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Employee Benefits

There are many issues to address when implementing an employee benefit program.  Several points to consider:

• How can you reward faithful service by employees?
• What can you do to attract and retain high quality employees?
• What tax-deductible benefits can you offer which result in little or no current tax to your employees?
• How can you provide extra benefits to those key employees who make your business profitable?
• What options are available for group health insurance and retirement plans?

Remember: key employees can make or break a business. How can you be assured that valuable performers will stay with your company and not seek opportunities with competitors or strike out on their own?  Consider these options:

TAX FAVORED RETIREMENT PLANS

Many tax advantages can be realized through the use of plans such as 401(k), Defined Benefit Pension, Profit Sharing, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE).

EXECUTIVE BONUS PLAN

A Section 162 bonus plan allows the business to pay premiums on the employee's life insurance policy and deduct the entire cost to the extent it's reasonable compensation. Plus, the employee's after-tax cost can be paid through income tax-free dividends, loans, or withdrawals.  

SELECTIVE EXECUTIVE RETIREMENT PLANS (SERP)

A business can use this flexible, non-qualified plan to reward key executives by assisting them in meeting their retirement income objectives. A properly designed plan can recover all of its expenses.

INSURED WAGE CONTINUATION PLAN

This plan provides the necessary funds to give disabled employees a continuous source of income.

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