Taking care of business

Each employer has their own situation. Their own wants and needs when it comes to retirement. Sometimes, it might make sense to start a 401k so you can include all of your employees. Yet, have special consideration for your key employees.

This can be accomplished by doing a Bonus 162 Executive Plan. It has no administration cost, no need for IRS (Internal Revenue Service) approval, nor any type of complicated government reporting. It is a powerful means to attract, motivate, and retain quality employees. Plus, you can provide the plan on a selective basis. Did I mention it was 100% tax deductible?

You, the employer, makes an agreement with your key employee to provide premium dollars for their life insurance plan. My favorite product to use in this example is a properly designed Indexed Universal Life policy. As the employer, you decide on the amount of premium you would like to pay. The policy is owned by the key employee, and they can even choose who their beneficiary can be.