[vc_row][vc_column][vc_column_text]How do you keep the key players in your company happy? Ark Financial’s Jeff Socha talks about executive benefits on Entrepreneur Podcast Network.
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SERP. A Selective Executive Retirement Plan targets key personnel and allows the company to mete out a percentage of an employee’s pay at the time of retirement over a number of years, like an annuity or pension. SERPS are partially funded by the company, like a 401(k)-matching benefit or a defined-benefit plan. The downside: Unlike 401(k) plans, SERPS are not portable.
Deferred Compensation Plan. These plans allow key employees to defer income, and therefore current taxes. Unlike SERPS, these plans are not company-funded; execs sock away their own pre-tax dollars.
A-la-Carte Plans. Non-qualified plans can also include benefits like life insurance, disability insurance and long-term care insurance, according to the needs of the executive and the business. We’re talking total customization here.
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