Executive Benefit Consulting
WILL YOUR EMPLOYEES HAVE ENOUGH AT RETIREMENT?
Financial experts agree that most people will need approximately 80 percent of their final income to maintain their standard of living during the retirement years. While most of your rank-and-file employees can achieve this objective with qualified plans, caps on these plans and Social Security benefits could mean your executives receive as little as 30 percent of salary at retirement.
WHAT CAUSES THE RETIREMENT GAP?
The government imposes monetary limits on the amount that employees and employers may contribute toward tax-favored qualified plans such as an IRA, 401(k) or a 403(b). In addition, qualified plans are subject to coverage and discrimination testing that may place further limits on contributions to the plans. These factors restrict the highly compensated executive’s ability to accumulate money for retirement on a tax-favored basis.
HOW TO BRIDGE THE GAP
It is difficult, if not impossible, for executives to rely solely on qualified plans to generate enough income for retirement. To maintain their standard of living, they must turn to personal savings plans, company-sponsored executive benefit plans or a combination of both.
EXECUTIVE BENEFIT PLANS
Executive benefit plans can provide your company with a flexible, cost-effective approach to offering an alternative savings opportunity — as well as an incentive that may help retain the services of your top executives.
THE ADVANTAGES
For your company, executive benefit plans can provide:
· A program to recruit, reward and retain key talent
· Flexibility and freedom to select who will participate
· Discretion to design and control plan features and benefits
· Cost savings and less administrative requirements, compared to ERISA plans
For your employees, executive benefit plans can provide:
· An opportunity to save for retirement on a tax-advantaged basis
· A way to replace lost qualified plan benefits due to IRS limits and restrictions
WHAT TYPES OF EXECUTIVE BENEFIT PLANS ARE AVAILABLE?
Several plan choices are available to help you build a competitive benefits package for your executives. These choices vary in cost, features and complexity. Working with Bovard Financial Services, we can help you select the best possible solution for your company’s specific needs.
WILL YOUR EMPLOYEES HAVE ENOUGH AT RETIREMENT?
Financial experts agree that most people will need approximately 80 percent of their final income to maintain their standard of living during the retirement years. While most of your rank-and-file employees can achieve this objective with qualified plans, caps on these plans and Social Security benefits could mean your executives receive as little as 30 percent of salary at retirement.
WHAT CAUSES THE RETIREMENT GAP?
The government imposes monetary limits on the amount that employees and employers may contribute toward tax-favored qualified plans such as an IRA, 401(k) or a 403(b). In addition, qualified plans are subject to coverage and discrimination testing that may place further limits on contributions to the plans. These factors restrict the highly compensated executive’s ability to accumulate money for retirement on a tax-favored basis.
HOW TO BRIDGE THE GAP
It is difficult, if not impossible, for executives to rely solely on qualified plans to generate enough income for retirement. To maintain their standard of living, they must turn to personal savings plans, company-sponsored executive benefit plans or a combination of both.
EXECUTIVE BENEFIT PLANS
Executive benefit plans can provide your company with a flexible, cost-effective approach to offering an alternative savings opportunity — as well as an incentive that may help retain the services of your top executives.
THE ADVANTAGES
For your company, executive benefit plans can provide:
· A program to recruit, reward and retain key talent
· Flexibility and freedom to select who will participate
· Discretion to design and control plan features and benefits
· Cost savings and less administrative requirements, compared to ERISA plans
For your employees, executive benefit plans can provide:
· An opportunity to save for retirement on a tax-advantaged basis
· A way to replace lost qualified plan benefits due to IRS limits and restrictions
WHAT TYPES OF EXECUTIVE BENEFIT PLANS ARE AVAILABLE?
Several plan choices are available to help you build a competitive benefits package for your executives. These choices vary in cost, features and complexity. Working with Bovard Financial Services, we can help you select the best possible solution for your company’s specific needs.
6950 Squibb Road, Suite 200
Mission, KS 66202
913-529-1130 phone
913-529-1137 fax
Mission, KS 66202
913-529-1130 phone
913-529-1137 fax
