Executive Benefit Packages Designed for Your Business
When you build a company, you put everything you have into it. You work hard, often putting in long hours for little pay. So, when you bring in another executive to share the responsibility, it can feel like everything you've worked for is on the line. That's why it's critical to pay your executive what they are worth - to make sure that truly talented people have the incentive to give their all to your business.
At NPF Benefits, serving Minneapolis, Saint Paul, and surrounding communities, we help make this possible. We work with businesses throughout Minnesota and Wisconsin to design executive benefit packages for individuals and teams. We often call this “the golden handcuffs” because the financial package keeps your executive leadership happy and in place.
Each executive benefit package can be tailored to your business’s unique needs. They may include things like:
Supplemental Executive Retirement Plans (SERP)
- An agreement between the company and your executive to offer benefits above a beyond 401Ks, IRA’s, or nonqualified deferred compensation plan (NQDC plan).
Nonqualified Deferred Compensation Plan (NQDC plan)
- An executive is deferring a portion of their compensation
- No internal revenue code limits on participate can defer from income
- No internal revenue code on required minimum distributions (RMDs)
Executive Life Insurance (Carve Out)
- The employer would provide life insurance to the employee.
- The company can provide life insurance to one executive or a group of executives.
- These executives are critical to the success of the company.
Executive Disability Insurance (Carve Out)
- Individual insurance policy that you offer to the executive
- The company can provide disability insurance to one executive or a group of executives
Insurance Coverage for Business Owners in Minnesota & Wisconsin
Executive benefit packages do more than create incentive to stay, they protect your business too. Have you thought about what might happen to you company if you want to retire, if you pass away or become disabled? Having the right insurance is critical to protect all that you’ve built. At NPF Benefits, we can help you plan for the unexpected.
We’ll be right there with you if the unexpected happens. You’ll hear from us regularly as we check in to make sure everything is on track. Of course, you can always contact your benefits broker if you have questions or as your company’s needs change. That’s what makes our benefits brokers true partners.