Executive Benefits
Whether you are a small business owner looking to for additional opportunities to save for retirement, or a company looking to retain and attract top level executives, we provide solutions to fulfill your needs.
We review your current plan or objectives and recommend an appropriate design and funding solution to maximize your efforts to reward your executives.
Types of Executive Benefits
Executive Disability Insurance:
Many executives face a large unknown challenge in thier personal risk mangement. Often the executive feels comfortable in having enough disability coverage from the office if there is an emergency but what they fail to realize is that an exstensive part of thier income is at risk. Most group plans are written to a certain percentage of income (around 66.6%) which is fine. The part that becomes a issue is the cap in benefits. The most common cap that we see is $6,000.
If you are a 40 year old executive making $240,000 a year or $20,000 a month then you are underinsured by $7,320 a month.
The Executive Nonqualified Plan
Help your key employees create a solid retirement path with a nonqualified executive benefit program. Qualified employee benefit program limitations make it difficult for highly compensated employees to adequately save for retirement. The Executive Nonqualified “Excess” Plan may help bridge this “retirement gap.” While offering a valuable benefit, you’ll also be able to more effectively recruit, retain and reward key employees.
1560 Old York rd.
Abington, PA 19001
Phone:215-657-7400
Fax: 866-386-1595
O'Neill Consulting Corporation
Website: www.oneillcc.com
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Provided by Metlife
Benefits for the plan participant:
• Opportunity to defer compensation in
excess of qualified retirement plan limits
on a pre-tax basis #1.
• Earnings accumulate tax-deferred.
• High-quality account information similar
to a 401(k) plan.
• Ability to design an individualized
investment strategy.
Benefits for the company:
• Company recognized by key employees as
providing a valuable benefit program that
allows saving for retirement on a pre-tax
basis in excess of qualified retirement
plan limitations.
• Company contributions lost due to IRS
restrictions in qualified retirement plans
may be restored.
• Company can make discretionary
incentive contributions to recruit, retain
and reward selected key employees.
• Assets accumulated to finance the plan
remain an asset on the company’s
balance sheet.
#1- Contributions to the plan are subject to FICA when benefits vest. Plan participant deferrals may not be deductible in all states. Distributions are taxable to participants upon receipt.
Example of the 40 yr old Exec
$20,000 x 66.6%- $13,320
Maxium benefit- $6,000
Under insured amount- $7,320
Annual risk in income- $87,840
25 years of income exposed- $2,196,000.00
