Nonqualified Deferred Compensation
If you are interested in implementing a nonqualified deferred compensation plan for your business, speak to the Illinois insurance experts at Better Business Planning.
In today’s business world, nonqualified deferred compensation plans are becoming more and more commonplace. This is due to some advantages they have over different types of compensation plans.
Of these advantages, the most prominent is that a nonqualified deferred compensation plan is not subject to non-discrimination rules, allowing small businesses to offer the plan to a select or core group of employees without having to worry about the restrictions that are imposed on qualified plans.
This means that if you are a business owner looking for a way to reward top executives, or wish to provide incentives to potential employees, you may wish to consider using a nonqualified deferred compensation plan.
If you are interested in learning more about this plan, or if you would like to speak to an expert concerning the different types of nonqualified compensation plans offered at Better Business Planning, feel free to call our office or fill out our contact form on this page.