GROUP EXECUTIVE BENEFITS
AFTER-TAX SAVINGS PLANS
DEFERRED COMPENSATION PLANS
EXECUTIVE DEFERRED COMPENSATION PLANS
SUPPLEMENTAL RETIREMENT PLANNING
NON-QUALIFIED PLAN TERMINATION
EXECUTIVE LIFE INSURANCE
EXECUTIVE DISABILITY INSURANCE
EXECUTIVE KEYMAN INSURANCE PROGRAMS
ECIA Benefits, strategically and tactfully help our business clientele navigate through complex executive benefits and financial issues produced by recent laws and regulations, to ensure our clients capital is working harder and smarter. In addition, create custom benefit packages to help our executives protect, preserve, and grow their income — ECIA Executive Benefits practice is committed to finding the right solution to meet our client’s unique needs, period.
With pride, the ECIA Executive Benefits team feel we are some of the best executive benefit experts is the best in the business. We have the systems and procedures in place since 1979, to help maximizes our talents in servicing your accounts to the highest of our team’s ability.
Areas of expertise
- 401(k) plans allow employees to save for retirement through pre-tax deferrals of income. However, 401(k) and other qualified plans are subject to strict regulations that substantially limit savings opportunities for highly compensated executives. Click here for more details.
- After-Tax Savings Plans are company-sponsored programs typically utilized for highly compensated employees. These plans provide participants with tax preference wealth accumulation opportunities and can provide significant life insurance benefits as well. They also offer greater benefit security than traditional deferred compensation and supplemental executive retirement plans (SERPs).
- Deferred Compensation plans, ECIA Executive Benefits has extensive experience designing, implementing, and administering deferred compensation plans (DCPs) and defined contribution supplemental executive retirement plans (DC SERPs)
- These plans allow executives to defer large amounts of income from current taxation and provide employers with powerful tools to attract and retain key employees.
- DCPs and DC SERPs are core elements of our business—and our plan experts possess an extraordinary breadth and depth of financial, actuarial, and benefits acumen. Our team of advisors and consultants operate in multi-layer teams to ensure familiarity with specific plans and deliver an extraordinary level of personalized support to our clients.
- Executive Deferred Compensation
- Elective deferral and 401(k) "make-up" plans are designed to restore benefit equity for executives affected by qualified plan limitations. Properly designed, these nonqualified benefit programs provide maximum flexibility and few limitations regarding ERISA requirements.
- Supplemental Retirement Planning
- As a result of the strict non-discrimination rules imposed on qualified benefit plans, top executives often receive proportionally less benefit than other employees. We have successfully developed solutions to provide enhanced benefits for these executives using non-qualified plans, which can reduce the financial impact of liabilities and yield favorable earnings impact.
- Nonqualified Plan Termination
- As a company’s executive benefit strategies evolve, a freeze or termination of legacy retirement plans may be necessary to more effectively align with their rewards philosophy. ECIA team members can help navigate the complex process of evaluating options, defining impact, and implementing solutions.
GROUP EXECUTIVE LIFE & DISABILITY INSURANCE
While broad-based welfare plans such as group long term disability (LTD) and group term life insurance provide enough coverage for most employees, many executives, partners, physicians, and highly compensated employees are often left with a significant coverage shortfall.
- To keep costs reasonable, group plans are limited in the types and amounts of covered compensation.
- For example, most group plans cover only base salary, ignoring the variable income that comprises a large portion of pay for an executive or sales producer. A typical group LTD plan is limited to $10,000 to $15,000 per month – leaving those earning above the plan limits with far less than the usual replacement target of 60%. Similarly, group term life plan benefits are often limited to $500,000 – leaving those earning $250,000 or more with less than the "two times" target.
ECIA Executive Benefits practice, mitigates these coverage gaps using individual products – Executive Life Insurance and Executive Disability Insurance. These products can be used to craft a cohesive program for key staff offering discounted rates and little to no medical underwriting
Executive Life Insurance
- An Executive Life plan replaces or supplements group term life insurance benefits for highly compensated employees using individual life insurance policies owned either by the company or the covered employee. Executive life plans are often portable, provide higher coverage levels, and reduce executive taxation. While group plans generally only provide a pre-retirement benefit, most executive life plans also provide some reduced level of post-retirement benefit.
Executive Disability Insurance
- While most companies have focused on executive benefit shortfalls in retirement and life insurance coverage, disability has frequently been ignored. But in fact, group disability program limits usually provide insufficient replacement ratios for executives. Furthermore, most group plans do not recognize and cover incentive compensation, which has become an increasingly significant percentage of executives' annual income. The use of individual disability insurance contracts, sometimes integrated with the group plan, is the most effective way to fill this void.
EXECUTIVE KEYMAN INSURANCE PROGRAMS
Most companies are based on a unique vision, a sound business plan, and a management team that possesses the drive and leadership skills to turn a budding idea into a profitable business. Whether a business succeeds or fails depends largely on how well a few key people can execute the vision and the plan.
For many companies, the death or disability of top executive talent will have a substantial impact on the company’s bottom line. Intellectual capital, relationships with key customers, and competitive advantages can all disappear in an instant.
- Keyman Insurance (Life, Disability and Accident Protection)
- Stock Redemption and Buy-Sell Protection
- Executive Life, Disability and Accident Protection
- Employment Contract Benefit Liability Protection (Severance Benefit Insurance & Termination Liability Insurance)
- International Life, Disability and Accident Insurance
- Terrorism and War Risk Protection
- Foreign Travel Risk
- Concentrated Travel Risk
- Kidnap and Ransom
- Short Term Protection – 1 to 180-day temporary risks
- Limits available for all plan types more than $100,000,000 per person
If you like more specific information or need a custom quote referencing any of the above, Group Executive Benefits, please:
- Call us at (800) 624-8976, and one of our ECIA Group Executive Benefits insurance specialist will service your immediate insurance needs,
- Or, complete the contact request form, and one of our ECIA Group Executive Benefits insurance specialist will contact you the same day, or worse case the following day.