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Key Employee Benefits
Key Employee Benefits
Key employee benefits are financial incentives designed to keep talented employees from leaving a company. Losing a key employee to a competitor can cost hundreds of thousands of dollars is lost contracts and relationships.
California Business Benefits cab help your company to reward and tie down, key employees that are crucial to their business through key employee benefits or golden handcuff plans. Below is a list of products we can help you provide your employees.
Key Employee Benefits can Include:
Life insurance can be so much more than a death benefit. In addition to protecting your business by compensating you at the loss of a key employee, it can be used to fund supplemental retirement plans and salary continuation plans – appealing benefits to employees or prospective employees. Because these benefits are funded through an insurance package, they are tax-advantaged, which benefits all parties. We can help you design a plan that is suitable for everyone.
Key employees need to know that they will be taken care of should they become disabled. For most employees, the immediate risk of disability is even greater than the risk of death. Through well-designed disability plans, we can help mitigate the loss of business growth as the result of losing a key employee to a disability, while ensuring that the employee and his or her family are protected.
If you’re looking to retain key employees and eventually reward them for years of dedicated service, setting aside additional compensation for a future date is a great benefit. We tailor deferred compensation plans that target your employee’s interests and help to ensure you have the money to pay them when the time comes. The promise of tax-deferred supplemental benefits can be a key to ensuring that your most valued employees stay with you for the long haul.
Long-Term Care Insurance
One of the most flexible employee benefits — long-term care insurance — can be offered to a select group of your employees allowing you, in some cases, to deduct the entire cost of the premium. By providing financial assistance to fund expenses for assisted living, nursing care or home healthcare, this benefit can help protect against the need to use the employee’s assets – funds which may be depleted by the cost of healthcare when faced with a chronic health condition.
Non–qualified plans are those that are not eligible for tax-deferral benefits under ERISA. Consequently, deducted contributions for non–qualified plans are taxed when the income is recognized. In other words, the employee will pay taxes on the funds before they are contributed to the plan.
California Business Benefits has a business alliance with a very reputable RIA advisory firm, The Financial Management Network, Inc. All securities transactions are carried out through FMN. http://www.fmncc.com/
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