Perfect Plan®, you need to understand the mechanics. Not all phantom stock is created equal. Usually, these plans fall into two buckets:

1. Full Value Plans

In a full-value plan, the employee receives the full value of the "share" when the payout trigger occurs. If you grant 1,000 units and the company is worth $100 per share at the time of the trigger, they get $100,000. It’s straightforward and provides immediate perceived value.

2. Stock Appreciation Rights (SARs)

SARs are a bit more minimalist. The employee only gets the increase in value from the date of the grant. If the share is worth $100 today and grows to $150, they get the $50 difference. This is great for incentivizing pure growth and is often used when a company is already highly valued but wants to push for one last mountain peak before a sale.

Vesting and Valuation: The RISR Factor

How do you know what a "share" is worth in a private company? This is where many owners get tripped up. You need a consistent, defensible valuation methodology. Whether it’s a multiple of EBITDA or a formula-based approach like our RISR Valuation, it must be transparent. If the team doesn't trust the math, the incentive disappears.

Vesting schedules are your lever for control. You can tie vesting to time (tenure), performance (profit targets), or a "trigger event" like the sale of the company.

The Problem-Solution Framework: Why Now?

You might be thinking, "Can't I just give them a bigger bonus?"

Sure, you could. But a bonus is a reward for what they did last year. Phantom stock is an investment in what they will do for the next ten years.

The Anxiety: You’re worried that if you don’t offer equity, your best person will leave to start their own firm or join a competitor.
The Security: Phantom stock gives them the "upside" of a founder with the security of a cash-settled contract.

The Anxiety: You don't want to deal with the fiduciary duties and disclosure requirements that come with having minority shareholders.
The Security: Because phantom stock is a non-qualified deferred compensation plan (under tax code 409A), you retain 100% control. You are the boss. Period.

Tax Reality Check

We have to talk about the IRS, because they certainly want to talk about you.

• For the Employee: Phantom stock is taxed as ordinary income when it is paid out. No tax is due at the time of the grant or during vesting (usually).


• For the Employer: The company gets a tax deduction for the payout in the year it is made.

It is a "pay-as-you-go" strategy. You aren't losing cash today to reward performance tomorrow. You are creating a liability on the balance sheet that is only settled when the goal is reached.

Is This Part of Your Perfect Plan®?

At Schiff Executive Benefits, we don’t believe in "off-the-shelf" solutions. Every business has a different heartbeat. Maybe you’re a family-owned manufacturer looking to pass the torch to a non-family CEO. Or maybe you’re a high-growth tech firm preparing for an eventual BOLI-funded exit.

The goal is to design a system that protects your legacy while fueling your growth. We look at the whole picture: from COLI strategies to Bank-Owned Life Insurance to ensure your plan is actually funded when the bill comes due.

The Bottom Line

Succession planning is often postponed because it feels like an ending. But a well-executed Phantom Stock Plan turns your exit into a new beginning for the people who helped you get there. It’s about more than just money; it’s about respect, alignment, and the peace of mind that comes from knowing your business is in good hands.

Are you ready to stop worrying about your cap table and start focusing on your legacy?

It might be time to stop guessing and start engineering. You’ve built something incredible. Now, let’s make sure it lasts.

If you’re curious about how phantom stock fits into your specific situation, or if you want to see how we’ve implemented these plans for our representative clients, let’s talk.

Sit back, grab your coffee, and reach out to our team. We’re here to help you navigate the "unstable" and find your version of The Perfect Plan®.

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Schiff Executive Benefits provides specialized consulting in executive benefits and succession planning. To learn more about our philosophy, visit our About page or check out our full list of services.

In business, it is an undeniable truth that it isn’t what you make: it’s what you keep. This principle applies to your personal wealth, your company’s bottom line, and, perhaps most importantly, your key employees’ take-home pay.

