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NonQualified
Benefit Plan Examples The Omnibus Budget Reconciliation Act of 1993 severely limited the extent to which benefits could be paid to highly compensated employees from qualified benefit plans. For example, your company may have a defined benefit retirement (pension) plan that covers all employees who meet certain qualification requirements, such as age and length of service. If your plan's benefit payments are determined by a percentage of final or average compensation, under current rules, that figure is limited for highly compensated employees. Because of this limitation, your key executives and highly compensated employees are likely to retire with benefits that reflect a considerably lower percentage of final pay than the percentage received by the remainder of your workforce. A custom designed Salary Continuation Plan is one of the most effective benefit plans in rewarding executives and key employees with specified retirement benefits. A Salary Continuation Plan eases key employees' burden of searching for post-retirement replacement income, allowing them to focus on making your company successful. We will work with you to custom design a Salary Continuation Plan that will serve to recruit, retain, and reward your most highly valued, talented employees. Contact The Cochlan Group.
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