Retain. Recruit. Realize Your Future.
Tailored Solutions to Increase Retention & Facilitate Wealth Creation
In today’s market, recruiting top talent while retaining existing employees is at the top of every business owner’s mind, regardless of business size or industry. It’s a delicate balance to create a sustainable, thriving organization with a secure bottom line while providing opportunity and growth for its employees.
Your workforce drives your company’s success, and investment in your employees can yield long-term returns in productivity, innovation, and overall business growth. Developing and executing a competitive, comprehensive benefits package can be a challenge, especially in fields such as real estate, where individuals may not be eligible to participate in tax-qualified plans such as a 401(k).
Who We Are
In partnership with NQP Consulting, HelloWealth is an executive-level benefit planning consulting firm.
We partner with companies nationwide to craft innovative, customized solutions that enhance a company’s benefits package and facilitate wealth creation and stability for plan participants.
What is a Nonqualified Deferral Compensation Plan?
A nonqualified deferred compensation (NQDC) plan is a type of retirement or compensation plan that allows employees to defer a portion of their income to be paid out at a future date. Unlike qualified plans, such as a 401(k), NQDC plans are not subject to compliance with Employee Retirement Income Security Act (ERISA) regulations, giving employers more flexibility in how they design the plan.
What is a Supplemental Executive Retirement Plan?
Offered in conjunction with the deferred compensation plan, a supplemental executive retirement plan (SERP) is a type of nonqualified deferred compensation plan that provides additional retirement benefits to employees beyond what is available through qualified retirement plans like 401(k)s or pensions. SERPs are designed to reward and retain top performers and key personnel by offering a more substantial retirement benefit.
Stand Out & Gain The Competitive Advantage
Retain.
Your long-term employees are the backbone of your business! Our nonqualified benefits plans offer you a way to reward their investment in your company by enabling more wealth-creation opportunities for your staff.
Recruit.
Our plans offer unique, attractive retirement options for both young professionals and veteran workers alike. We partner with you to create benefits offerings that attract the talent you seek and encourage retention.
Realize Your Future.
We are here to help contribute to prosperity for your employees and business. Your employees are your most important investment; we design plans that reward your key personnel without straining your operating budget.
Overview of Plans Offered
Deferred Compensation Plan
This nonqualified deferred compensation plan offered by the plan sponsor acts as any other deferred compensation plan would. Each employee will defer a certain percentage of their compensation and earn a rate of return indexed with a specified floor and cap. The deferrals and the earnings thereon will create an account balance.
The benefit amount will be determined based on what this account balance reaches upon attaining the benefit age. The benefit will be paid in equal monthly installments beginning after attaining the benefit age.
Supplemental Plan
The supplemental executive retirement plan (SERP) is offered in conjunction with the deferred compensation plan. This plan and the benefits associated with it are what sets it apart from other retirement & benefit plans offered.
The SERP benefit is based on an individual’s highest three years of compensation until the benefit age. The benefit goal made by the plan sponsor is to pay 25% of the average of the highest three years of earnings. This benefit will be paid out in the same manner that the deferral plan is being paid.
Residual Death Benefit
Plan Benefits
Core Benefits to Your Business
- Retaining key personnel & talent through the plan’s benefit offerings.
- Recruiting tool to attract top-level talent
- Positive effect on the balance sheet and income statement from the investment vehicle.
- Long-term cash flows will increase throughout the life of the plan through net death proceeds.
- Tax-free income in the form of net death proceeds and tax advantages when paying benefits.
- Enhances the value of the business due to the assets the company will hold as part of the plan.
Core Benefits to Your Employees
- Benefits are received in 15 years regardless of retirement status.
- Participant’s expected rate of return is between 12-15%.
- Entitled to a lump sum death benefit amount upon death.
- The full benefit amount is promised to an individual’s beneficiary in the event of death.
Ready to learn more?
Give us a call at 585-455-2020 to get started.
Contact HelloWealth
Curious how HelloWealth can accelerate your company’s investment in its employees? Send us a message to start strategizing!