Every business owner has felt the sting of the "Retention Hamster Wheel." You have a superstar: someone who knows your systems, your clients, and where the bodies are buried. They come to you with a job offer from a competitor for 15% more than their current salary. You want to keep them, so you match it. But here is the problem: to give that employee a $20,000 raise, it actually costs your company significantly more than $20,000, and the employee sees significantly less than $20,000 after the IRS takes its cut.

Are you simply funding the government’s coffers while trying to save your own culture? There is a better way.

The Friction of the Traditional Raise

When you increase a key executive’s salary, you are choosing the least tax-efficient way to move capital from the business to the individual. First, the company pays payroll taxes on that increase. Then, the employee pays ordinary income tax: often at the highest marginal rate: plus state and local taxes. By the time that "raise" hits their bank account, it has been eroded by 40% or more.

Worse yet, a raise offers very little in the way of "Golden Handcuffs." Once a salary is increased, it becomes the new baseline. It doesn’t necessarily incentivize the employee to stay for the next five or ten years; it just makes them more expensive today.

What if you could provide a benefit that feels more valuable to the employee, costs the company less in the long run, and creates a powerful incentive for them to stay until retirement?

Enter Tax-Optimized Executive Benefits

At Schiff Executive Benefits, we focus on moving away from "tax-heavy" compensation and toward "tax-optimized" wealth building. By using specialized structures, we can bypass the limitations of traditional 401(k) plans and create meaningful value for your inner circle.

1. Non-Qualified Deferred Compensation (NQDC)

Think of an NQDC plan as a "401(k) Mirror." For your highest earners, the standard IRS contribution limits are often a drop in the bucket. An NQDC plan allows them to defer a much larger portion of their compensation, pre-tax, into a plan where it can grow tax-deferred. For the company, this creates a liability on the books, but one that is tied to the employee’s continued service.

2. Phantom Stock Plans

You want your key people to think like owners, but you don't necessarily want to dilute your actual equity. Phantom Stock mimics the appreciation of your company's value. When the company hits certain milestones or the employee reaches a specific tenure, they receive a cash bonus equivalent to the "value" of the shares. It aligns their interests with yours without the legal headaches of actual stock transfers.

3. Split-Dollar Life Insurance

This is perhaps the ultimate "win-win." The company pays the premiums on a life insurance policy for the executive. The executive gets a massive death benefit for their family and, eventually, access to tax-free cash flow from the policy’s cash value. The company, meanwhile, is eventually reimbursed for every cent it paid in premiums.

The Full Cost Recovery Model: The Business Owner’s Secret

The biggest difference between a "raise" and a "benefit" is what happens to the money after it leaves your hand. When you pay a salary, that money is gone forever. It is a pure expense.

However, many of the strategies we design for our clients utilize the Full Cost Recovery model. By using Corporate Owned Life Insurance (COLI) as the informal funding vehicle for these benefits, the business can actually recover the cost of the program.

Here is how it works:

1. The company establishes an executive benefit (like an NQDC).


2. The company purchases a life insurance policy on the executive to fund that future liability.


3. As the policy grows, it provides the liquidity to pay the benefit.


4. Upon the executive’s eventual passing (even long after retirement), the death benefit is paid to the company tax-free, reimbursing the business for the premiums paid and the benefits distributed.

In this scenario, the "cost" of the benefit isn’t the cash outlay: it’s the opportunity cost of the money. Compare that to a salary increase, which is an absolute loss of capital. When you look at the math, tax-optimized benefits don't just cost less; they can eventually become cost-neutral.

The ROI of Peace of Mind

Financial stress is a silent killer of productivity. Research suggests that financial anxiety costs American employers billions annually in lost focus and engagement. By providing your key talent with a structured path to wealth that isn't eroded by immediate taxation, you aren't just giving them money: you're giving them security.

When an executive knows their retirement is secure and their family is protected through a customized executive benefit solution, they aren't looking for the exit. They are looking at how to help you grow the business.

