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Retirement Plans

Defined Contribution/Defined Benefit Plans:

There are basically two types of qualified or nonqualified deferred compensation plans. One is a defined contribution plan (like profit sharing plan) where the employer sets aside a certain amount or percentage of pay for the employee each year and pays out the accumulated value of that account. Second is a defined benefit plan where the employee's benefit is a stated amount payable at a specific time (such as 30% of pay or $1,000 per month, starting at age 65) and the employer sets aside enough each year to accumulate enough to meet the promised benefit.

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Split Dollar Plans:


A Split Dollar Plan is an arrangement between an employer and employee to split the benefits on a life insurance policy. There are two basic types of plans: (1) the employer pays the premiums as loans to the employee who owns the policy, or (2) the employer owns the policy and the cash values and the employee is only taxed on the value of his/her insurance benefit. In either arrangement, the employer's interest is secured by both the policy cash values and death benefits. These plans can be provided for key employees’ only (including officer-stockholders).

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Executive Bonus Plans (162 Bonus Plans):


Why aren’t business owners offering executives more ways to supplement their retirement plans? Many business owners think programs to do so are either too expensive or too difficult to administer.2

There is an easy and effective way to provide executives with the benefits they want. It is called an Executive Bonus Plan. An Executive Bonus Plan is a fringe benefit, funded with life insurance, given to a select group of key employees and/or business owners. In addition to providing protection to the executive’s family during their working years, an Executive Bonus Plan funded with whole life insurance can provide tax-advantaged supplemental retirement income.3

Executive Bonus Plans are relatively simple to set up and administer, and can accommodate almost any budget. They give small to mid-sized companies the ability to attract and retain valuable executives by helping provide the additional benefits they seek.

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