Nonqualified Deferred Compensation Plans for Key Personnel
For businesses on a growth path, employee benefits are a critical part of compensation packages—especially when you’re competing to attract the smartest and most experienced people for your management team. So what should you include in your benefits to make them competitive? A retirement plan is almost mandatory these days. But for your most highly paid employees, a qualified plan may not offer enough savings and tax planning flexibility, due to IRS restrictions. A nonqualified deferred compensation plan gives you a way to provide extra tax-deferred savings options to a small group of top individuals within your company.