Does your current compensation strategy feel like a sieve, where capital is constantly leaking out to the IRS? Are you worried that your best people are one headhunter call away from leaving?

Building Your Perfect Plan®

We live in an era of economic uncertainty. With national debt rising and tax laws in a constant state of flux, relying on "the way we’ve always done it" is a recipe for stagnation. You need a team of advisors who understand the technical nuances of the tax code and the human nuances of your business culture.

At Schiff Executive Benefits, we don't believe in off-the-shelf products. We believe in The Perfect Plan®: a methodology designed to align your corporate goals with the personal financial needs of your leadership team.

Whether you are looking to protect your business through a modernized buy/sell agreement or you want to ensure your top performers never have a reason to leave, the strategy must be tax-efficient to be effective.

Take the Next Step

You’ve worked too hard to build your business to let tax inefficiency and talent turnover hold you back. It’s time to stop overpaying for "raises" that don't produce a return and start investing in benefits that build long-term value.

Let’s look at the math together. We can help you analyze your current payroll and benefit structure to see where the leaks are and how to plug them.

Schedule a consultation with Matt Schiff via our Calendly link here to discuss how we can implement a tax-optimized retention strategy for your company. Grab a coffee, sit back, and let’s talk about how to protect your legacy and your people.

Want to hear more about these strategies in action? Check out The Perfect Plan® Podcast where we dive deep into the technical and emotional aspects of executive wealth and business succession.

They say the only constant in life is change, but for a business owner, the only constant is the "What If."

In the early days, the "What If" is usually about survival: What if we don't get this client? What if the payroll check bounces? But as you move through the stages of the business lifecycle, those questions don't disappear: they just get more expensive. They shift from tactical anxieties to legacy-defining concerns.

At Schiff Executive Benefits, we spend a lot of time talking about "Restoring Alignment and Retention." But before we can align your benefits or retain your people, we have to look at the roadmap of your journey as an owner. Most advisors want to sell you a product to fix a specific symptom. We prefer to reverse-engineer your entire trajectory. We start at the finish line: where you want your family to be, how much income you want in retirement, and who should be running the shop: and then we build the bridge to get you there.

The Evolution of the "What If"

Every business follows a predictable path: Inception, Growth, Maturity, and eventually, Exit. The mistake most owners make is using a "Stage 1" plan to solve a "Stage 3" problem.

Think about your time allocation. When you started, you were probably 90% "doer" and 10% "leader." As you scale, that ratio has to flip. If it doesn't, you become the bottleneck. The same logic applies to your financial planning. A simple life insurance policy might have covered your debt in the startup phase, but does it solve the problem of a $20 million buy-sell triggered by an unexpected disability in the growth phase?

Probably not.

Stage 1: The Foundation and the First Big Question

In the beginning, it’s all about the "What if I die too soon?" stage. Your family is likely your primary concern. If you aren't there to drive the engine, the engine stops.

At this stage, we focus on 100% protection for the family. This isn't just about a death benefit; it's about liquidity. It's about ensuring that your spouse isn't forced to become an accidental business partner with your co-founder. We look at the first of our core five "What Ifs": What happens if your partner ends up in business with your widow?

(Technical visual: A flowchart mapping the flow of assets in a sudden succession event versus a structured buy-sell agreement, styled with clean, IRS-technical lines.)

Stage 2: The Scaling Phase and the Talent War

Once the business finds its footing and starts to scale, the "What Ifs" shift toward your people. You’ve hired "Rockstars." They are the reason you can finally take a vacation. But that creates a new anxiety: What if my top talent leaves?

This is where specialized executive benefits come into play. Standard 401(k) plans are great for the rank-and-file, but they are often "reverse-discriminatory" toward your highest earners due to IRS contribution limits. If your key execs can't save enough for their own retirement, they are going to look for a platform that allows them to do so.

