Executive & C-Suite Benefits

Additional benefits provided in an executive benefits package include executive bonus plans and key-person coverage. These plans have fewer discrimination rules and are available only to select employees.

Executive bonus plans are typically used as a type of deferred compensation arrangement for a key employee, such as a partner, executive, or top salesperson. The plan compensates the individual over time, incentivizing him or her to stay at the organization. The business benefits from this by supporting long-term growth and stability. This concept is often referred to as 'golden handcuffs.' 

Key-person coverage is an insurance policy that protects the business if a key employee cannot work due to illness or injury or passes away prematurely. An example is a top salesperson whose untimely death or inability to work harms the company through a drop in revenue or loss of customers. The insurance policy will provide valuable cash flow to help reduce the financial impact of the nonworking employee.

If you have questions about these ancillary benefits, please contact us at (973) 971-0002.