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If you have ever lost a key employee to a competitor, you know firsthand how hard it is to attract and retain good talent. Not only does the departure of a key employee impact your bottom line, but you must spend valuable time finding and training a suitable replacement. If your business is privately-held and the executive was a possible successor in the future, you may face going a different route that is less attractive to your company’s future, and that of your family.
At Grant Hinkle & Jacobs, we understand the importance of making vital executives feel valued. Our executive compensation consulting services set the groundwork for solid financial incentives for employees that in turn help the company’s bottom line. As executive retirement plan designers, we have the tools to equip you immediately with offers for your executive teams.
Executive Retirement Plan Services
Despite above-average salaries, many highly compensated employees are typically unable to put away enough money for retirement through the company’s 401(k) and profit sharing plans to adequately replace their pre-retirement income. A Supplemental Executive Retirement Plan [SERP] can be an attractive way to provide additional compensation to the most important people on your team in the future, contingent upon their completion of agreed-upon performance milestones.
SERPs can be funded in a variety of ways, including equity-like vehicles that do not force the owner to part with actual company stock. In fact, our firm has pioneered “institutional” designs for executive retirement plans that maximize performance and minimize the out-of-pocket implementation expenses, while maintaining complete design and financial product independence. We provide point-of-sale expertise, product design/innovation, and annual administration. We can help you design a SERP program and implement the most cost-efficient funding method to help maximize tax-efficiency, liquidity, flexibility, and ease of administration for both the business and its key employees.
Executive Retirement Plan Designers
Key employees and executives drive revenue and are important to business perpetuation. But in today’s economy, key employees are less loyal and might be tempted to leave for even slightly greener pastures. Retaining key people while incentivizing them to continue to perform at a high level can be challenging.