We use strategies like Corporate Owned Life Insurance (COLI) to fund nonqualified deferred compensation plans. This allows you to offer "Golden Handcuffs": incentives that make it mathematically painful for a competitor to poach your best people. By using COLI, the business can recover the cost of these benefits, essentially creating a self-funding retention machine.

Reverse-Engineering Your "Perfect Plan"

Most financial planning is reactive. You have a windfall, so you look for a tax shelter. You have a heart scare, so you look for insurance. We believe in a proactive, goal-oriented approach we call The Perfect Plan®.

The philosophy of The Perfect Plan® is simple: Start with the end in mind.

When we sit down with a business owner, we ask: "In your ideal world, what does 100% income in retirement look like?" Most owners are surprised to find that their current trajectory only covers 40% or 50% of their current lifestyle once they exit. We identify that gap and then reverse-engineer a solution to fill it using the most tax-efficient vehicles allowed by the IRS.

Addressing the 5 Core "What Ifs"

To build a truly resilient business, you have to have a documented answer for these five questions:

1. Business with a Widow: If you passed away tomorrow, would your spouse have the liquid cash to live, or would they have a pile of illiquid stock in a company they can't run?


2. Business Buy-Out: Is your buy-sell agreement funded? A legal document without a funding mechanism (like COLI or disability buy-out insurance) is just a piece of paper that guarantees a lawsuit.


3. Top Talent Leaving: If your #2 person left for your biggest competitor on Monday, what would it cost you in lost revenue and replacement time?


4. Senior Exec Retirement: Are you prepared for the cost of replacing your aging leadership team? How do you transition them out with dignity while keeping the business's balance sheet healthy?


5. Running Out of Money: This is the ultimate fear. After 30 years of building a legacy, will you have to downgrade your lifestyle because of taxes, inflation, or poor planning?

(Technical visual: A bar chart comparing "Traditional Retirement Savings" vs. "The Perfect Plan® Approach," showing 100% income replacement levels and the impact of tax-deferred growth.)

The Technical Edge: Why COLI Matters

For corporations and partnerships, Corporate Owned Life Insurance (COLI) is often the "Swiss Army Knife" of the balance sheet. It isn't just about a death benefit; it's an institutional asset.

COLI allows a company to:

• Offset the liabilities of executive retirement plans.


• Accumulate cash value on a tax-deferred basis.


• Receive tax-free death benefits to help transition the business or buy out a partner's interest.

When you look at the technical pro-formas of these plans, the math becomes undeniable. It’s about moving money from a taxable "bucket" on your balance sheet to a tax-advantaged "bucket" that performs a specific job: protecting the business while growing an asset that can eventually fund your own exit.

Transitioning to the Exit

The final stage of the journey is the exit. Whether you are passing the business to your children, selling to an ESOP, or looking for a third-party buyer, your "What Ifs" are now about the "Point of No Return."

Have you maximized the value of the business? Is the culture stable enough to survive your departure? (Hint: The "Top Talent" retention strategies we mentioned in Stage 2 are what make your business attractive to a buyer in Stage 3).

We help owners realize their "dream value" by ensuring the business isn't just a job they created for themselves, but a self-sustaining entity. By addressing the "What Ifs" early, you aren't just buying insurance; you are building a fortified legacy.

You’ve Built the Business. Now, Secure the Life.

You’ve spent years, maybe decades, navigating the unstable waters of entrepreneurship. You’ve survived the market crashes, the hiring headaches, and the late-night "What Ifs." You deserve a plan that is as robust as the company you built.

Our job at Schiff Executive Benefits is to be your guide through these technical and often overwhelming financial environments. We don’t just want to talk about products; we want to talk about your mission. We want to help you realize that 100% protection for your family and 100% income in retirement isn't a pipe dream: it’s a matter of engineering.

If you’re wondering where your business stands in this lifecycle, or if one of those five "What Ifs" is currently keeping you up at 2:00 AM, let’s talk.

