Retaining and rewarding top performers is an essential element of a successful company. One hurdle to this is that typical compensation and employee benefit packages (including social security) can actually penalize highly paid employees by restricting retirement benefits, despite the fact that financial security is the highest concern among executives and key people.

By using a deferred compensation plan, however, your executives can set aside their compensation to be paid to them at a date in the future when they are ready for retirement.

Non-qualified Deferred Compensation Plans

Non-qualified Deferred Compensation plans may be either elective or non-elective. In a non-elective plan, the deferred compensation is basically a continuation of a person’s salary after retirement or termination. This option can help key employees stick around since they can count on being taken care of after they depart from the company.

Section 409a, Deferred Compensation Plans are a form of non-qualified employee compensation.

Supplemental Executive Retirement Plans (SERP)

A SERP is a type of flexible non-qualified deferred compensation plan that requires no IRS regulations or approval and permits employees to defer taxes on their investments until a later date.

Section 457, Deferred Compensation Plans are in the category of supplemental executive retirement.

Contact Us about our Executive Deferred Compensation Plans

The complicated nature of the IRS laws concerning executive deferred compensation makes having expert advice and a well designed plan imperative. Soules Insurance can formulate and implement effective executive deferred retirement plans allowing your company to have a competitive edge in the retention and recruitment of top executives and personnel.

Soules Insurance Agency, LP is one of the largest independent insurance agencies in Conroe, The Woodlands, Willis, Cleveland, Huntsville and North Houston area as well as the Interstate 45 corridor to Dallas.

Please call (936) 756-0671 to learn more information Executive Deferred Compensation plans for your Texas business, simply fill out and submit the online form below to receive a call and quote for your business in Conroe, Texas and the surrounding areas.