Many small corporations face the challenge of hiring and retaining key employees, and providing adequate qualified retirement plan benefits for owners and key executives.
A Supplemental Executive Retirement Plan (SERP) is an incentive program designed to provide benefits to an owner or key executive upon retirement. It allows them to defer income and the income taxes due until retirement when their tax bracket may be lower. A SERP can serve as a long-term incentive plan designed to encourage the loyalty of your most valued executives.
Want to know more? Let a Mid-State Insurance professional explain this and other executive bonus plans or buy-sell agreements to see which is right for you and your key employees.