Executive benefits are becoming increasingly popular, as they allow a corporation to provide valuable benefits designed specifically for the highly-compensated employees.

There are quite a few different benefits. They're all valuable, but they can become overwhelming to try and separate, so we have listed them below:

A Nonqualified Deferred Compensation Plan lets you allocate funds to benefit a select group of highly compensated managers. You can design a deferred compensation plan for employee pretax salary deferral, employer contributions, or both. You can also specify when benefits are to be paid.

An Executive Bonus Plan is a way to compensate select employees by paying a cash bonus to the employee or by directly purchasing an investment on the employee's behalf.

Executive Life Insurance. Key executives who are highly compensated often have unique life insurance needs. To protect their families, they need a way to replace their compensation in the event of premature death.

Supplemental Employee Retirement Plans provide the additional benefits desired by executives, and they allow you as the employer to maintain control.

Split-Dollar Plans let you buy the full amount of life insurance coverage you need without paying the premiums personally; the business pays them instead. Your cost is the economic benefit value of the life insurance protection. The business is able to recover the greater of the premiums it pays, or the policy's cash value from the policy death benefit upon your death.

Other benefits include Salary Continuation Plans, Executive Long Term Care Plans, and Supplemental Executive Disability Coverage.

For more information on executive benefits, just ask us! We're Braley & Wellington Insurance, an independent insurance agency based in Worcester, Massachusetts.