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Executive Retirement Plans Massachusetts

One of the best ways to increase employee retention is by providing them with incentives like executive retirement plans in Massachusetts. They are great investments to reward key members in your company and hopefully retain them. Although there are qualified retirement plans such as the 401 (k) in place for workers, consider integrating executive retirement plans in Massachusetts in your benefits program.

What Are Executive Retirement Plans in Massachusetts

If it’s your first time hearing about executive retirement plans in Massachusetts, here are some things you should know: First, only highly compensated employees are granted this benefit to supplement their retirement incentives. The company should agree to provide supplemental income through executive retirement plans in Massachusetts.

Unlike qualified plans like the 401 (k), executive retirement plans in Massachusetts are not limited by the Internal Revenue Service (IRS). It can be funded by corporations through cash flows or cash value life insurance. The money and taxes for executive retirement plans in Massachusetts are usually deferred. After retirement, the key employee can withdraw the compensation and pay taxes under ordinary income.

How Do Executive Retirement Plans in Massachusetts Work?

Since executive retirement plans in Massachusetts are only offered to top-level employees, it’s unlikely to find a predefined package that all companies follow. There is no set coverage for executive retirement plans in Massachusetts, and they’re also not restricted by the IRS. That’s why each program varies among corporations.

Sometimes, a company calculates the percentage of the employee’s average final pay. The computed amount under the executive retirement plans in Massachusetts will be paid to the individual over a period years after they retire. Another arrangement for executive retirement plans in Massachusetts is similar to a pension program where the employer makes periodic contributions to a worker’s account until retirement.

Advantages of Executive Retirement Plans in Massachusetts

Both the company and highly compensated employees can benefit from executive retirement plans in Massachusetts. For employers, they can structure the policy to allow their enterprise to recover its cost. In addition, executive retirement plans in Massachusetts are easy to implement and do not need IRS approval, which can save a lot of time and effort.

Executive retirement plans in Massachusetts can be designed to meet an employee’s specific needs. This is a great benefit to compensate for the existing plans that are impacted by IRS limits. In the event of a premature death, the family of the key members can receive supplemental or lump-sum payment under executive retirement plans in Massachusetts.

How To Be Eligible for Executive Retirement Plans in Massachusetts

Nonqualified policies such as executive retirement plans in Massachusetts are only offered to a prescribed group of employees referred to as the “top-hat” group. They are usually the CEOs, CFOs, COO’s and other workers considered to be highly compensated by the IRS. To be qualified for executive retirement plans in Massachusetts, you should be indispensable to your company.

Individuals are considered as “HCE” or highly-compensated employees if they own at least 5% at the present or previous year. They’re also qualified for executive retirement plans in Massachusetts if they earn no less than $130,000 in the preceding year. One good thing about executive retirement plans in Massachusetts is they don’t require testing to ensure that employers won’t exceed contribution limits.

Inquire About Executive Retirement Plans in Massachusetts Today

If you want to recruit and retain key employees, consider offering them executive retirement plans in Massachusetts. At Secure Benefit Northeast, LLC, we help businesses establish and fund executive retirement plans in Massachusetts for important members of their companies.

With more than 50 years of experience, you can rely on us to protect you and your workers from financial loss due to death, illness, and injury. Our services include executive retirement plans in Massachusetts, deferred compensation strategies, concierge underwriting, and more. Find the right benefits package that maximizes compensation and value for all parties. Contact us to get started today.

Protecting Public and Private Organizations

Most small- to medium-sized company owners do not often plan for accidents, sickness, or even the passing of a business partner or their executives. These situations are somewhat not included in the proprietors’ priority list, which is understandable because they have to oversee a lot of things. However, it’s vital for any organization to have contingency plans and programs in place in case any unfortunate event occurs.

At Secure Benefits Northeast, LLC, we aim to provide customized financial solutions to executives, industry professionals, and company owners. Our team of specialists has decades of experience in helping organizations stay afloat throughout economic fluctuations and cycles. We understand your needs and objectives, and we are here to assist you in achieving them.

Plans and Programs We Offer

As your strategic advisor, we can recommend programs that are fully in line with your company goals. We are knowledgeable about supplemental non-qualified retirement and deferred compensation plans, company stock, phantom or synthetic stock planning, and business succession design and planning. Our professionals provide expert counsel and financial advice to a wide range of profit and non-profit executives.

Business Succession Plan

Preparing for your organization’s future is very important and should not be put off. Our team can work with you and other advisors closely to develop and implement transition strategies that can protect your firm’s future. We use a proprietary system in determining your company’s value to help us plan beyond the succession for other concerns, such as financing, estate, and inheritance taxes.

Our strategic advisors have devised transition plans that have helped secure more than 200 businesses’ future. Whether you’re in a proprietorship, partnership, C corporation, or a pass-through entity, our company is here to help you establish a program for a secure succession.

Recruitment and Retention Plans for Company Executives

In order to recruit top-performing industry leaders, you will need a competitive benefits package that maximizes value for you and your employees. We specialize in crafting customized supplemental non-qualified retirement and deferred compensation plans for businesses. We also offer user-friendly communication and access systems to aid in administering these programs.

Recruitment and Retention Plans for Non-Profit Organization Executives

Secure Benefits Northeast, LLC also works with tax-exempt organizations in determining the appropriate compensation for their key stakeholders. This includes life insurance, disability benefits, and retirement programs. Our team can guide you through the comprehensive fiduciary process with our expert knowledge in tax compliance and requirements.

With our guide, you will also be able to provide compensation packages that can substitute stock options and grants for your association’s leaders. We understand that your executives are not volunteers, so they should be presented with great benefits that are in accordance with your institution’s size and the challenges they face.

Physician Alignment Strategies

We have helped a lot of medical institutions recruit, retain, and incentivize their physicians through our well-developed plans. With these, you will be able to protect your company and practices from financial loss when a doctor is unable to work due to an injury or illness.

Our advisors can also help your healthcare institution face challenges, such as physician shortage, head-on with our customized alignment strategies. Our team ensures that each plan we implement is aligned with your organization’s goals and will meet statutory rules and guidelines.

Turn to Our Strategic Advisors at Secure Benefits Northeast, LLC

If you are in need of a comprehensive specialist to provide you with customized financial solutions, we have you covered. Our team at Secure Benefits Northeast, LLC has more than 50 years of experience in working with a wide range of companies, including family businesses, non-profit organizations, credit unions, and medical institutions.

We are here to help you protect your company and employees from financial loss due to unforeseen occurrences. Our professionals can also assist you in crafting a tailored benefits package so you can recruit and retain key executives to your firm. Get in touch with us today!

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Executive Retirement Plans Massachusetts