Sit back, grab your coffee, and let’s look at the roadmap together. Come join us at Schiff Executive Benefits to see how we can start reverse-engineering your version of The Perfect Plan®.

You can learn more about our process on The Perfect Plan® Podcast or reach out to us directly through our contact page.

Let’s turn those "What Ifs" into "I’m Covered."

They say that “what gets measured gets managed.” And in executive benefits, what gets aligned gets retained. You spend years building a team, finding those rare people who drive revenue, protect relationships, and carry culture. Then you face the question that keeps owners, CFOs, and board members up at night: How do you keep them without creating a benefit that feels like an entitlement… or an expense you’ll regret?

What if you could design a benefit that:

• Rewards a key employee in a way they actually value


• Creates a real golden handcuff (without the awkwardness)


• Aligns the executive’s mindset with company performance and culture


• And gives the employer a current tax deduction

That’s where The Perfect Plan® mindset changes the conversation. We’re still talking about Split Dollar Life Insurance—but not as a “secret,” and definitely not as a cost recovery story. We’re talking about how a Restricted Executive Bonus Arrangement (REBA)—when paired with a Split Dollar Endorsement—can become a clean, practical retention engine that creates a true win-win.

If you’ve been losing sleep over executive retention, rising compensation pressure, or how to keep your best people rowing in the same direction, pull up a chair. Let’s demystify this.

What Is Split Dollar, Really?

First things first: Split Dollar isn’t a type of insurance policy. You can’t go out and "buy a Split Dollar." Instead, it is a method of sharing the costs and benefits of a life insurance policy between two parties: usually an employer and an employee.

Think of it like a partnership. The company has the capital; the executive has the need for high-limit life insurance and tax-advantaged retirement income. Split Dollar is the bridge that connects the two.

We typically see this structured in two ways:

1. The Endorsement Method: The employer owns the policy and "endorses" a portion of the death benefit to the employee’s beneficiaries. This is often used when the primary goal is providing a death benefit.


2. The Collateral Assignment (Loan Regime) Method: The employee owns the policy, and the employer pays the premiums. These payments are treated as a series of loans to the employee, secured by the policy’s cash value and death benefit. This is the heavy hitter for executive retention because it can build significant cash value for the executive's retirement.

The Perfect Plan® Move: REBA + Split Dollar Endorsement (Deduction + Golden Handcuff)

Here’s the anxiety we hear all the time—from corporations, partnerships, and banks alike: “If I pay them more, it’s just more comp… and they can still leave.” A traditional bonus is appreciated, then forgotten. A retirement plan contribution is valuable, but it doesn’t always feel tied to performance or culture. And in uncertain markets, you want a strategy that creates commitment, not just compensation.

This is where The Perfect Plan® approach shines: you reverse-engineer a benefit that matches the intent of the business.

A common structure we use is a Restricted Executive Bonus Arrangement (REBA) funded with life insurance, paired with a Split Dollar Endorsement arrangement. In plain English:

• The employer pays a “restricted bonus” to the key employee.


• The employer takes a current tax deduction for that compensation expense (assuming it meets normal deductibility rules and is reasonable compensation).


• The bonus dollars fund a life insurance policy designed around the executive’s goals (family protection now and supplemental income later).


• Restrictions are added (the golden handcuff) so the executive earns access over time—typically through a vesting schedule tied to tenure, performance, or key milestones.


• The employer-owned endorsement structure allows the employer to own/control key policy rights while endorsing benefits to the employee’s beneficiaries—helping keep the program consistent with the company’s culture and intent.

One of my favorite “real world” moments is when a founder says, “I don’t want handcuffs. I want alignment.” Then we show them how restrictions can be framed as earned ownership feel—a benefit that grows as the executive helps grow the company. That’s not punitive. That’s fair.

This is the win-win:

• You get retention by design (not by hope).


