In a PERFECT world, how would you design a "benefit" plan for you (the Business Owner), your key executives, and your family? Well, in this Episode, Matt goes through some design options available when starting a brand new plan. In essence, you have a blank piece of paper that allows you to build it YOUR way.
Sit back grab your coffee, and listen to some options available to you depending on your role.
In today's post COVID world, are you finding it hard to keep your best people happy, while making sure that you don't overpay the rank and file employees? Well maybe a Phantom Stock Plan, informally funded using key man life insurance, might be an answer.
Check out this sample program from one of our carriers, Guardian. It outlines these benefits in easy, simple to understand discussion pages, and then shows you the cash flow from the business, the benefits provided to the participant and his family in case of pre-retirement death, and the flexibility available to the company in funding this benefit, that, depending on the age and tenure of your employee, can provide a significant supplemental income at retirement that prevents them from leaving for a few extra thousand in compensation
Click on the following link for a copy of a Phantom Stock Sample. Then, if you'd like to a have a custom design done for you or your company, give us a call at 610.292.9330 or send us an email at info@SchiffBenefits.com.
Have you had trouble and need to retain you key people? Did they want to feel like they had ownership but you don't want to give up a minority interest in your company? Well, you can design a benefit for your "key" employees, that makes your best people feel like they are an owner so that they never want to leave, and you never give up control until the day that you decide to.
For more, check out our Phantom Stock articles
Watch this video and learn about the NQDC (409A) - Deferred Compensation Plans and how you can implement one easily
Great overview by Eric Altholz about 4960 and the excise tax for not for profit companies.
