ING Executive Benefits

Recruit, Retain and Reward Your Top Talent

Are you being faced with increased competition for talented key executives? In the past, many business owners like you attracted, motivated and retained their top talent by offering a combination of salary, incentive bonuses and qualified retirement benefits.

Unfortunately, these traditional compensation strategies don’t always work today.

However, there are alternatives to traditional compensation strategies. Nonqualified plans can provide flexible executive benefit options to reward and retain your key executives and help keep your company competitive and stable.

Nonqualified Plans

Nonqualified plans are compensation strategies that allow you to pinpoint which benefits you wish to offer and which employees you want to include in the plan. Such types of plans include:

• Deferral Plans, such as nonqualified deferred compensation arrangements (NQDC) and 401(k) look-alike plans.
• Supplemental Plans, such as supplement executive retirement plans (SERP), IRC & 457 plans and severance plans.
• Split Dollar Arrangements
• Bonus Arrangements

All of the plans are flexible and can be tailored to help meet both the specific needs of the company and the executive. With so many options, it is important to work with a financial professional who can help identify your needs and objectives.

How You Can Use Nonqualified Plans

Your business can use nonqualified plans to accomplish a wide variety of goals, including:

• Recruit, retain and reward key executives.
• Counter the “reverse discrimination” of qualified plans. For example, help executives overcome the contribution limits imposed by qualified plans.
• Provide income tax deferral for executives.
• Act as “Golden Handcuffs” to provide incentives for executives to stay with you company.
• Recruit and retain outside directors or board members for your company.

Customizing Executive Benefits Using Nonqualified Plans

Qualified retirement plans such as 401(k) plans and profit sharing plans are highly structured and lack the flexibility needed to target select executives. Qualified plans have contribution limits, must be made available to all employees who qualify, are subject to ERISA funding and reporting requirements and penalize participants for early withdrawals.

On the other hand, nonqualified plans offer employers great flexibility to design customized benefits that will help recruit, retain and reward your key employees. The key is customization- employers can tailor executive benefits to help achieve the goals that are most important to the business and to the selected participants. By customizing benefits, your business can optimize the effectiveness of a nonqualified plan design.

Tools for Selecting a Plan Design

We have specialized tools available to help you select a nonqualified plan designed to meet your business goals and objectives. Don’t wait. Find out today how you can use flexible plan designs to recruit, reward and retain your most important employees. Call us today 800-464-7511 or email Info@INGcenter.com.