• They get a benefit that feels permanent and personal (not like another line item on payroll).


• Your culture stays intact because the rules are clear, consistent, and tied to what your business actually values.

In other words: it’s not about “buying loyalty.” It’s about creating earned alignment—so your best people think twice before taking that headhunter call, because the arrangement is tied to the company’s performance, expectations, and culture.

The Technical Minefield: Why Expertise Matters

Now, here is the part the "experts" don't always explain clearly: Split Dollar is a technical minefield. If you don't have an advisor who lives and breathes this stuff, you can end up in a world of tax pain.

Take IRC Section 101(j), for example. This is a big one. It requires very specific notice and consent requirements for employer-owned life insurance. If you miss a signature or fail to file the right paperwork before the policy is issued, the death benefit: which is normally tax-free: could become taxable. Can you imagine explaining that to a grieving family or your board of directors?

Then there’s Section 409A. If your Split Dollar arrangement is deemed a "nonqualified deferred compensation" arrangement and it isn't compliant, your executive could face immediate taxation and a 20% penalty.

This is why we focus so heavily on the "Goal-Oriented Reverse Engineering" I mentioned in our previous post. We don't just pick a product; we design the compliance framework first. We ensure every "i" is dotted and every "t" is crossed so your legacy: and your company’s capital: is protected.

 

The Broker Advantage: Why We Don't Have a "Favorite" Carrier

One of the biggest secrets in this industry is that many firms are "captive" or heavily incentivized to push one or two specific insurance carriers. They’ll tell you that Carrier A has the best Split Dollar product because Carrier A is the only one they really sell.

At Schiff Executive Benefits, we take a different approach. We are independent brokers. We work with the giants: John Hancock, Lincoln, MetLife, Prudential, Pacific Life, and many more.

Why does this matter to you? Because every company is different. A law firm in New York has different needs than a manufacturing plant in the Midwest or a community bank in the South. One carrier might have better pricing for older executives, while another might offer superior cash-value growth for a younger team.

Our "Broker Advantage" means we shop the entire market to find the carrier that fits your arrangement, rather than forcing your arrangement into a carrier’s box. We aren't looking for the easiest sale; we’re looking for the most efficient engine to power your executive retention strategies.

Is The Perfect Plan® Version of Split Dollar Right for You?

You’ve built something incredible. Whether it’s a corporation, a partnership, or a financial institution, your success is built on the backs of your key people. But the world is uncertain. Taxes may rise, markets will fluctuate, and the war for talent isn’t slowing down.

Ask yourself:

• Are my top people truly aligned with our performance and culture—or are they one headhunter call away from leaving?


• If I increase comp, will it actually change behavior and commitment—or just increase payroll?


• Do we have a benefit that feels meaningful to the executive and disciplined to the business?

When REBA is designed with the right restrictions—and paired with a Split Dollar Endorsement—it becomes more than “a benefit.” It becomes a retention agreement with a heartbeat. It tells a key executive: we’re investing in you, and we want you here when the next chapter of this company gets written.

Building It Your Way

At the end of the day, you want to realize your dream value for your business. You want to know that the team you’ve assembled will stay together to cross the finish line.

We don't believe in one-size-fits-all "products." We believe in The Perfect Plan®. It’s about starting with your goals—retention, a current employer tax deduction, and a benefit that actually changes behavior—and reverse-engineering a solution that works.

Whether you are looking into COLI for a large corporation or a NQDC plan for a growing partnership, the strategy needs to be as unique as your thumbprint.

If you’re curious about how these "secrets" can be put to work for your firm, let’s talk. No high-pressure sales pitch, just a conversation between professionals.

Sit back, grab your coffee, and when you’re ready to see how the math works for your specific situation, come join us. We’re here to help you navigate the unstable waters of executive benefits with a steady hand and a clear map.

To your success,

Matt Schiff
President, Schiff Executive Benefits