Certain employee benefits must be offered to all staff that meet full-time employment requirements. For example, all eligible employees can participate in a qualified retirement plan like a 401(k). Unlike qualified retirement plans, a nonqualified executive benefit plan allows you to choose the employees you wish to cover and exclude others. Bonus and incentive plans can reward your most important employees.
There’s an old adage that says the most important component for any business to flourish is its people. All employees play a valuable role in carrying out the long-term vision of the company, so taking good care of them is essential to lasting success. One way to reward your employees is by offering a competitive benefits package that reinforces the value they provide the company.
Offering an internal benefits plan that reduces premium costs are one of the most common requests by employees.
With fewer companies offering a traditional pension plan, employees have become responsible for their own retirement planning.
SLPs often come out of pocket to provide the best learning environments for their clients. Reimbursement for licensing, tuition, conferences, materials and mileage are all valuable forms of compensation.
Your Most Critical Employees
These nonqualified benefits are not subject to the same government regulations of a qualified plan. The plans are often used in conjunction with a succession plan to ensure the business smoothly transitions from one owner to the next one.